Question

Firms using the __________ approach during the decline stage of the product life cycle will gradually reduce marketing expenditures and use a less resource-intensive marketing mix.

Answer 1

Firms using the Harvesting approach during the decline stage of the product life cycle will gradually reduce marketing expenditures and use a less resource-intensive marketing mix.
In business, harvesting approach is a practice to exploit as much profit as possible from a certain company's product before it pulled out from the market. Usually being done because the firms want to replace the product with a newer one.