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This document discusses marketing strategies across the four stages of a product's life cycle: introduction, growth, maturity, and decline. In the introduction stage, strategies include rapid or slow skimming or penetration using price and promotion tactics. In growth, companies improve quality, add features, and expand distribution. During maturity, firms convert non-users, enter new segments, and modify products or other marketing mix elements. Finally, in decline strategies involve reducing investment, maintaining it until uncertainties pass, harvesting cash quickly, or divesting assets to dispose of the business.
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The document discusses product life cycle and marketing strategies. It defines product life cycle as the stages a product develops over time, typically following an S-curve from introduction to growth, maturity, and decline. During each phase, different pricing and promotion strategies can be used, such as rapid or slow skimming and penetration. As a product reaches maturity, modifications to marketing mix elements like product, price, place, and promotion can help extend the life cycle. These include new features, lower prices, wider distribution, and preference advertising. Finally, four investment strategies are outlined for the different phases: increasing, maintaining, selectively decreasing, or harvesting investment.
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Product Life Cycle (PLC) describes the stages through which all products pass from introduction to decline. The major stages are introduction, growth, maturity, and decline. The length of each stage can vary significantly between products.
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The document discusses the product life cycle and appropriate marketing strategies at each stage. It identifies four stages: introduction, growth, maturity, and decline. In the introduction stage, sales are slow and profits non-existent. Marketing strategies focus on building awareness, using cost-plus pricing, and conducting trials. In the growth stage, rapid market acceptance and substantial profits occur, and strategies shift to penetrating pricing, product extensions, and intensive distribution. During maturity, sales growth slows as competition increases and profits stabilize or decline, so strategies diversify brands and items, match competitors' prices, and encourage brand switching through emphasizing differences. Finally, in decline, sales drift downward and profits erode, so strategies phase out weak products and un
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The document discusses the four stages of a product's life cycle: development, growth, maturity, and decline. It explains key aspects of each stage, including pricing strategies, marketing approaches, sales trends, and competition levels. The life cycle helps businesses manage their products from introduction to discontinuation. Proper analysis at each phase is important for maximizing profits and avoiding losses over the long run.
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The document defines the product life cycle as distinct stages in a product's sales history according to Phillip Kotler. The four stages are introduction, growth, maturity, and decline. In the introduction stage, consumer awareness is low and sales are growing. The growth stage sees rapidly rising sales and profits as the product becomes more widely known. During the maturity stage, sales level off as competition increases. Finally, in the decline stage sales and profits decrease until the product is eventually removed from the market.
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Product Life Cycle (PLC) describes the stages through which all products pass from introduction to decline. The major stages are introduction, growth, maturity, and decline. The length of each stage can vary significantly between products.
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The product life cycle has 4 very clearly defined stages, each with its own characteristics that mean different things for business that are trying to manage the life cycle of their particular products.
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The document discusses the product life cycle which includes four stages: introduction, growth, maturity, and decline. Each stage poses different challenges and opportunities for sellers. Profits typically rise during growth as sales increase rapidly, peak during maturity as sales maximize, and decline during maturity and decline as sales decrease. Different marketing, financial, manufacturing, and HR strategies are needed for each stage depending on factors like sales, costs, profits, competitors, and customers.
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The document discusses the product life cycle, which consists of four stages: development, growth, maturity, and decline. It describes each stage, noting that sales are typically slow in development but grow in growth, level off in maturity, and decline in the decline stage. Managing a product through its life cycle by observing these stages can help businesses determine pricing, anticipate profitability, and compete effectively at each phase.
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The document discusses the product life cycle, which describes the typical stages through which a product passes from introduction to decline. It identifies five stages: introduction, growth, maturity, saturation, and decline. Each stage is characterized by different features related to sales, profits, competition, and market awareness/acceptance of the product. The goal of product life cycle management is to maximize value and profitability at each stage. The document also discusses ways to potentially extend the life cycle through strategies like advertising, exploring new markets, price reductions, and adding new product features.
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The document discusses the product lifecycle (PLC) which consists of four stages: introduction, growth, maturity, and decline. During the introduction stage, products are initially promoted to raise public awareness using either a penetration or skimming pricing strategy. In the growth stage, heavy advertising is used to increase sales and market share. The maturity stage sees sales growth stabilize. Finally, the decline stage occurs when sales begin to fall as customers are satisfied or replaced by newer products. However, the document notes that not all products follow the same cycle and stages may be skipped. Close monitoring is needed throughout a product's lifecycle.
