Think about all of the many products you can purchase today. Identify one product that currently represents each phase of the product life cycle, and make a brief statement about its competition, price, distribution, and promotion.
Choose a car.
https://www.nissanusa.com/cars/altima
or
https://www.tesla.com/
or
https://cars.usnews.com/cars-trucks/ford/escape
... or whatever you want.
What other cars are in competition with the one you choose? Why?
How much does the car you choose cost? New or used?
Are there car dealerships all over the US that sell this car? The US and Canada and Mexico? Other countries? Worldwide?
How is this car advertised? Give some examples.
that makes sense I think
Ms. Sue can u plz help
To identify one product that represents each phase of the product life cycle, we first need to understand the different phases of the product life cycle:
1. Introduction Phase: This is the initial phase when a new product is launched in the market. During this phase, the product is introduced to consumers, and its primary goal is to gain awareness and attract early adopters.
2. Growth Phase: In this phase, the product's sales start to grow rapidly as it gains popularity among a larger consumer base. Competitors start to notice the product's success and may introduce similar offerings to capture a share of the market.
3. Maturity Phase: This is the phase where the product has reached its peak in terms of sales and market saturation. Competition in this phase is generally high, and companies often focus on maintaining market share and customer loyalty by differentiating their product or offering better value.
4. Decline Phase: In this phase, the product's sales start to decline due to changing consumer preferences, technological advancements, or the emergence of newer products. Companies may cut back on promotions, reduce distribution channels, or discontinue the product altogether.
Now, let's consider a product for each phase of the product life cycle, along with some information about its competition, price, distribution, and promotion:
1. Introduction Phase: Electric scooters - During the introduction phase, electric scooters were introduced as a novel and eco-friendly transportation alternative. Competitors were limited, and prices were relatively high. Distribution was mainly through online platforms, targeting tech-savvy and environmentally conscious consumers. Promotion included social media campaigns and partnerships with influencers to create awareness and generate interest.
2. Growth Phase: Smartwatches - In the growth phase, smartwatches gained popularity as they evolved to include advanced features and became more affordable. Competitors entered the market with their own versions of smartwatches, resulting in a wide range of price options. Distribution expanded to both online and offline channels, including electronics stores and specialized retailers. Promotions focused on highlighting the unique features and benefits of different smartwatch models, along with endorsements from athletes or celebrities.
3. Maturity Phase: Bluetooth headphones - Bluetooth headphones have reached the maturity phase, with numerous competitors offering various designs and price ranges. Distribution is widespread, including electronics stores, e-commerce platforms, and retail outlets. Prices vary based on brand and features, with options available for all budgets. Promotions emphasize sound quality, comfort, and convenience, along with special offers, discounts, or bundle deals to maintain market share.
4. Decline Phase: DVD players - DVD players are now in the decline phase as they face tough competition from streaming services and digital media players. With declining demand, prices have decreased significantly, and distribution channels have reduced, with a focus on online platforms and specialized retailers. Promotion efforts have diminished, with limited advertising and a shift towards clearance sales or bundled offers to sell remaining inventory.
Remember, specific examples may vary based on regional markets and changing consumer preferences.