Product lifecycle are the stages that a product goes in its lifetime which has stages of development or innovation, introduction, growth, maturity and decline. Each of the stages has different characteristics that require different responses to the product’s needs. However, the innovation or development and introduction stages greatly determine the growth and maturity as well as how fast or how long the product takes to decline. The development involves the work in progress or the stage when the product is just an idea. Then there is the introduction stage when the new product is brought to the market. Considering people are not aware of it, marketers do a lot of work in informing them about it. The growth stage involved the real marketing when the potential customers become enthusiastic about the product after getting information about it.
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With the camaro 2016, the company is using great resources to inform potential customers about its features, functionality and other aspects in a bid to make them aware of the vehicle. During this period, it is also important to note that competitors become aware of the product but the primary goal is establishing a market for the vehicle. The marketing mix has the following implications for camaro 2016.
Product: The 2016 Camaro is associated with a well known brand, Chevrolet and many people will be quick to identify with it considering the history of the mother company.
Price: the price of the 2016 Camaro is relatively high compared to other vehicles in its class but considering the market target of the upper middle class. The pricing is expected to recoup the development costs despite that the price cannot be considered as a penetration strategy.
Place/distribution: With the eye in the American market and considering the pricing, the distribution is selective to this
With the camaro 2016, the company is using great resources to inform potential customers about its features, functionality and other aspects in a bid to make them aware of the vehicle. During this period, it is also important to note that competitors become aware of the product but the primary goal is establishing a market for the vehicle. The marketing mix has the following implications for camaro 2016.
Product: The 2016 Camaro is associated with a well known brand, Chevrolet and many people will be quick to identify with it considering the history of the mother company.
Price: the price of the 2016 Camaro is relatively high compared to other vehicles in its class but considering the market target of the upper middle class. The pricing is expected to recoup the development costs despite that the price cannot be considered as a penetration strategy.
Place/distribution: With the eye in the American market and considering the pricing, the distribution is selective to this