Question

Which is a way that a business can extend the life cycle of an established product

Answer 1

Extension strategies extend the life of the product before it goes into decline. Again businesses use marketing techniques to improve sales. Examples of the techniques are:

   Advertising – try to gain a new audience or remind the current audience

   Price reduction – more attractive to customers

   Adding value – add new features to the current product, e.g. video messaging on mobile phones

   Explore new markets – try selling abroad

   New packaging – brightening up old packaging, or subtle changes such as putting crisps in foil packets or Seventies music compilations

hope it will help you..