Many consider innovation to be the single most important activity for the long$-$term competitiveness of the firm. Companies attempt new discoveries in order to respond to new technologies, evolving buyer needs, changing input costs, and new government regulations. The product lifecycle represents the various changes that occur to the product and to marketing strategy over time. How do marketing strategies, such segmenting, targeting and positioning, and the marketing mix change over the course of the product life cycle? Explain and use examples to illustrate.