Explain each stage of the Product Life Cycleb) With reference to FOUR pricing models, critically evaluate the appropriateness of businesses adopting these at each stage of the PLC, giving real examples of prices of products/services from businesses.
Description
Setting the price of a product or service is a crucial part of the marketing strategy adopted by a business. Businesses can adopt several pricing models depending on the type of business, how the market operates and where the product is positioned in the market. The product life cycle (PLC) can be used by business managers to determine prices according to the stage of the PLC. You are required to link your discussions on each pricing model in relation to the stage of the PLC. example of companies using certain price strategies.
