Select an item with which you recognize. What stage is your selected product at in the item life cycle? Offer rationale for your answer. Based upon your understanding of the product life process, what types of modifications will take place to your selected item as it continues through the product life process? How will this affect the marketing of your picked item? (minimum 100 words).
The item of life cycle “describes the phases a truly brand-new product concept goes through from starting to end” (Perreault, Cannon, & & McCarthy, 2009, p.
261). The product life cycle has four stages: market intro, market development, market maturity, and sales decline. Let’s believe about the electric cars and trucks such as The Nissan Leaf; this item remains in the market introduction stage. Certainly, 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 worth.
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).