Product Life Cycle (10 points) Suppose that you are a CEO of a company that...
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Product Life Cycle (10 points) Suppose that you are a CEO of a company that sells Virtual Reality (VR) headset Reports suggest that VR market is in its introduction stage, and that it will enter the growth stage very soon. You would like to know what 4P (Product, Place, Price, and Promotion) strategies should be used in each of the product life cycle stages. For example, how should you (high vs. moderate vs. low) set the price of your product when it is in the introduction, growth, maturity, and decline stages? Why should you choose that strategy? Please elaborate on each strategy in detail by providing the examples and rationales.
1) Introduction Stage: Product Place Price Promotion
2) Growth Stage: Product Place Price Promotion
3) Maturity Stage: Product Place Price Promotion
4) Decline Stage: Product Place Price Promotion
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