Alax Corporation – a sports cars manufacturer is in the field of manufacturing racing car for the last 120 years. 6 years back, it introduced a very expensive new sports car – CX09. The target market of this car was determined as very rich non-professional racers who want to enjoy speed and thrill on city roads. The distinctive feature of this car was that it could also be used for normal drives. Due to this feature, with the passage of time, CX09 has become a successful brand in the local market. Now, CX09 has successfully entered into the growth stage of its life cycle. Owing to rapid growth in the sales and its popularity, other local car manufacturers have also entered in this niche market. This has alarmed Alax as the competition may be intense in the days to come.
To manage with this situation, the Marketing Division of Alax is planning to organize a small conference to devise strategies. In the conference, the company is planning to invite a few students from local business universities. If you are invited there then what strategies at this growth stage of CX09, with reference to pricing and advertising, would you suggest to the company?