Product Life Cycle Homework
Using the structure below [and you may need more bullets for each marketing mix element], find a real world [non-text] example for each stage of the product life cycle and identify the marketing mix elements for that stage.
Introduction Example: Smart Car
Engineered and designed to help you master your city
“Fun wheel drive”- targeting young, environmentally conscience adults, interested in spending less on gas and more on “fun” Build your own smart car and compare across the types of coupes available—make it your own
Not very expensive- range from 12,500- 20,000
Finance plans available
Selective distribution—available exclusively online or you can stop in to a car retailer to compare the different types of smart cars
Promoting by building awareness; i.e. gas prices rising, more fuel efficient the smart car way Creating interest by providing an alternative to regular cars
Explain how mix elements demonstrate PLC stage.
The Introduction stage is all about getting the consumer interested and also about getting the consumer to trust you. At this point, Smart Cars are still relatively new. They started by being sold only through the Smart Car dealerships. The prices are low to get buyers interested. They are desperate to create interest. Their differences between real cars and their product is all that will sell. They have to get the buyer interested. The idea of a car that doesn’t run on gas is also new. When the smart car came out, gas prices were so high. With gas prices low now, I’m interested to see how Smart Car will change their product strategy and/or promotion.
Growth Example: Apple iPhone 6
Designing and creating a more powerful, more efficient phone—a new generation of iPhone that’s better by any measure Increased battery life so you can do more, longer than ever
3X faster speeds...
Please join StudyMode to read the full document