Chapter 9 describes the product life cycle. Let’s examine the evolution of the electric car product-market. This market has been slow to take off. Did you know the first electric cars were produced more than 100 years ago? Learn more in “The fascinating evolution of the electric car,” (Business Insider February 15, 2017), which describes the various efforts over the last century to develop an electric vehicle.
These days the electric car market is changing more quickly thanks in large part to Tesla, an outsider. This new competitor has motivated traditional automakers to put more resources behind electric cars. We are already seeing lower cost entrants, too: “Chinese Tesla rival is planning to launch a $7,800 ‘ultra-compact’ electric car in 2018 with changeable batteries,” (NBC, June 16, 2017).
Where is the electric car market in the product life cycle? Explain your logic. How quickly do you think it will move to other stages? Explain your logic.