I need help researching this question. I am creating a new product for an existing organization. The product is a minivan for BMW. My question is: How will the product life cycle affect the marketing of the selected product (BMW minivan)?
Please add references information.
"A new product progresses through a sequence of stages from introduction to growth, maturity, and decline. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix."
The origins of BMW trace back to 1913 when Karl Friedrich Rapp, a Bavarian who had been a well-known engineer in a German aircraft company, formed Rapp Motoren Werke in a suburb of Munich.
Currently, With BMW, MINI and Rolls-Royce Motor Cars, the BMW Group is the world's only car maker to pursue a purely premium strategy for all market sectors covered by its brands, from exclusive smaller cars to top-of-the-range luxury limousines.
"To become most successful premium manufacturer in the car industry"
The group has been striving to achieve as the image of the world's most successful premium car ...
This solution discusses the produce life cycle for a new BMW. Concepts discussed include pricing, distribution, marketing and advertising. References are included in the solution.