Product life cycle extension

The product life cycle extension refers to strategies used to prolong the sales and popularity of a product beyond its typical lifecycle stages: introduction, growth, maturity, and decline. Companies might do this by updating the product, introducing new features, changing marketing strategies, entering new markets, or targeting different customer segments. For example, a smartphone maker might release a new version of a popular model to reinvigorate interest. By effectively extending the product's life, businesses can maximize profits and maintain relevance in a competitive market.