Life cycle costing (LCC): Group of answer choices focuses on purchase price that is typically the highest percentage of LCC. may include costs that are 10-15 years in the future and highly uncertain. includes all relevant costs expected in the first three years of ownership. can be applied to all types of purchases except capital acquisitions. shows the phases of product evolution from growth to maturity.

You are a team of marketing consultants. it is 2008 and the great recession has struck. one of your clients is whole foods market (sometimes known as whole paycheck). wfm has come to you and asked for strategic advice on how to adapt their product and pricing strategies in light of the economic downturn: 1. advise wfm on the various approaches that could be taken to reducing price. be sure to consider potential psychological impact of price reductions on wfm consumers. 2. based on the options outlined in part 1, recommend an approach and support with marketing theory.