What steps do companies generally take to develop and introduce a new product?Explain the stages in the product life cycle. How is the marketing strategy affected by a product's life cycle stage?Explain the following pricing strategies: skimming, penetration, psychological, reference, and discounting.Define the term marketing channel and describe the four basic marketing channels outlined in Figure $12\mathrm{.}6.$Explain the term logistics management.Explain the terms promotion mix and integrated marketing communications.