Anumber of factors contribute to the pricing strategies for a product. considering the segments in the simulation, what pricing strategy would be most effective considering both the market's needs and the product life cycle? as the product moves through the life cycle, how should the pricing strategy change?

Development - Penetration Pricing/Price Skimming

Growth - Competitive Pricing/Value-based Pricing

Maturity - Competitive Pricing

Decline - Bundle Pricing

Explanation:

The pricing strategy that would be most effective considering both the market's needs and the product life cycle are as follows:

1. Development: If and when the product is in this stage which is the first stage of the product life cycle, there is need to penetrate the market because it is a new product, hence the need for the 'penetration pricing strategy'. Howbeit, if the company is a monopoly and there is available demand it should rather charge a high price (price skimming) until competition sets in and price is reduced to compete with the entrants.

2. Growth: At the growth phase of the product life cycle, customers have known the product and it would be wise to charge a price that suits the value perceived by customers, hence the need for 'value-based pricing'. On the other hand competitive pricing helps to match pricing with the price of substitute goods in the market.

3. Maturity: At this phase of the product life cycle sales is beginning to level-out and competition would have become intense, hence the need to stick with the 'competition pricing strategy'  

4. Decline: At this stage the product is almost being phased out and outdated and the best pricing strategy is 'bundle-pricing' where the declining product is attached with trending products and sold together. For example cameras are on the decline but mobile phones are trending. A company can choose to tie both products together and sell as one.

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