BMW's Product life cycle.
Date Submitted: 03/25/2004 06:58:28
Category: / Business & Economy / Marketing and Advertising
Length: 2 pages (635 words)
Category: / Business & Economy / Marketing and Advertising
Length: 2 pages (635 words)
any product has four stages of life cycle: introduction, growth, maturity, and decline. However, this concept does not quite fit with BMW's products. Jim McDowell, vice president of marketing at BMW says " If a product is declining, we would prefer to withdraw it from the market, as opposed to having a strategy for dealing with the declining product," In other words, Maturity and Decline stages do not usually exist in BMW's product life cycle. Before …
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…they can design a car to their own specifications, and get all the information about the car, from price to a specific feature. The average price of BMW cars is above $50K and customer who buy a BMW's car not only for safety and joy of driving, but also showing their social status. BMW's car mostly fall in luxuries category so its potential customers are more likely to be high-income, professional and high education level
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