Discussion on How Extension Strategies Works to Prevent Product Sales from Declining
Journal: Modern Economics & Management Forum DOI: 10.32629/memf.v2i5.495
Abstract
This study aims to investigate effective extension strategies on products during different stages of product life cycle. By evaluating and categorize several existing realistic cases, the study finds that product promotion and product adjustment have been widely used to extend product life cycle. Under these two categories, holding marketing campaigns, targeting new markets, finding new unique selling points, finding new uses, extending product range and providing a new appearance are the main extension and effective strategies that companies widely use.
Keywords
extension strategies, product life cycle, product promotion, product adjustment
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