Extending the Product Life Cycle
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Contents |
[edit] Overview
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.
[edit] Extension Strategies
Examples of extension strategies are:
- Discounted price
- Increased advertising
Another strategy is added value.
[edit] Added Value
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.
[edit] Articles
- Extending Product Life Cycle Stages - Article that discusses considerations, practices and rational to extend PLC stages and present strategies that can be used at different PLC stages to help establish market dominance and drive sales.
