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When a product reaches the decline stage, a business can act to extend its life cycle. There are a number of extension strategies that they can use to prevent their product from becoming obsolete.

Extension strategies:

• Change product– New and improved versions of the product can be released… version 2.0 and then version 3.0.
• Change price– Price can be lowered to allow new customers to buy it.
• Change place– Products can be sold in different countries or territories to gain more sales.
• Change promotion– Different advertising or sales promotion techniques can prolong the life of the product, giving it a new image.
• Change packaging– The style of the packaging may be changed to give the appearance of a new and improved product.
• Change usage– Existing customers can be encouraged to buy more of the product or to use it in a different way. For example breakfast cereals used advertising to show consumers eating cereal at different times of the day.
• Change name– If a product has suffered from bad publicity and sales are falling, a tried and tested technique is to simply change the name of the product.