What strategy is to be followed by an organisation for a product which is in its introductory phase?

What strategy is to be followed by an organisation for a product which is in its introductory phase?

During the introduction phase, the product is totally new to the market. It needs the support and acceptance of the consumers in order to be enter the next stage which is growth.At this phase the product is not so popular and has fewer customers , so the volume of sales is low. The company at this phase should lower its selling price so as to gain the acceptance of the market and aggressive promotional campaigns should also be organised at this stage. It should go for widespread advertising so as to reach out to the maximum number of customers.