- When new products are released, companies often keep track of where it is in it's life cycle, this is because they know it will undergo a certain lifestyle.
- When the cycle gets close to ending, companies must decide what to do with the product, there choices usually are:
- Retire/get rid of the product altogether
- Extend the life cycle of the product through different strategies
There are many different types of extension strategies that can be used, however it will differ depending on what the product is. Examples of strategies that can be used are as follows.
- This strategy involves designing and applying new…