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- Why is the cost of serving a long-standing customer far less than the cost of acquiring a new customer?What factors impact the list price to determine the final price?Pick three products you use every day (in school, at work, or for pleasure—perhaps one of each). Determine what phase of the product life cycle each is in. Evaluate the marketer’s strategy (product, price, promotion, and distribution) for the product and whether it is appropriate for the life-cycle stage.
- Draw a supply and demand curve for your favorite product. You get a massive raise at work, what happens to the supply and demand for that product? Why?Answer to image?How has the supply and demand of a specific product affected your/your family’s purchasing decisions? What variables most affect your decision to either buy or not buy a good or service?