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Extension Strategies (Product Life Cycle)

Extension strategies refer to methods used by businesses to extend the life of a product or service. These strategies are typically used when a product reaches the maturity stage of its life cycle, and sales begin to decline. Here are some examples of extension strategies and a real-world example:

  • Product line extension: This involves introducing new products or services that are similar to the existing product but offer new features or benefits. For example, Apple introduced the iPhone 11 with new camera features and colors.
  • Brand extension: This involves using an existing brand to introduce new products or services in unrelated categories. For example, Nike, known for its athletic shoes and apparel, also sells sports equipment and fitness tracking devices.
  • Market extension: This involves expanding into new geographic markets or customer segments. For example, Starbucks has expanded into international markets such as China and India.

Overall, extension strategies are an effective way for businesses to revitalize and extend the life of their products or services and to tap into new opportunities for growth.

Methods used to lengthen the life cycle of a product.

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