Pricing strategy should be reevaluated as the product moves through its life cycle. Choosing a price is a one-time decision, regardless of where it is in its life cycle. One of the least challenging aspects of pricing is initiating price increases. In an effort to recover increasing costs or improve profits, firms often need to decrease prices. Pricing strategy remains relatively stable throughout a product's life cycle.

Which of the following statements about monitoring and evaluating the effectiveness of a pricing strategy is true? Multiple Choice Pricing strategy should be reevaluated as the product moves through its life cycle Choosing a price is a one-time decision, regardless of where it is in its life cycle One of the least challenging aspects of pricing is initiating price increases Pricing strategy should be reevaluated as the product moves through its life cycle. Choosing a price is a one-time decision, regardless of where it is in its life cycle. One of the least challenging aspects of pricing is initiating price increases. In an effort to recover increasing costs or improve profits, firms often need to decrease prices. Pricing strategy remains relatively stable throughout a product's life cycle