Chapter 11 : Developing and Managing Products

Developing and manufacturing new products very often can lead the business into two different directions it can either lead to a high revenue as well as bring the popularity of the company to an extent it has never seen or it can bring the company into the biggest lost they've ever experienced which can also cause them to file bankruptcy. Like any other automobile company Lexus releases a whole different model of their previous models cars arent re-done every year which brings excitement to many consumers to see what Lexus has to offer next to them.

The product life cycle defines the stages of the product and its results as time elapses . The picture above is the first IS250 that was originally released in 2006 which made Lexus go global to an extent that Lexus never expected to reach. Just by releasing this model their revenues went up over 36% which the highest grossing amount any automobile company had made over one specific model. Many people had a mind set that Lexus is made older ladies and gentlemen but Lexus proved them wrong by bringing out the sportiness in the most luxurious manor. Till this date the IS250 has been brought out in 3 different models and as times elapses it only gets better. Lexus tried something new this time with their 2014 model is installing the best technology package a car has seen yet. The IS250 was the first car that had built in pandora rear view camera, and a big retina display on their most basic package. This meant that the cheapest IS250 will have majority of the features that the highest package IS250 has to offer. 

Chapter 18 Social Media and Marketing

Social Media has probably ranked up sales by double for many companies out there. Social Media is something that this generation of the world relies on for many various things. We all are addicted and brain washed into constantly checking our, Facebook, Instagram, Twitter, Emails, Youtube videos and in the end without realizing were also looking at various advertisements related to many different companies we might have not even heard about.

Lexus has been on top of its game when it comes to promoting their vehicles on social media websites/apps. Lexus has been promoting them selves the best on "Youtube" more than any other source of social media. Majority of the videos that we play nowadays have a 20 second advertisement and noticing these ads Lexus has been giving great offers and great detail specifications on many of their models. The Lexus IS250 2014 was promoted mostly through social media. Instagram recently started their own accounted called "Clublexus" its basically a fan based account where they show/advertise their cars with great offering with many locations listed in the description below the video/picture. Facebook has had their log-in page with the cover photo of the new IS250 as well and it was kept for quite sometime. Lexus is also a proud sponser of Suits so every advertisement after suits had a comerical break it always started with  a Lexus advertisement. 

Chapter 10 - Product Concept

In this chapter they talk about the product and its starting point in creating a marketing mix. Products that are not only tangible goods can also be ideas and services. Products are Classified as a business product or a a consumer product. Lexus can be considered a consumer product. As we know Lexus is known for its Luxury and the comfort it brings to us and thats what many of us consumers look for when we want to purchase our next car. Well like any other automobile company they have several models that each has its pros and cons. As people start getting Lexus as their vehicle they continue preferring too associate them selves with Lexus only because of how comfortable and smooth their cars are. Lexus has been planning their future cars fore quite some time, many of their models have already been pre designed and built years prior to their release. By doing that Lexus is only testing out their cars to make sure they are delivering the best to the world out there.

Chapter 17 - Personal Selling and Sales management

                                   

Sales promotion is marketing communications, activities other than advertising, personal selling, and public relations. This basically is a quick way to convince and impress consumers why they should go purchase the product from their shop. What Lexus really does is that they throw in an extra 2,000 miles on a leased car, give some OEM Lexus rugs for the entire car, and if anything O% down 0apr, these are just ways to show consumers that they are ready to give a better deal if you go purchase the item from them this technique is called Consumer Sales Promotion. Lexus is really big on the "Point of purchase promotion" what Point of purchase promotion means is that the firm/company wants to advertise their products in the most effiecnt way, Lexus always advertises their products based upon the customers personal interest. In order for Lexus to compelte the sales process they need to check off their sales cycle.

Chapter 16 - Advertising Public Relations and Sales Promotion

                             

 For any product or service to be noticed in the market it needs to be advertised properly. What advertising really does is that it helps a company sell their product or service in a efficient manor to a targeted consumer. Lexus has promoted all their cars in a such effiecent manor where not every car was advertised the same way. The Lexus IS250 was promoted the most this past year mainly because the 2014 model had a whole different body and it was probably the best body kit that Lexus had to offer in the longest time. As i had mentioned in my previous blogs the IS250 is mostly targeted towards the younger generation, this model has been mostly been shown on MTV, CBS, and USA networks. Even though CBS and USA network is a very diverse channel Lexus mostly advertises during the time period of 8pm till 1am mainly because the very popular shows like Suits, White Collar, Law which mostly the young generation watches at the moment and on top of that all these shows that are mentioned earlier are proudly sponsored by Lexus