Foundations of Management Theory and Practice

1. Pick a product, such as clothes, cell phone, or TV, etc. Describe product life cycle (PLC), introductory, growth, maturity, and decline in terms of sales and

price.

2. Describe a situation in which a company might adopt a pricing objective other than profit maximization.

3. Let’s say, after 15% increase in selling price, a burger shop found 25% drop in sales. Is the demand for burger sensitive to changes in price this case? What do

you recommend to increase sales revenue?

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