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Extending product life cycles
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When a product reaches the maturity stage of the product life cycle, a company may choose to operate strategies to extend the life of the product. If the product is predicted to continue to be successful or an upgrade is soon to be released the company can use various methods to keep sales, else the product will be left as is to continue to the decline stage. Extension strategies Examples of extension strategies are: *Price reductions *Repackaging and redesigning *Launch in new markets *Promotion *Direct Selling Repackaging and Redesigning This is a widely used extension strategy. Large companies, in particular food producers, will slightly alter a product to make it seem new and attract new attention to the product. An example being a soft drink company producing a limited edition flavour of the product. This renews sales levels and gives the product continuing interest. Launch in new markets Along with the other options, companies can also look at new markets for their old products to extend the PLC. A classic example of this would be Toyota's Qualis, which was close to being obsolete in its major markets worldwide. The car was launched in India and turned out to one of the biggest hits, thus extendno 4right Promotion Revised promotional activities such as advertising can help to remind customers about the benefits of purchasing the product. This can help to boost demand, at least for a little while longer. See Also
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