Paul McCartney has created a business selling custom made guitars, that are used by touring musicians all over the world. Paul understands that his product is unique and his beginning to be worldly renowned. Only the best materials are sourced and used for Paul's guitars, which makes them highly expensive. Paul informs you that he has invested a lot of money into setting up his business, and is eager to see a significant return on investment and profit so he can rely on his new company as his sole income. Paul explains to you that he thinks his best option of achieving this return on investment would be by making his guitars really cheap.

Define and explain the two pricing concepts Paul is using. Then, critically analyse whether Paul McCartney is utilising the correct pricing for his product. Next, provide a justified recommendation to Paul if you deem necessary. Finally, provide insight to Paul regarding how pricing might change throughout the product lifecycle.

Please give detailed information!