GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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By promoting the product to current users
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By finding new uses for the product
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By restricting distribution
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By attracting consumers who are innovators
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Detailed explanation-1: -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-2: -An Extension Strategy is the name given to the action a business takes when it identifies a product is entering the decline stage of the Product Lifecycle. These actions aim to extend the life of a product, by keeping the product within the maturity stage, and should improve sales.
Detailed explanation-3: -An extension strategy will involve amendments to the marketing mix such as upgrading or updating the product, changing the packaging or presentation, adding new features or new design elements or lowering price.
Detailed explanation-4: -A product life cycle is a management tool that evaluates a product’s journey from development to withdrawal from the market. As mentioned earlier, it includes four stages-introduction, growth, maturity, and decline.