The product mix includes all the product lines and items a company offers to meet the needs of its customers, encompassing different categories and variations.

The product life cycle consists of four stages: Introduction, Growth, Maturity, and Decline. Diversification is a business strategy, not a stage in the product life cycle.

During the introduction stage, the product is newly launched, and consumer awareness is typically low, leading to gradual sales growth and investment in marketing.

Brand extension involves leveraging an existing brand name to introduce new products in different categories, benefiting from the established brand equity.

Effective packaging design should be visually appealing and functional, providing protection while attracting consumer attention and conveying information.

In the maturity stage, products face intense competition and market saturation, leading to price wars and the need for differentiation strategies to maintain market share.

When a product is in the decline stage, companies often evaluate whether to discontinue the product or reposition it to revitalize interest among consumers.

Pricing is the process of determining the value that a company will receive in exchange for its products or services.

Pricing directly affects consumer buying decisions, demand for the product, and the company's overall profitability.

Cost-based pricing involves determining the total cost of producing a product and then adding a specific markup to ensure profitability.