Hands-On Pricing PlanTN Standard 14)Explain the relationship between pricing and product life cycle. Write anargument supporting either penetration pricing or price skimming as the best pricing strategy toemploy when launching a new product. Cite examples from news media or other appropriatetexts of how each strategy was used in recent product introductions.TN Standard 15)Explain how a company’s profit relates to markup. Using the same product,demonstrate the ability to calculate retail percentage markup and markdown in dollars andpercentagesYou did such a great job as the purchasing manager for your store!The operations manager decided tocross-train you as a pricing analyst!She has asked you to price the inventory you recently purchased.(NOTE:you will use the Hands-On Purchasing Plan to complete these assignments).1.Part One (individual):Prepare a memorandum explaining your price strategies for each product
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