Reference no: EM133184461

Any new product in the market has four stages of development. These stages include market introduction, growth, maturity, and saturation or decline stages. These stages play an important in determining how to market the product to the targeted consumers in the market. A good example of a product in the growth stage is the electric cars. These cars are currently becoming widely used but many people are yet to continue using them. The approach towards the product is through the use of pricing and marketing options. For this product, issue of environmental conservation is promoting the sale of the product. In the coming years, the product will become widely used by many people (Saren & Maclaran, 2005). For the advertising budget, the product might consume five hundred thousand dollars and make it possible to promote it to the next stage. This is because there is an increasing awareness and need for these new cars.