What is the term for a strategy aimed at extending the product life cycle after maturity?

What is the term for a strategy aimed at extending the product life cycle after maturity?

• A. Extension Strategy
• B. Diversification
• C. Market Penetration
• D. Product Development

Answer: (A)

Extending the product life cycle after maturity involves strategies to refresh the offering or reach new customers to sustain sales. This is captured by extension strategy, which covers actions like modifying the product, altering packaging, changing pricing, or entering new markets to slow decline. Diversification, on the other hand, is about adding new products or entering unrelated markets, which is a broader growth strategy, not specifically about prolonging a single product's life. Market penetration focuses on selling more of the same product in existing markets, aimed at growth within the current life cycle rather than extending it. Product development means creating new or improved products for current or new markets, again focusing on new offerings rather than breathing new life into an existing one. Therefore, extension strategy best describes the term for extending a product's life after maturity.

Extending the product life cycle after maturity involves strategies to refresh the offering or reach new customers to sustain sales. This is captured by extension strategy, which covers actions like modifying the product, altering packaging, changing pricing, or entering new markets to slow decline. Diversification, on the other hand, is about adding new products or entering unrelated markets, which is a broader growth strategy, not specifically about prolonging a single product's life. Market penetration focuses on selling more of the same product in existing markets, aimed at growth within the current life cycle rather than extending it. Product development means creating new or improved products for current or new markets, again focusing on new offerings rather than breathing new life into an existing one. Therefore, extension strategy best describes the term for extending a product's life after maturity.