A company has carried out extensive product research and, as a result, has just launched a new innovative product unlike anything else that is currently available on the market. The company has launched this product using a market skimming pricing policy, i.e. charging very high prices initially.

The market in which it operates is highly competitive and historically success has been achieved by being the first to market with new products. Only a small number of companies have survived in the market, and those that remain are constantly aiming to develop new products either by improving those already in the market, or by extensive product research.

Select ALL that apply:

- In the introduction stage, the product is unique and therefore the company can charge a high price.

- In the introduction stage, competitors will buy the product to carry out reverse engineering and see how the product works, so that they can develop their own similar, but different product.

- In the introduction phase, the company will seek to avoid this competition by maintaining its selling price at the end of the introduction stage.

- In the growth stage, the company will adopt a lower selling price to continue to attract new purchasers of the product.
- In the growth stage, if the product cannot be differentiated in other ways, the company may need further reductions in selling price to maintain growth.
- The growth stage is the ideal time to offer short term one-off offers or discounts for multiple purchases.
- In the maturity stage, the selling price of the product becomes unstable and the product is not financially viable anymore.
- In the decline stage, the product may continue to be sold, provided its margin is positive.
- If the product's margin is not positive in the decline phase, the product may be bundled with other products or sold for less than its unit cost in order to clear the company's inventory of what has become an obsolete product.