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?
