“Price Levels” Please respond to the following: Analyze the price-setting process and select the areas of the price-setting process (i.e., define price window, set initial price, and communicate prices to market) that you believe to be the most important. Support your argument with evidence or examples. Pick a product of your choice and then determine the best way to announce a new price or prices to the marketplace. Assess the challenges of developing pricing over a product’s life cycle and suggest ways those challenges may be addressed. Provide specific examples to support your response. Pick a product currently in the mature cycle of the product life cycle and one that with which you are familiar. Outline the product’s pricing strategy used during the first three phases of the product life cycle.