ENTREPRENEURIAL MARKETING
MARKETING MIX
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A way of reducing the product’s first stage in its life cycle.
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How long customers will be interested in the product.
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Increasing product price.
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A way of keeping a product at the maturity stage and extending the cycle.
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Detailed explanation-1: -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. Extension strategies include rebranding, price discounting and seeking new markets.
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: -Extension strategies: 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.