How will you price your product when your product is in a growth stage?

 

• Lowering the product's price.
• Competitive pricing strategies.

Step-by-step explanation

Different strategic pricing should help in each stage of a product's life cycle. In the growth stage of a product, the competition might try to duplicate it and sell it at low prices, or even improve its quality since the sales are up and the demand for the product is high. Getting customers choose my product over the competition, I would require more marketing and take on a pricing strategy that is competitive. Lowering the price might also attract new customers.