BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Change price– Price can be lowered to allow new customers to buy it. Change place– Products can be sold in different countries or territories to gain more sales. Change promotion– Different advertising or sales promotion techniques can prolong the life of the product, giving it a new image.

Detailed explanation-2: -A product’s life cycle is usually broken down into four stages; introduction, growth, maturity, and decline. Product life cycles are used by management and marketing professionals to help determine advertising schedules, price points, expansion to new product markets, packaging redesigns, and more.

Detailed explanation-3: -Adding New Features As a result, the decline of a product is often tied to familiarity and the need for customers to feel as if something old has become new again. That’s why adding new features to your product can be an effective extension strategy.