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Product life cycle is the different stages of a product's life. The stages are introduction, growth, maturity and decline (QuickMBA, 2010). The marketing decisions will vary depending on which stage of the life cycle the product is in. The self-driving car will be in the introductory life cycle phase when it is launched. During this stage a number of things occur. The brand must be developed and introduced to the market. The distribution strategy must be determined. Promotion should be aimed at early adopters during this phase. In addition, the pricing structure may incorporate elements of either skimming or penetration pricing (QuickMBA, 2010).
The self-driving car is expected to move slowly through the introduction stage of the product life cycle into the growth stage. The reason the pace of this movement is expected to be slow relates to the fact that the technology is revolutionary. Consumer acceptance of the technology will have a major...
Typically, the product life cycle for new technology is rapid, because technology changes so quickly (eHow, 2011). This is going to be true to some extent with the self-driving car in that the iterations (models) will progress quickly, with a new one introduced each year. In automobiles, however, each model year is not viewed as a new product, but as a product that matures and builds on itself year over year. The self-driving car is expected to take 2-3 years to become established among early adopters. One reason is buyer skepticism. The product has merit, but consumers are accustomed to driving their own cars, so are expected to be somewhat reluctant to make the switch. The other reason is that new car purchases are only made every few years for most consumers. As a result of this, many early adopters who are interested will not make their purchase for 2-3…
Works Cited:
eHow. (2011). Product life cycle in technology. eHow Money. Retrieved April 30, 2011 from http://www.ehow.com/about_5472559_product-life-cycle-technology.html
QuickMBA. (2010). Product life cycle. QuickMBA.com. Retrieved April 30, 2011 from http://www.quickmba.com/marketing/product/lifecycle/
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