Activity:Recall the product life cycle as discussed in Chapter 8 and discuss the pricing strategies followed in each phase of the life cycle.The assignment is to answer the question provided above in essay form. This is to be in narrative form and should be as thorough as possible. Bullet points should not to be used.The paper should be at least 1.5 - 2 pages in length, Times New Roman 12-pt font, double-spaced, 1 inch margins and utilizing at least one outside scholarly or professional source related to marketing management. The textbook should also be utilized. Do not insert excess line spacing. APA formatting and citation should be used.Text book : https://drive.google.com/file/d/1qF1lHi5VsYmhxbFEKWCH-KBxyV8fnIye/view?usp=sharing