Which term describes the act of lengthening the product life cycle by making small improvements to existing products?

Which term describes the act of lengthening the product life cycle by making small improvements to existing products?

• A. Market development.
• B. Diversification.
• C. Extension strategy.
• D. Retrenchment.

Answer: (C)

Extending the product life cycle through small improvements to existing products is an extension strategy. The goal is to refresh appeal and maintain sales during the mature phase by making incremental changes rather than launching something entirely new. This can involve tweaks to features, new uses, updated packaging, minor design changes, or refreshed marketing to attract attention again. By contrast, market development means selling the same product in new markets, diversification means introducing new products into new markets, and retrenchment involves cutting back or downsizing. So, using small, ongoing enhancements to keep a product relevant fits extension strategy.

Extending the product life cycle through small improvements to existing products is an extension strategy. The goal is to refresh appeal and maintain sales during the mature phase by making incremental changes rather than launching something entirely new. This can involve tweaks to features, new uses, updated packaging, minor design changes, or refreshed marketing to attract attention again. By contrast, market development means selling the same product in new markets, diversification means introducing new products into new markets, and retrenchment involves cutting back or downsizing. So, using small, ongoing enhancements to keep a product relevant fits extension strategy.