The factors that influence pricing strategy change over the life of a product concept. The market defined by a product concept passes through four phases: development, growth, maturity, and decline. Briefly, the changes in the strategic environment over those phases are as follows: Market development. Buyers are price insensitive because of their knowledge of the product's benefits. Both production and not a threat since the potential gains from market development exceed those from competitive

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... ivalry. Pricing strategy signals the product's value to potential buyers, but buyer education remains the key to sales growth.