When firms have products in the decline stage of the product life cycle, they may take the following steps:
- Reduce costs: Firms may try to reduce costs associated with production and marketing of the product in order to maintain profitability.
- Increase price: Firms may increase the price of the product in order to maintain profitability, especially if there are few competitors in the market.
- Harvest the product: Firms may continue to produce and sell the product, but with minimal investment in marketing and promotion.
- Discontinue the product: Firms may decide to discontinue the product if it is no longer profitable or if there are no longer any customers interested in purchasing it.
So, the correct options are:
- Reduce costs
- Increase price
- Harvest the product
- Discontinue the product