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Statement 1. In the Introduction Stage, usual marketing strategy is to strengthen the Supply Chain Relationships to make the product easily accessible by target customers. 2. In the Introduction Stage, Competitors will purchase the product to carry out Reverse Engineering and understand how the product works, so that they can develop the own similar, but different product. 3. In the Introduction Phase, the Firm will seek to avoid this competition by maintaining its Selling Price at the end of the Introductory Stage. 4. in the Growth Stage, if the product cannot be differentiated in other ways, the Firm may need further reduction in Selling Price to maintain growth. 5. In the Maturity Stage, Firms are tempted to engage in costly promotional price wars to wean away market share from Competitors. 6. In the Decline Stage, falling Sales may induce Firms to slash marketing expenditure. Brand Loyalty will be exploited to create profits. 7. The Concept of Product Life Cycle is applicable only for well-established products