Understanding the Product Pricing Life Cycle

Chart of a product life cycleWhich of the 4 phases do your products fall into? Here’s how to tell.

By August J. Aquila
Price It Right

There is an important concept in marketing that provides companies with tremendous insight as to what they can expect for their products or services in the marketplace. It’s called the product life cycle and, sooner or later, all products and services will go through the complete cycle. As they do, several external and internal factors change.

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The accounting industry and the services it provides are no different. The figure above displays the life cycle of a typical service or product.