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There are two main pricing strategies for products in the introduction stage of the lifecycle: skimming and penetration. Skimming involves setting a high initial price for distinctively new products purchased by less price-sensitive customers, then lowering price over time. Penetration uses a low initial price for products where customers are highly price sensitive or competitors pose a strong threat. In the growth stage, companies face pressure to lower prices as more competitors and customers enter the market. During maturity, competitors are well-established and companies must cut prices to gain market share. In decline, companies can maintain prices by reducing costs if they have a strong reputation, cut prices to increase sales above break-even, or selectively raise prices for less price-sensitive
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The product life cycle is an important concept in marketing. It describes the stages a product goes through from when it was first thought of until it finally is removed from the market. Not all products reach this final stage.
PLC is clearly explained with relevant examples of various products and their life cycles
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Every product has a limited life cycle that passes through different stages - introduction, growth, maturity, and decline. At each stage, sales, profits, and the appropriate marketing strategy differ. In introduction, sales are low but prices are high as costs are also high. In growth, sales rapidly rise as more customers are attracted. Maturity sees a slowing of growth until sales eventually decline. During decline, companies withdraw products or focus on reducing costs and prices to extract remaining value. The optimal marketing strategy changes for each phase, focusing on promotion in early stages and modification or reduction in later stages.
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Product life cycle 1
The product life cycle has four stages: introduction, growth, maturity, and decline. In the introduction stage, firms focus on building product awareness through promotional activities aimed at innovators. Profits are low or negative. In the growth stage, firms build brand preference and market share by maintaining quality, adding features, and promoting to a broader audience. The maturity stage sees slower growth as competition increases. Firms differentiate their product and modify marketing strategies like price and distribution incentives to defend market share. In decline, firms either maintain, harvest, or discontinue the product.
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Product development involves creating physical versions of products through testing. Test marketing introduces products into realistic settings to test marketing programs. There are different types of test markets. Successful new product development is customer-centered, team-centered, and systematic. The product life cycle has four stages: development, introduction, growth, and maturity. In maturity, sales growth slows as most potential buyers have purchased.
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The product life cycle has 4 very clearly defined stages, each with its own characteristics that mean different things for business that are trying to manage the life cycle of their particular products.
Product life cycle
The document discusses the product life cycle, which asserts that products pass through distinct stages from development to decline. It notes that a company's marketing strategy must change as the product and market change over these stages. The five stages of the product life cycle are outlined as: 1) product development, 2) introduction, 3) growth, 4) maturity, and 5) decline. Each stage poses different challenges and opportunities in terms of sales, costs, profits, and competition.
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The document discusses the product life cycle which includes four stages: introduction, growth, maturity, and decline. Each stage poses different challenges and opportunities for sellers. Profits typically rise during growth as sales increase rapidly, peak during maturity as sales maximize, and decline during maturity and decline as sales decrease. Different marketing, financial, manufacturing, and HR strategies are needed for each stage depending on factors like sales, costs, profits, competitors, and customers.
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In introduction to marketing, the products or services may have its own life-cycle. It is important to know what are the stages currently for the products and services to determine the strategies that should be apply later on.
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The document discusses the product lifecycle (PLC) which consists of four stages: introduction, growth, maturity, and decline. During the introduction stage, products are initially promoted to raise public awareness using either a penetration or skimming pricing strategy. In the growth stage, heavy advertising is used to increase sales and market share. The maturity stage sees sales growth stabilize. Finally, the decline stage occurs when sales begin to fall as customers are satisfied or replaced by newer products. However, the document notes that not all products follow the same cycle and stages may be skipped. Close monitoring is needed throughout a product's lifecycle.
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There are two main pricing strategies for products in the introduction stage of the lifecycle: skimming and penetration. Skimming involves setting a high initial price for distinctively new products purchased by less price-sensitive customers, then lowering price over time. Penetration uses a low initial price for products where customers are highly price sensitive or competitors pose a strong threat. In the growth stage, companies face pressure to lower prices as more competitors and customers enter the market. During maturity, competitors are well-established and companies must cut prices to gain market share. In decline, companies can maintain prices by reducing costs if they have a strong reputation, cut prices to increase sales above break-even, or selectively raise prices for less price-sensitive
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The product life cycle is an important concept in marketing. It describes the stages a product goes through from when it was first thought of until it finally is removed from the market. Not all products reach this final stage.
