Pharmacist and new father Kenneth Kramm wanted his son to take his medicine, but it was a battle. As a result, Kramm developed FLAVORx, a liquid medicine-flavouring system that can mask the taste or smell of medicine. FLAVORx tastes of strawberry or grape and has no effect on the medicinal value of the drug to which it is added. It is the first product of its kind. Because Flavorx is in the _______stage of the product life cycle, the price of the medicine-flavouring system should be_______ than the price
That would usually be charged.

Question

Quizplus · Accepted Answer

FLAVORx is in the introductory stage of the product life cycle because it is the first product of its kind, indicating it has just been introduced to the market. During the introductory stage, prices are often higher to recoup the costs of development and marketing.

Pharmacist and New Father Kenneth Kramm Wanted His Son to Take