The Hyundai Genesis is a recently launched product; that puts it in the introductory stage of the product life cycle (PLC). It immediately gained a foothold in the market and gradually established itself. The price was set very high to gather maximum margins from initial buyers. They used direct distribution through selective distributors and promotion was very high to create brand awareness.
The Hyundai Genesis is a full-size, rear-wheel drive luxury car introduced initially as a concept car in the 2007 New York International Auto Show. Hyundai has introduced the vehicle worldwide, known internally as the BH model, and markets the Genesis as a “premium sports sedan. The Genesis is currently not offered in Europe. A coupe version based on the BH platform was introduced at the 2008 New York International Auto Show and arrived at US dealerships in February 2009 as a 2010 model.
The Genesis sedan is a luxury sedan that was designed to compete with the BMW 5 Series, Mercedes E-Class, Audi A6, Infiniti M, and Lexus GS. It is available with a 3.8-liter V-6 or 4.6-liter V-8 and 6-speed Shiftronic automatic transmission, the 4.6 model now comes standard with a Technology Package that adds a 17-speaker Lexicon audio system, navigation, back-up camera, adaptive HID headlights, Bluetooth connectivity, smart cruise control and more to an already loaded automobile. Of course, you’ll get leather, automatic climate control and power sunroof, but also safety features like 4-wheel disc brakes with ABS and brake assist, rack-and-pinion steering, traction control and six airbags.
Lexus 350 Product Life Cycle
The Lexus IS 350 is a series of entry-level luxury cars / compact executive cars sold by Lexus since 1998. The IS 3350 was introduced as an entry-level sport model slotted below the ES in the Lexus lineup (and outside of North America, the Lexus GS). The IS was originally sold under the Toyota Altezza nameplate in Japan (the word “altezza” is Italian for “highness”). The Altezza name is still used at times to refer to chromed car taillights like those fitted to the first generation model, known as ‘Altezza lights’ or ‘Lexus-style’ lights.
The Lexus IS 350 is at its maturity stage and according to Anweshabh, this is where the product is most profitable. At this point, the primary aim of Lexus is to maintain market share and offset the decline.
With the emerging competition at this stage, the Lexus needed to be differentiated and
Communicated effectively. Lexus launched the second generation IS in 2006. A high-performance V8 sedan version, the IS F, premiered in 2007. Hardtop convertible versions, the IS 250 C and IS 350 C, debuted in 2008. According to Lexus, the IS designation stands for Intelligent Sport.
Lexus maintained constant distribution levels and even opened up more channels in other countries. Their promotion was aimed at maintaining brand loyalty.
Anweshabh, (2009). PLC: From the cradle to the grave. Retrieved November 1, 2010