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Outline two methods of extending a product’s life cycle and provide one example to illustrate your answer - Leaving Cert Business - Question 8 - 2016
Question 8
Outline two methods of extending a product’s life cycle and provide one example to illustrate your answer. (i) (ii) Example
Worked Solution & Example Answer:Outline two methods of extending a product’s life cycle and provide one example to illustrate your answer - Leaving Cert Business - Question 8 - 2016
Step 1
(i) Improve/update the product
Answer
One effective method of extending a product's life cycle is to improve or update the product itself. This could involve introducing new features that enhance its functionality or appeal. For instance, a smartphone manufacturer might release a software update that adds new capabilities, thereby revitalizing user interest in the device and encouraging existing customers to continue using it.
Step 2
(ii) Rebranding/Changing the product's image
Answer
Another method is to rebrand the product or change its total appearance to create a new image in the minds of consumers. For example, a beverage company might decide to change its product label and advertising strategy to target a younger demographic, thereby refreshing the product's image and attracting new customers.
Step 3