Reference no: EM133064474

Select a product with which you are familiar.

Based on your knowledge of the product lifecycle, what types of changes will occur to your selected product? How will this affect the marketing of your selected product? )

Prompt 1: All-electric vehicles are transitioning from the introductory stage to the growth stage of the product lifecycle. Right now, the marketing for these vehicles is primarily centered around the benefits to the environment. A secondary marketing tactic for these types of vehicles is implementation of newer in-cab technology including driver assist and, in some cases, auto-pilot. As the electric vehicle industry continues into the growth stage and competition increases, vehicles will need to be modified to further stand out from their competitors. I foresee greater implementation of self-driving software in vehicles once the technology becomes more reliable. Other improvements which can set one vehicle apart from its competitors can include larger battery capacity, faster charging, or the utilization of solar power to improve efficiency. Improvements in technology inside the vehicle can give the product a boost as well. Manufacturers need to be aware of which features their competitors are opting to include so the product development teams can design similar or enhanced features to attract more of the market. The more unique, futuristic, and aesthetic vehicles will be more successful as the electric vehicle market continues to grow.

Prompt 2: In my line of work we also sale hitches. I would say that with the way things are going for the automotive companies that the hitches are also having some issues. Two years ago we were selling them like hotcakes. Everyone was buying them to pull their campers for their vacations. This way they would not be around so many people but now that the new trucks are not getting the chips they need, we have seen a decrease in the sale of our hitches. This is because people are able to buy the new trucks that are made with no chips in them. We are seeing that people are trying to put these hitches on their SUVs now to pull smaller campers and still be able to go on vacations or just to get away from the cities. These hitches do bring in a good part of our income. These hitches also help with the sales of brake controllers and bed wiring. One fifth wheel hitch could cost around $1500 for parts and labor. This is bringing our sales down.