Product Life Cycle Extension Strategies

Growth approaches extend the existence of the product before it moves into decline phase.

Product life cycle extension strategies. The maturity stage is the stage in which the product s sales growth slows down or levels off after reaching a peak. This will happen at some point since the market becomes saturated. Again businesses use marketing techniques to improve sales. Product life cycle extension strategies.

An extension strategy is a practice used to increase the market share for a given product or service and thus keep it in the maturity phase of the marketing product lifecycle rather than going into decline. Therefore companies apply marketing strategies to further improve product sales. Extension strategies include rebranding price discounting and seeking new markets rebranding is the creation of a new look and feel for an established product in order to differentiate. This product life cycle includes an introductory period a growth spurt and a maturity phase before sales falter and the product enters its decline.

There are a number of extension strategies that they can use to prevent their. Generally the maturity stage lasts longer than the two preceding stages. Examples of the techniques are. The product life cycle is an important concept in marketing.

Developing new products is expensive and takes time so businesses will usually try to extend the life cycle of a product and prevent it from going into decline. But manufacturers often can employ several. Extending product life cycle. Product life cycle extension strategy.

In other words when a company releases a new product they do. The product life cycle stages are explained in depth along with advantages and disadvantages of the product life cycle extension strategies and the uses. When a product reaches the decline stage a business can act to extend its life cycle. The product life cycle concept allows you to have an understanding of the changes in field faced by international locations that have preferred to emphasis on the production of one or even more characteristic products.

Companies and their marketing professionals keep a close eye on the life cycle of a product. Most products follow a predictable pattern from conception through obsolescence. Extension strategies are marketing techniques designed to extend a product s life cycle and delay its decline. Maturity stage product life cycle strategies.