contemporary business chapter14Learning Goals
1. Define product and list the elements of a product strategy.
2. Describe the classifications of consumer goods, business goods, and services.
3. Distinguish between the product mix and product lines.
4. Describe the four stages of the product life cycle.
5. List the stages of new-product development.
6. Explain how firms identify their products.
7. Outline the different types of pricing objectives and discuss how firms set
prices in the marketplace.
8. Explain how to use breakeven analysis in pricing strategy.
9. Differentiate between skimming and penetration pricing strategie

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