Open AccessDiscussion on How Extension Strategies Works to Prevent Product Sales from Declining
Author(s) -
Jiajie Jin
Publication year - 2021
Publication title -
modern economics and management forum
Language(s) - English
Resource type - Journals
eISSN - 2717-6053
pISSN - 2717-6045
DOI - 10.32629/memf.v2i5.495
Subject(s) - product (mathematics) , extension (predicate logic) , product lifecycle , marketing , categorization , new product development , business , life extension , product management , product category , promotion (chess) , computer science , mathematics , political science , artificial intelligence , gerontology , medicine , geometry , politics , law , programming language
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.