PLC is clearly explained with relevant examples of various products and their life cycles
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Every product has a limited life cycle that passes through different stages - introduction, growth, maturity, and decline. At each stage, sales, profits, and the appropriate marketing strategy differ. In introduction, sales are low but prices are high as costs are also high. In growth, sales rapidly rise as more customers are attracted. Maturity sees a slowing of growth until sales eventually decline. During decline, companies withdraw products or focus on reducing costs and prices to extract remaining value. The optimal marketing strategy changes for each phase, focusing on promotion in early stages and modification or reduction in later stages.
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The document discusses marketing strategy and its importance. It explains that marketing strategy helps achieve marketing objectives and specifies how a company will compete in its industry. It also determines which market segments and products a company will target, who its competitors are, and how it will differentiate itself. The document then outlines the 'STP Plus Marketing Mix' approach to formulating a marketing strategy, which involves segmentation, targeting, positioning, and assembling the optimal marketing mix. It stresses that the marketing mix must be tailored to customers and adjusted based on changes in the environment, customers, and product lifecycle.
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The document discusses the product life cycle (PLC) and its five stages: introduction, growth, maturity, decline, and decision point. It provides examples of products that align with each stage and notes that the PLC describes how consumer demand changes over time as products are introduced, become popular, and eventually decline. However, the PLC is an oversimplification, as the length of each stage varies significantly between products and marketers can influence what stage a product is in through pricing and other decisions.
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- The document outlines marketing strategies companies can use at different stages, such as defensive strategies in maturity or exploring new markets in decline.
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The basic PLC module must be sufficiently flexible and configurable to meet the diverse needs of different factories and applications. Input stimuli (either analog or digital) are received from machines, sensors, or process events in the form of voltage or current. The PLC must accurately interpret and convert the stimulus for the CPU which, in turn, defines a set of instructions to the output systems that control actuators on the factory floor or in another industrial environment
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4. Details on marketing strategies for each stage of the product lifecycle, such as emphasizing awareness in introduction and maximizing market share in growth.
Product life cycle
The document discusses the product life cycle, which consists of four stages: introduction, growth, maturity, and decline. Each stage is characterized by different sales volumes, costs, profits, and marketing objectives. The introduction stage involves building product awareness at high costs and negative profits. Growth sees rapidly rising sales through expanded distribution and lower prices. Maturity reaches peak sales with efforts to maximize profits and defend market share. Finally, decline has falling sales and profits as the product is phased out.
Product life cycle
presentation for MBA Students to explain the characteristics of different stages of Product Life Cycle and the marketing strategies used according to that.
Ss product life cycle
The document discusses the product life cycle and the Boston matrix model. It describes the four stages of the product life cycle: introduction, growth, maturity, and decline. It also outlines how marketing strategies should be adapted at each stage. Additionally, it explains the Boston matrix and how it can be used to analyze a product portfolio based on market growth and share. The matrix categorizes products as stars, cash cows, problem children, or dogs.
Product life cycle
The product life cycle outlines the typical stages a product goes through from introduction to decline. It includes introduction, growth, maturity, and decline. During introduction, sales are low and costs are high to create awareness. Growth sees increasing sales and profits as the product gains acceptance. Maturity is the most profitable stage as sales peak. In decline, sales decrease as the product becomes outdated. Businesses can extend the cycle through advertising, price reductions, new features, exploring new markets, and packaging updates. The model helps marketers strategize but products don't always follow predictable cycles.
Product life cycle
The product life cycle describes the typical stages a product goes through from introduction to decline. It includes introduction, growth, maturity, and decline. During introduction, sales are low and costs are high to create awareness. Growth sees increasing sales and profits as the product gains acceptance. Maturity is the most profitable as sales peak, though competition rises. Finally, decline occurs as sales decrease due to saturation or competition. Businesses can extend the cycle through advertising, price reductions, innovation, exploring new markets, or packaging changes. The model helps marketers strategize but products don't always follow predictable cycles.
Unit 2 product decision
This document provides an overview of marketing management concepts including the marketing mix, product concepts, product classification, product life cycle, and product mix strategies. It discusses key topics such as the 4Ps of the marketing mix (product, price, place, promotion), different product concepts (physical, service, augmented), consumer and industrial product classification, stages of the product life cycle (introduction, growth, maturity, saturation, decline) and related strategies, and different dimensions of a company's product mix (width, length, depth). The document aims to educate on fundamental marketing and product management topics.
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Product life cycle and strategic marketing decisions
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More from Dr.Brahm Sharma
Mm23
This document discusses various aspects of marketing research including defining the research problem, reviewing literature, determining sample design, collecting data through various methods like surveys and questionnaires, and analyzing the data. It provides details on formulating the research problem, developing the research design, using probability and non-probability sampling techniques, and methods for collecting primary data such as observation, interviews, and questionnaires. The key stages of marketing research are also summarized: problem definition, research design, field work, data analysis, report presentation, and decision making.
