Companies and their marketing professionals keep a close eye on the life cycle of a product. In other words, when a company releases a new product, they do so knowing that the product will undergo a certain life cycle. As that life cycle nears an end, the company must decide what to do: retire the product altogether or extend the life cycle of the product through a number of strategies. Among these strategies are new approaches to packaging and featuring the product, different pricing strategies for the product, re-branding techniques for the product, and expanding the market for the product to an audience abroad.
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