Author Question: During which stage of the product life cycle are potential buyers initially becoming aware of a ... (Read 103 times)

segrsyd · **on:** Jun 29, 2018

During which stage of the product life cycle are potential buyers initially becoming aware of a product's features, uses, and advantages through marketing?
A) introduction
B) growth
C) expansion
D) maturity
E) decline

Question 2

Describe the six steps of the process that marketers can use to establish prices.

matt95 · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

A

Answer to Question 2

Before a product's price can be set, an organization must determine the basis on which it will compete-whether on price alone or some combination of factors. There are six stages that marketers can follow to establish prices. Stage 1 is developing a pricing objective that is compatible with the organization's overall marketing objectives. Stage 2 entails assessing the target market's evaluation of price. Stage 3 involves evaluating competitors' prices, which helps determine the role of price in the marketing strategy. Stage 4 requires choosing a basis for setting prices. Stage 5 is selecting a pricing strategy, or determining the role of price in the marketing mix. Stage 6 involves determining the final price. This final step depends on environmental forces and marketers' understanding and use of a systematic approach to establishing prices. These stages are not rigid, and not all marketers will follow all the steps. They are merely guidelines that provide a logical sequence for establishing prices.