extension strategies

• These are he things a business can do to prolong a products life , aiming to prevent it entering decline.
• Extension strategies a business can use are:

  1. advertising
  2. price changes
  3. adding value
  4. new markets
  5. new packaging
• Advertising:

  quickly reminds people of the business or product

  Can be expensive, depending on the medium selected
• Price changes:

  Can encourage sales at the lower price

  Business will generate less revenue
• Added value:

  customers feel like they are getting something new/ extra

  Time consuming is redeveloping the product
• New markets:

  exposure to a large number of new potential customers

  costs may include relocating or translating packaging
• New packaging:

  Helps an existing product get recognised

  It is expensive to redevelop packaging