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Learn: Extension Strategies
WJEC Eduqas GCE A LEVEL in BUSINESS specification
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Welcome!Today we'll learn about extension strategies. These are methods businesses use to extend the life cycle of a product and maintain its sales. Let’s explore how this works step by step!
What are Extension Strategies?Extension strategies are techniques businesses use to extend the maturity stage of a product in its product life cycle. This helps delay the decline stage and ensures steady sales for as long as possible.
Why Are Extension Strategies Needed?Without extension strategies, products may enter the decline stage faster, leading to falling sales and profits. By implementing these strategies, businesses can maintain customer interest and stay competitive in the market.
Types of Extension StrategiesCompanies can use various methods to extend product life cycles, such as:Adding new features: Introducing updated designs or technology to make the product more appealing.Entering new markets: Launching the product in a new geographical area or targeting a new audience.Changing packaging: Making the product look fresh with a new design or eco-friendly packaging.Promotional campaigns: Running advertisements or special offers to attract customers.
Quick check: Which of the following is an example of an extension strategy?
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How Do Extension Strategies Work?Extension strategies work by making small changes to the product or how it is marketed to keep customers interested. For example, brands often launch limited edition products to attract attention or improve existing features to meet changing customer needs.
Extension strategies aim to {{blank0}} the product life cycle by keeping customers {{blank1}}.
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Benefits of Extension StrategiesThere are several advantages to using extension strategies:Prolonged sales: Keeps the product profitable for a longer time.Brand loyalty: Encourages customers to continue buying the product.Competitive advantage: Helps the business stay ahead in the market.
Which of the following is a benefit of extension strategies?
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Examples of Extension Strategies in ActionLet’s look at how businesses use extension strategies in real-life scenarios.
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Review Time!Great work! You've learned about extension strategies and why they're important. Now let's test your understanding with a few questions.
Which of the following are extension strategies? (Select all that apply)
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One benefit of extension strategies is keeping the product {{blank0}} in the market for longer.
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What stage of the product life cycle do extension strategies aim to delay?
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Match the items on the left with their correct pairs on the right
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