ENTREPRENEURIAL MARKETING
MARKETING MIX
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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How do stages of a product’s life cycle influence its price?
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In the first phase, price of the product will be at its lowest point as it has less chance of selling at its introduction.
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Price discounts will be offered during the decline stage, especially if the product will be phased out.
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In the maturity phase, the business will higher the prices at an attempt to stop sales declining.
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All stages of a product’s life cycle maintain the same price.
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Explanation:
Detailed explanation-1: -The product life cycle contains four distinct stages: introduction, growth, maturity and decline. Each stage is associated with changes in the product’s marketing position. You can use various marketing strategies in each stage to try to prolong the life cycle of your products.
Detailed explanation-2: -The stage of a product’s life cycle impacts the way in which it is marketed to consumers. A new product needs to be explained, while a mature product needs to be differentiated from its competitors.
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