1. How is Chevrolet attempting to bring new life to the Corvette Stingray?
2. Is the Corvette Stingray using a price skimming or penetration pricing strategy? Explain your answer.
3. Describe the different ways Chevrolet is using promotion to market the Chevy Stingray.

Chevrolet is revamping its sports car image with the seventh-generation Corvette Stingray to appeal to a younger, more affluent demographic and compete with the popularity of foreign sports cars. The Corvette has in recent years reached the maturity stage of the product life cycle, and many buyers are those in their 50s or older. It is equipped with modern features such as a digital instrument panel that adjusts steering wheel resistance and timbre of exhaust. Chevy has been promoting the vehicle through more exclusive avenues such as auto shows, cover stories in major newspapers, and auto magazines, which leads to demand via word-of-mouth communication. Publicity, rather than advertising, is key for a product like this because it creates excitement and interest in the market rather than just giving information about the new features of the vehicle.