Question

What are some ways to extend the product life cycle? Of these techniques, which one do you think is most useful? Why?

** I am fine with concise answer **

Answer 1

When a product reaches the stage of decline, a firm can act to extend its life cycle. There are a range of extension techniques they may use to keep their product out of date.

After years on the market, products begin to grow old, and that's because consumers have adapted to the features and characteristics that once made the product unique or special. As a result, a product's decline is often tied to familiarity, as well as the need for customers to feel like something old is new again. That is why an effective extension strategy can be to add new features to your product.

Change product – You can release new and improved versions of the product version 2.0 and then version 3.0.
Change price – Price can be reduced so new customers can buy it.
Change place – Products can be sold to gain more sales in different countries or territories.
Change promotion – Different advertisement or sales promotion strategies will extend the product 's existence, giving it a new image.
Change packaging – Packaging style can change to offer a new and improved product appearance.

Identifying New Markets is the most useful strategy that a firm can employ to entend the prodcut life cycle

One of the advantages of globalization is that it has opened up the international market in a way that wasn't feasible decades ago for small businesses. Your company now has access to customers all over the world, and that's particularly true if you're an e-commerce business that does all its internet selling. If you've done your market research properly, you'll quickly realize that your target audience isn't limited to the U.S., but buyer behavior across borders is actually similar. You do need to sell to the right audience, but now the size of that audience and your exposure to that audience is growing considerably.