What is an extension strategy of the product life cycle?
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.
Which of these are extension strategies of a product?
Extension strategies include rebranding, price discounting and seeking new markets. Rebranding is the creation of a new look and feel for an established product in order to differentiate the product from its competitors.
What are the product life cycle strategies?
The product life cycle contains four distinct stages: introduction, growth, maturity and decline. Each stage is associated with changes in the product's marketing position.
What are the 5 stages of product life cycle?
The product life cycle is the progression of a product through 5 distinct stages—development, introduction, growth, maturity, and decline. The concept was developed by German economist Theodore Levitt, who published his Product Life Cycle model in the Harvard Business Review in 1965.
[PDF] Product Life Cycle
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[PDF] 61 Concept and Significance of Product Life Cycle (PLC) 62 Stages
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[PDF] MARKETING MANAGEMENT UNIT II – PRODUCT AND PRICING
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[PDF] Product Life Cycle And Marketing Management Strategies
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