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Meaning of extension strategies

 

 

 

Extension strategies

 

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Business glossary

 

Meaning of term extension strategies :

 

Firms will often try to use extension strategies to prolong the product life cycle of a product. They are techniques to try to delay the decline stage of the product life cycle. An extension strategy may mean upgrading or updating the product, changing the packaging or presentation, adding new features or new design elements to the basic product and so on.

 

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