Mm22
This document provides an overview of key concepts related to marketing research and the marketing research process. It discusses the components of a marketing information system and how it can provide valuable consumer behavior insights. The 6 steps of marketing research are defined as problem definition, research design, data collection, data analysis, report presentation, and decision making. Various research methods like observation, interviews, questionnaires, and experiments are described. Different sampling techniques including probability and non-probability sampling are also summarized.
Mm21
This document outlines 7 key marketing trends: 1) Scanning the environment, 2) Marketing intelligence systems, 3) Market research systems, 4) Demand measurement and forecasting, 5) Data warehousing, 6) Data mining, 7) Changing consumption patterns of global and Indian consumers.
Mm20
The document discusses various topics related to channel management, including selecting and motivating channel members, different types of power in eliciting cooperation, and channel dynamics. It also covers managing channel conflict and legal/ethical issues. Additionally, it defines wholesaling and retailing functions and strategies. Globalization topics include defining economic globalization and characteristics of global companies. Communication strategies define the marketing communication mix and developing effective communications.
Mm19a
This document discusses key considerations for developing an effective distribution channel and retail strategy. It identifies important customer service factors and outlines various channel structure options including intermediaries, exclusive/selective distribution, and vertical/horizontal systems. It also addresses managing channel conflict, legal issues, wholesaler and retailer functions, and developing an integrated communication strategy across different promotional mix elements. The overall goal is to efficiently deliver products to customers through optimal channel design and management.
Mm19
This document outlines key concepts in marketing channels and distribution. It discusses customers' desired service levels, types of intermediaries and exclusive distribution agreements. It also covers terms of channel partnerships, evaluating and managing channel members, eliciting cooperation, and dealing with channel conflicts. The roles of wholesalers and retailers are defined. Finally, it discusses major communication skills and developing effective marketing communication strategies.
Mm18
This document discusses pricing objectives and strategies that companies can pursue, including survival, maximum current profit, maximum market share, and market skimming. It also covers determining demand curves and the factors that influence price sensitivity. Finally, it outlines the key considerations in selecting and managing marketing channels, such as identifying intermediaries, evaluating channel members, and the different types of power that can help manage channels.
Mm17
Companies that fail to develop new products risk becoming vulnerable to changing customer needs, new technologies, and increased competition. New product development is also risky, as new products often fail at a high rate. A brand is a name, term, sign, symbol or design that identifies a product and differentiates it from competitors. There are various branding strategies a company can take such as using individual product names, a blanket family name, or combining a company name with individual product names. Packaging and labelling fulfill important functions like identification, grading, description, promotion and legal compliance. Factors like consumer affluence, convenience and company image influence the growth of packaging. Pricing is a key marketing mix element that generates revenue. Companies
Mm16
This document contains a quiz with questions about marketing management concepts such as product ideas, product concepts, concept testing, and new product development. It also discusses reasons for new product failures, challenges in new product development, and definitions of brands and branding. Branding provides advantages like easier order processing, legal protection, attracting loyal customers, market segmentation, and building corporate image. Strong brands help launch new products and gain acceptance from distributors and consumers.
Mm15
This document provides an overview of key concepts in marketing, including:
1) It defines marketing orientation models like production, product, selling, and holistic marketing concepts.
2) It explains the importance of understanding customers' needs and delivering value through the value delivery process of choosing, providing, and communicating value to customers.
3) It discusses the key elements of an effective marketing plan, including mission statements, SWOT analysis, goal setting, strategy formulation, budgets/forecasts, and feedback controls.
Mm11,12
This document contains information about key elements of a marketing plan, including a mission statement, SWOT analysis, goal setting, strategy formulation, and budgets/forecasts. It discusses the importance of defining goals and strategies to achieve them. SWOT involves analyzing internal strengths/weaknesses and external opportunities/threats. The strategy section outlines Porter's three generic strategies of cost leadership, differentiation, and focus. It also discusses strategic alliances between companies. Budgeting puts costs and expected returns in financial terms for the plan period and beyond. Feedback allows course correction and plan revision as needed.
Mm11,12
This document contains information about key elements of a marketing plan, including a mission statement, SWOT analysis, goal setting, strategy formulation, and budgets/forecasts. It discusses the importance of defining goals and strategies to achieve them. SWOT involves analyzing internal strengths/weaknesses and external opportunities/threats. The strategy section outlines Porter's three generic strategies of cost leadership, differentiation, and focus. It also discusses strategic alliances between companies. Budgeting puts costs and expected returns in financial terms for the plan period and beyond. Feedback allows course correction and plan revision as needed.
