Introduction
The life cycle of a product is an important indicator that determines how far this or that product has gone to its full completion. Thus, this aspect reveals each period from development to production to understand better the product’s phase and what will be required for its release. The main stages of the product life cycle need to be highlighted for the Tesla vehicle to understand how the product can be completed.
Main Body
Tesla Model S car is innovative and ahead of the industry, and some competitors, and the product is in the growth phase of the life cycle. This is understandable because the advanced-performance electric vehicle is an innovation that has gained popularity and increased sales. The first phase involved high development costs, but the effort paid off as consumers liked the car. At this stage, the product still needs to be entirely accepted by society. In the case of Tesla, this is due to the prejudice against electric vehicles for their impracticality and unreliability.
In the second stage – growth, the product receives more comprehensive recognition and begins to be in demand. In the case of the Tesla Model S, the growth phase began in 2012 when the car was first introduced to the market (Thomas and Maine 658). This subsequently led the company to significant financial success and return on investment.
The next phase – maturity is indicated by established positions in the market and the beginning of the competition with other brands. For example, for Tesla, this will happen when more electric vehicles start to match the Model S characteristics. The final stage – the recession is characterized by the fact that demand begins to fall and sales no longer generate revenue. For the selected car, this stage may come when competitors surpass the product in all parameters.
Conclusion
In conclusion, the Tesla Model S product is at the growth stage as it increases its popularity despite its long time on the market. The company constantly improves the car with each new revision, which indicates that the product is on sale and there is a demand for it. Thus, having traced all the phases of the car’s life cycle, we can say that the following stages will be more complex and require overcoming competitors’ challenges.
Work Cited
Thomas, V. J., and Elicia Maine. “Market entry strategies for electric vehicle start-ups in the automotive industry–Lessons from Tesla Motors.” Journal of Cleaner Production 235 (2019): 653-663. Web.