As we’ve written in previous articles, no product lives forever. There are always new innovations, trends, social forces, competition, and technologies that push products forward. Every product eventually reaches its final stage in the Product Life Cycle (PLC) – decline/harvest – when the product is put to sleep and resources are reallocated to up-and-coming new products.
But every now and then consumers grow nostalgic for products from the past. Perhaps the product brings back a happy emotion or a strong memory. Or maybe it’s a little bit of longing for days gone by. Or maybe it’s a desire for something different and cool-looking. Trends have a habit of cycling back as years go by.
New to the trend cycle is the resurrection of Ford’s iconic Bronco. The company has announced a new retro-looking Bronco that recalls the rugged, boxy looking original from the 1960s. (The Bronco was retired from production in 1996.)
Bronco has its work cut out for it as Jeep Wrangler holds the top position in the off-road automotive category. To compete with the leader, Ford has two Bronco models and pricing starts at $29,000 up to $60,000 for larger engines and more options and trim.
Welcome back, Bronco. It’s good to see you.
Group Activities and Discussion Questions:
- Discuss the stages in the product life cycle. What are the marketing objectives in each stage?
- How are cars moved through the PLC?
- Next, discuss the life cycle of the Ford Bronco.
- Show video introducing the new Bronco: https://youtu.be/-v1urLWR5zg
- How is Ford repositioning the car on the PLC?
- Show Bronco’s Web site: https://www.ford.com/bronco/
- Divide students into teams. Have each team draw a product life cycle and place various products and services into each stage.
- Next, have students brainstorm on how to reposition or revise products/services to that they can move into an earlier stage of the life cycle or be reinvented for a new life.
Source: Wall Street Journal; other news sources