Mm10
The document provides information on various marketing strategies, including:
1. Product differentiation focuses on distinguishing a company's offering from competitors through meaningful differences in features, quality, design, etc.
2. Target marketing identifies distinct customer groups (market segmentation), selects segments to target, and positions products to communicate key benefits to the targeted segments.
3. Companies must choose their target markets carefully, considering segment attractiveness, resources, ethical implications, and relationships between segments. Both differentiated and undifferentiated marketing strategies are discussed.
Mm8,9
The document discusses product differentiation and positioning strategies for companies. It defines differentiation as designing meaningful differences between a company's offering and competitors' offerings. Companies can differentiate their products, services, personnel, channels, and image. Positioning is designing the company's offering and image to occupy a distinctive place in customers' minds. When positioning, companies must decide how many benefits to promote and avoid errors like underpositioning or overpositioning.
Mm6,7,8
This document contains information about marketing information systems (MIS) and marketing research. It defines MIS as consisting of people, equipment, and procedures to gather, analyze, and distribute market information to decision makers. It discusses the components of MIS, including internal records, marketing intelligence systems, and marketing research. It also provides details about key aspects of marketing research such as the problem definition, research design, data collection, sampling, data analysis, and application steps.
Mm3,4
This document discusses various marketing concepts used by organizations, including the production concept, product concept, selling concept, marketing concept, and holistic marketing concept. It provides details on each concept, such as the production concept focusing on inexpensive mass-produced goods. The holistic marketing concept recognizes the interdependencies between marketing programs, processes, and activities. It has four components - relationship marketing, integrated marketing, internal marketing, and social responsibility marketing. The document also discusses fundamental marketing concepts like customer value, needs, wants, demands, and value delivery processes.
Mm1
This document provides an overview of marketing concepts and definitions. It discusses that marketing is everyone's responsibility from receptionists to board members. Marketing management focuses on applying marketing techniques and managing resources. The document also defines marketing in several ways and notes they are all correct. Marketing is about meeting customer needs profitably. It discusses what can be marketed, the core of marketing as exchange/transactions, key customer markets, and a company's orientation towards customers from production to holistic marketing concepts.
Mm5
The key tasks of marketing management are developing marketing strategies and plans, capturing marketing insights, connecting with consumers, building strong brands, shaping market offerings, delivering value, communicating value, and creating long term growth. This involves identifying short and long term potentials, monitoring the marketing environment, gathering information, establishing marketing systems, developing strong customer relationships, understanding the competition, determining distribution channels, and running marketing communications and growth programs.
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Mm14
- 1. Inroduction Growth Maturity Decline Sales Profit Sales&Profit Time PRODUCT LIFE CYCLE (PLC)
- 2. Marketing Strategies: Introduction stage Sales growth tends to be slow in this stage.Promotional expenditure is high Four strategies 1. Rapid skimming: High price high promotion 2. Slow skimming: High Price Low promotion 3. Rapid penetration: Low price heavy spending 4. Slow penetration: Low price low promotion
- 3. Marketing Strategies: Growth stage 1. Improves product quality and adds new product features and improved styling 2. Adds new models and flanker products 3. Enters new market segments 4. Increases its distribution coverage and enters new distribution channels 5. Shifts from product-awareness advertising to product-preference advertising 6. Lowers prices to attract the next layer of price sensitive buyers
- 4. Marketing Strategies: Maturity stage Market modification: Expand market Volume = number of brand users x usage rate per user 1. Convert nonusers 2. Enter new market segments 3. Win competitors segment Product modification Quality improvement, Feature improvement, or style improvement Other Marketing mix modification
- 5. Marketing Strategies: Decline stage Sale my drop to zero or they may reach a low level Some withdraw from market Sentiments often plays a role They reduce the number of types of products they offer 1. Increase the firms investment 2. Maitain thee investment until the uncertainities are eliminated 3. Decreasing the firms investment selectively 4. Harvesting the firms investment to recover cash quickly 5. Divesting the business quickly by disposing of its assets as advantageously as possible.
- 6. Marketing Strategies: Decline stage Sale my drop to zero or they may reach a low level Some withdraw from market Sentiments often plays a role They reduce the number of types of products they offer 1. Increase the firms investment 2. Maitain thee investment until the uncertainities are eliminated 3. Decreasing the firms investment selectively 4. Harvesting the firms investment to recover cash quickly 5. Divesting the business quickly by disposing of its assets as advantageously as possible.