after you’ve created a product your company will sell on the open market, that product has a natural life cycle. your goal as an entrepreneur is to extend that period of maturity for as long as possible, but you must understand the most effective strategies to achieve that goal. as a result, the decline of a product is often tied to familiarity and the need for customers to feel as if something old has become new again. research has found that clever product packaging can help your target audience feel more loyal to your brand.
in fact, one study found that 33 percent of buyer decision-making is based on product packaging. repackaging your product can help it seem new and improved to your target audience, and it can also appeal to prospects that haven’t yet become buyers. your company now has access to customers throughout the world, and that’s especially true if you are an e-commerce business that does all its selling on the internet. you still have to market to the right audience, but the size of that audience and your access to that audience is now greatly expanded. sampson quain is an experienced content writer with a wide range of expertise in small business, digital marketing, seo marketing, sem marketing, and social media outreach.
this product life cycle includes an introductory period, a growth spurt and a maturity phase before sales falter and the product enters its decline. but manufacturers often can employ several strategies to stave off decline, extend the profitable maturity stage and perhaps even foment a renewed growth period for their product. soft drinks manufacturers have begun selling their products in 7.5-ounce cans and 1-liter plastic bottles as well as the traditional 12-ounce and 2-liter varieties. consumer products can attract new users by offering their products in single-use or mega-pack varieties. incorporating recycled material to capitalize on the “green” movement is a common and growing tactic. reducing the price of a product is the classic “supply and demand” response to declining sales.
a lower price, especially for luxury items, can entice new customers to indulge in a brand name without the need to justify a high price. a good way to accomplish this is by offering a “basic” version of the product. introducing a product to a new market – whether a different location, demographic or other targeted market segment – can bring in new customers and perhaps even initiate a new growth phase. the beauty of this strategy is that it often requires little development. cereal manufacturers pitch their products to dieters as late-night or mid-day snacks, for example. a common move into a new market involves making professional-grade products available to the general public. a resident of las vegas for more than 20 years, he is the author of 2011’s “moon nevada,” a tour of the silver state’s cultural, historical, recreational and hospitality resources.
that’s why adding new features to your product can be an effective extension strategy. for example, if you’re selling an an extension strategy will involve amendments to the marketing mix such as upgrading or updating the product, extension strategies extend the life of the product before it goes into decline. examples of the techniques are:., product life extension examples, product life extension examples, product life cycle examples, product life cycle management example, which of the following is are product life cycle extension strategies. extension strategies: change price\u2013 price can be lowered to allow new customers to buy it. change place\u2013 products can be sold in different countries or territories to gain more sales. change promotion\u2013 different advertising or sales promotion techniques can prolong the life of the product, giving it a new image.
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