How does a company typically extend the life cycle of a product?By reducing promotional activitiesBy entering new marketsBy raising the product's priceBy decreasing productionPREVIOUS

A company typically extends the life cycle of a product through the following steps:

1. Product Development and Innovation: This involves improving the product to meet changing consumer needs and preferences. It could involve adding new features, improving product quality, or even completely redesigning the product.

2. Market Penetration: This involves increasing the product's market share within existing market segments. This can be achieved through competitive pricing, advertising, sales promotions, and other marketing strategies.

3. Market Development: This involves entering new markets to reach more customers. This could be in the form of geographic expansion (entering new regions or countries) or demographic expansion (targeting new customer segments).

4. Diversification: This involves adding new products to the company's product mix, which can attract new customers and increase sales.

5. Price Reduction: Reducing the price of the product can attract price-sensitive customers and increase sales volume, thereby extending the product's life cycle.

Note: Reducing promotional activities and decreasing production are not typically strategies used to extend a product's life cycle. In fact, these actions might lead to a decrease in sales and market share.