Which of the following is/are product life cycle extension strategies?Select one:a.Product development and unrelated diversificationb.Market development and product developmentc.Market developmentd.Product development
Question
Which of the following is/are product life cycle extension strategies?Select one:a.Product development and unrelated diversificationb.Market development and product developmentc.Market developmentd.Product development
Solution
The correct answer is:
b. Market development and product development
Here's why:
Product Life Cycle (PLC) extension strategies are methods used to prolong the life of a product and prevent it from reaching decline stage of the product life cycle.
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Market Development: This involves finding new markets for the existing product. This could be in a new geographical area or a new segment of consumers. This strategy helps to increase the product's lifespan by attracting new customers.
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Product Development: This involves modifying or improving the product to appeal to the existing market. This could be through adding new features, improving its design or technology. This strategy helps to renew interest in the product and extend its life cycle.
Therefore, both market development and product development are strategies to extend the product life cycle.
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