ENTREPRENEURSHIP

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: -Products reach maturity and then gradually start to decline once the market becomes saturated. For this reason, one way to extend the life cycle of a product is to constantly look for ways to improve, switch up and even differentiate your product from copycat products that have entered the market.

Detailed explanation-3: -improving product quality. adding new product features or support services to grow your market share. entering new markets segments. keeping pricing as high as is reasonable to keep demand and profits high. increasing distribution channels to cope with growing demand. More items

Detailed explanation-4: -Repackaging and new sizes: the appearance of the product can be crucial gaining a customer’s attention and developing interest. New formulas. Additional features. Lower prices to maintain interest or liquidate surplus stock. New advertising campaigns. More items