Comparing the Product Life Cycle Stages of Two Products
Ford Mustang: Decline Stage
Ford launched the Mustang in the 1960s with the intention of appealing to youthful
consumers seeking a vehicle that embodies a sporty aesthetic. The car quickly came to represent
strength, power, and dependability. As of 2019 and the four years before, the Mustang was the
best-selling sports vehicle globally, according to Mitchell (2019).
After the Mustang attained maturity in 2006, sales have been declining yearly till they
have now reached the decline stage. The product's oversaturation in the market and the
stereotype of Mustang owners were the causes of its decline. 2022 saw the pony car's worst sales
year ever (Muchai, 2023). Muchai (2023) states that the Mustang’s decline may be due to the
competition from other sports cars like Chevrolet, Dodge, and Porsche and new entrants like
Tesla and Rimac. In addition, the preferences of consumers have changed, impacting the car
sector. Since SUVs and crossovers offer greater space, versatility, and usefulness than traditional
sports cars like the Mustang, more consumers choose SUVs, crossovers, and trucks over sports
cars.
The company started using sponsorships and advertising to promote their product after
realizing that sales were declining. They recently unveiled a fully electric model, which surprised
a lot of customers. The Mustang's unit price dropped in tandem with the product's decline in
sales. Eight years old in 2023, the vehicle is in dire need of a thorough overhaul, which happily
comes with the new 2024 Mustang. The 2024 model maintains the fundamental appearance of
the previous generation while adding sleeker and more edgy style, and may be the final gas-
powered Mustang.
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