Extension Strategies - GCSE Business Definition

Extension strategies are marketing tactics used by businesses to prolong the life cycle of a product, preventing it from entering the decline stage. In the context of GCSE Business, these might include updating the product's features, changing packaging, lowering prices, targeting new market segments, or increasing promotional efforts. The aim is to revitalise consumer interest and sustain sales levels to maximise the product’s profitability over a longer period. Implementing effective extension strategies can delay the need to develop new products to benefit more from their existing offerings.