What Are Management Functions

question 40

Essay

What are management functions?

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Definitions:

Pricing Strategy

A plan or approach a company uses to set the prices for its products or services, aiming to balance competitiveness with profitability.

Product's Life Cycle Stage

The phase that a product goes through during its market life, including introduction, growth, maturity, and decline, affecting marketing strategy and profitability.

Mature Product

A product that has reached a high level of market penetration and stability, with slow growth or decline in sales.

Experience Curve

A concept in business that describes how production costs decrease as a company gains experience and increases output.