Discuss the pricing strategies followed in each phase of the life cycle.

Product life cycle

Thefirst step of product development is idea creation and marketpotential, which could be suggested by marketing research based oncustomer needs, based on social trends, or brainstorming. The secondstep involves concept testing and design & development, during whichmarketing research is done to get the feedback from customers on allthe potential ideas and then select or make changes to the proposed ideato develop a perfect product. The next step is beta-testing, in whichwe give the products to customers and show them the marketing materialsto understand their reaction along with feedback, which will help us tounderstand the potential of our product. The final step is the launch,which includes both forecasting and time. Marketers should forecast thesales potential of the product based on research, and if they feel it isnot worth it then it is the last chance to abort the project.

Reference

Iacobucci, D. (2018). Marketing management. Cengage Learning.