Pricing Strategy as per Product Life Cycle Stage

Pricing Strategy as per Plc Stage
William OBrien, Other, United States
It is centered around the maximizing of profit. In the growth phase price matters least as the demand for product is high. In the maturity phase price becomes more of an issue as there is more competition. In the decline phase high pricing can hasten the death of the product. If you are not thinking about product improvements or new iterations within the growth stage, you may not have time to react to competition when you get in the maturity phase or decline.
Your pricing strategy also depends upon your manufacturing capabilities and new product introduction process times.