Product Life Cycle Management is a very important marketing concept and is used by Product Managers to effectively manage the product line. From the information below, craft a 4Ps Strategy for this product based on the life cycle position. Please refer to the attached image for the product.

A product’s life cycle is divided into four stages, including:a) introduction.b) growth.c) maturity.d) all of the above.

Cannibalization Analysis The "Bare Bone" model has a list price of $2.99. UVC is $1.50 and projected sales for the year is 2,000,000. "Bill" retails for $3.99 with a UVC of $1.79 and has a sales forecast of 500,000. Projected first year sales of "Bodacious Bill" is 1,000,000 units. Fixed costs to enable insertion of audio sound effects for "Bodacious Bill" will be $2M for the first year. The "Bodacious Bill" will have a 50% markup on the breakeven price. Unit cost (breakeven price) = unit variable cost + (fixed cost/# of products produced). List (markup) price = unit cost * (1+ desired % markup on the retail price). Unit variable cost, including technical parts, add up to $4.99 What would be the list price on Bodacious Bill to break even? 50% of first year sales would be incremental. Of the remaining volume, 80% will be cannibalized from "Bill" sales and 20% would be offset with "Bare Bone" volume.

What is meant by value added and why is that important?  Provide an example of at least two value added products.