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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 to extend a product's life cycle is by improving or updating the product to include new features. For instance, a tech company may introduce a new version of a smartphone with enhanced camera capabilities, better battery life, and a more user-friendly interface. This refresh can rekindle consumer interest and differentiate the product from competitors.
Step 2
(ii) Change the pricing strategy
Answer
Another method is to change the pricing strategy of the product, using discounts or special pricing to attract a new target market. For example, if a premium product is not selling well, a company could initiate a discount campaign to reach budget-conscious consumers, making the product more appealing.
Step 3
Example
Answer
A specific example of a product that successfully extended its life cycle is the iPhone 6. The introduction of additional features and software updates kept consumer interest alive long after its initial release, allowing Apple to maintain strong sales even as newer models appeared.