What strategy aims to extend the product life cycle of an item during maturity or early decline?

The extension strategy is designed specifically to prolong the product life cycle, particularly during the maturity or early decline stages. During these phases, sales growth stabilizes or begins to decline, and implementing an extension strategy can help maintain market interest and prolong profitability.

This strategy can involve various tactics, including updating the product, improving its features, or introducing variations to appeal to different customer segments. Additionally, it may encompass increased marketing campaigns to boost visibility and stimulate demand. By rejuvenating interest in the product, companies can prevent it from slipping into the decline phase too quickly and maximize its revenue potential for a longer duration.

Price discrimination, on the other hand, involves charging different prices to different customers for the same product, which does not directly focus on extending the product life cycle. Promotional pricing refers to temporary price reductions intended to drive sales for a limited time, which may not sustain the product in the long term. Cash cow management typically refers to efficiently managing established products that generate steady income, but it does not specifically address strategies to extend the life cycle of those products. Hence, the extension strategy uniquely targets the goal of prolonging product relevance and profitability in the market.