Q. Pricing over the life cycle of a product?
The cycle begins with the invention of the new product. The innovation of a new product and its degeneration to a common product is termed as the life cycle of a product. The life cycle of a product portrays distinct stages in the sales history or a product. Corresponding to these stages are distinct opportunities and problems with respect to market strategy and profits potential. By identifying the stage that a product is in or may be headed toward companies can formulate better marketing plans.