Mind Map Of Product Policy

This is a Mind Map Of Product Policy. Product policy is described as the broad guidelines connected to the production and development of a product. These policies are usually decided by a company's highest management, i.e. the board of directors. It's similar to long-term planning in terms of the company's product mix in order to provide optimum consumer pleasure. When it comes to developing product policies, the product life cycle is quite significant. When a product is in the early stages of development, the corporation must determine whether to pursue penetration pricing or skimming pricing. Companies utilize skimming techniques to attain speedy breakeven, but they also use penetration to keep the competitors out of the market. The emphasis should also be on raising product awareness and developing the brand. The company's profit must be maintained during the growth stage by enhancing product quality. Re-creating an advertising plan takes some time. Only a few enterprises remain in the business at this stage. The sales of the product are slowing, and the corporation has to focus on its most loyal clients. At this point, a product or communication adjustment is required. In the decline stage, product sales begin to diminish, and just a few companies remain in the industry. In EdrawMind community, you can get more templates related to business or other topics in study, work and life.