Explain one way the product life cycle can be extended.
Home
/
Explain one way the product life cycle can be extended
Explain one way the product life cycle can be extended.
Sign Up to our social questions and Answers Engine to ask questions, answer people’s questions, and connect with other people.
Login to our social questions & Answers Engine to ask questions answer people’s questions & connect with other people.
Answer:
One way to extend the product life cycle is through product diversification. Product diversification involves expanding a product line by introducing new variations or related products. This can be achieved in several ways:
1. **Introducing Product Variations**: Companies can develop new versions or variations of their existing products. For example, a smartphone manufacturer can release updated models with improved features, design changes, or different specifications. This not only appeals to existing customers but can also attract new market segments.
By doing so, the product remains relevant and continues to generate sales even as the original version reaches maturity or decline. It also allows the company to cater to evolving customer preferences and technological advancements.
Product diversification can also involve creating complementary products or accessories that enhance the original product's functionality. For instance, a company producing a gaming console can offer a range of compatible game titles and accessories, like controllers, headphones, or charging docks.
This strategy helps extend the product life cycle by keeping consumers engaged with the brand and its offerings, maintaining market presence, and potentially opening up new revenue streams.
Explanation:
❤️
Answer:
Yes the cycle can be in one way