Paraphrasing Tutor_Ajay

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MARKETING

Question 1

The product life cycle portrays the sales pattern of a product over certain duration. Usually, the cycle starts with introduction of a product and closures with its outdated nature and substitution. While the type of the life cycle is decently standard, it is liable to varieties. The idea behind product life cycle is that every product must pass through the following stages

• Development Stage

• Growth stage

• Maturity stage

• Decline stage

The focal point of the product life cycle idea is that it gives an essential structure that permits you as a retailer to see where you are, and what lies ahead. Recognizing the present stage of the life cycle for an item is indispensable to a firm planning the introduction of a product of that sort. It is respectably simpler to enter a market in a development stage than it is to enter a saturated and developed one. Levels of rivalry in businesses encountering development are less extreme than in mature markets, where contenders are worried about loss of sales and market share. Introduction of a product into a market having intense competition will most likely be costly and bring about retaliation from already established contenders

Question 2

The least expensive product is TrendWare 11 1/2" Square Plastic Tray, 6 Count - Translucent Blue which costs$22.9 while the most expensive good is SEI my Cloud California King-Size Adjustable Bed Frame with Mattress which goes for $2,499.99. According to BJ's Wholesale Club, the price range between the cheapest and the most expensive item it too wide hence pricing is not consistent. Pricing is a part of client's trust and pricing consistency is more paramount than having the least prices. Case in point, if you've ever heard somebody discuss being "jacked around on pricing," you can think it was presumably about pricing consistency and the upshot was somebody losing a client. Consequently price consistency is extremely vital and itsits absence has such ramifications like loss of potential customers from your business. In this way, the best guidance for BJ's Wholesale club is to implement pricing policies for their club that are focused around an agreeable understanding of their expenses, markups, and overhead and afterward make a commitment to consistency.

References

Tutor2u.net,. 'Product Life Cycle'. N. p., 2014. Web. 6 Aug. 2014.

Productlifecyclestages.com,. 'Product Life Cycle Stages'. N. p., 2014. Web. 6 Aug. 2014.

Bjs.com,. 'BJ's Wholesale Club'. N. p., 2014. Web. 6 Aug. 2014.