QUESTION 1 1. Case Study 1: Gillette For more than 100 years, Gillette has dominated the razor industry. As a company that worth $19.2 billion, Gillette produces innovative product which are used by 750 million men from around the world, according to Euromonitor. It has stood as a brand in relentless pursuit of the closest, most irritation free shave by launching more razor innovations than any other company. With a reputation for having the best blade in the business, not only has Gillette held the lion's share of the market, but it has done so by charging premium prices. But these days, Gillette is facing an onslaught of low-priced direct-to-consumer startups. In the past 10 years, its market share has dropped from 70 percent to 50 percent. Gillette is fighting back with price cuts and new products. Source: Kotler, P. and Armstrong, G., 2020. Principles of Marketing. 18th ed. Pearson. (Provide answers in relation to the given scenario and context) Question 1 a. Explain FOUR (4) pricing approaches used by Gillette for its current product with relevant examples. b. If Gillette wants to come out with a new razor product targeting the low income segment, what pricing strategy would you recommend? Provide justifications to your answer with relevant examples. c. Explain the FIVE (5) stages of product life cycle with relevant examples if Gillette wants to innovate the new razor product. d. How would you help Gillette to sustain the business model by extending the product life cycle? Provide justifications with relevant examples in your