Final answer:
In the product life cycle, the marketing mix will vary by stage as the product progresses. Each stage of the product life cycle requires different strategies and tactics for marketing the product. For example, in the introduction stage, the marketing mix may focus on creating awareness and building demand for the new product.
Step-by-step explanation:
In the product life cycle, the marketing mix will vary by stage as the product progresses. The marketing mix includes the four Ps: product, price, place, and promotion. Each stage of the product life cycle requires different strategies and tactics for marketing the product, so the marketing mix will need to be adjusted accordingly.
For example, in the introduction stage of the product life cycle, the marketing mix may focus on creating awareness and building demand for the new product. The price may be set lower to attract early adopters, and promotional efforts may be targeted towards educating consumers about the product's benefits and features.
On the other hand, in the decline stage of the product life cycle, the marketing mix may be adjusted to focus on reducing costs and phasing out the product. The price may be decreased to clear out inventory, and promotional efforts may be scaled back.