Product Line Extension

Product line extension is when a company introduces new products that are related to its existing offerings, often under the same brand name. This strategy aims to attract more customers and increase sales by variety and options without creating entirely new brands. For example, a soda brand launching new flavors or a smartphone company releasing a newer version of a popular model are both product line extensions. It helps brands diversify their portfolio while leveraging their established reputation, making it easier for customers to recognize and trust the new products.