A product is considered as a dish to satisfy the needs of customers. It is a tangible commodity or an intangible service. Each product has a life cycle, including phases: growth phase, mature phase and recession. Marketers must study the life cycle of the products they are marketing, focusing attention on the various challenges arising as products move its lifecycle.
The price is the amount the customer pay for the product. Price is very important because it will determine profits and then the survival of the company. Price adjustments have profound impact marketing strategies, and depending on the price elasticity of the product, usually it will affect demand and sales
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