Select a product with which you are familiar. What stage is your selected product at in the product life cycle? Provide rationale for your answer. Based on your knowledge of the product life cycle, what types of changes will occur to your selected product as it continues through the product life cycle? How will this affect the marketing of your selected product? (minimum 100 words)
The product of life cycle “describes the stages a really new product idea goes through from beginning to end” (Perreault, Cannon, & McCarthy, 2009, p. 261). The product life cycle has four stages: market introduction, market growth, market maturity, and sales decline. Let’s think about the electric cars such as The Nissan Leaf; this product is in the market introduction stage. Indeed, Nissan’s sales are low; customers are not really looking for this product as they may not even have a good idea how this product works and what is its true value.
At this stage, Nissan’s marketing will be affected as several informative promotions and large monetary investments will be necessary to let the consumers know about the new electric car that is available on the market. Once the consumers learn about Nissan’s electric car, the product will enter in the next stage of market growth. Sales will increase and Nissan will make larger profits; however, the competition will also start to increasingly notice that the consumers are buying more electric cars. Then, the Nissan’s product will move to the next stage, market maturity; during this stage Nissan’s sales very likely will level off as there will be many competitors who will be selling electric cars. Finally, in the last stage of sales decline, Nissan will start replacing its Leaf model with newer models (Perreault, Cannon, & McCarthy, 2009).