Discuss the unique marketing characteristics a product or service requires based on the specific phase of the product life cycle.
At the introduction stage, products usually encounter low sales and high costs per customer likely to cause financial losses. To deal with these problems, organizations need two pricing strategies to deal with the market. First, price skimming involves setting a high initial price and later reducing it to appeal to a particular market segment. Aside from that, marketers can also indulge in price penetration by setting a low price, thus, appealing to customers and gaining market share quickly.