1. Keeping the Product “fresh” use extension strategies to make the product last longer

2. WHY Extend the Product Life Cycle? keep the product relevant maintain sales and profits get the most from the investment you have made developing the product remind consumers’ about the product cope with external changes eg in legislation

3. HOW to extend the life cycle? new use eg firelighters new market eg sell to a different group of people perhaps by adjusting the price element Modify the product ie lengthen the product line, improve the original …. Modify the packaging Modify the place Modify the promotion

4. Altering any of the 4ps can provide extension opportunities It is important to remember that any changes that take place will have impact on other aspects of the Marketing Mix

5. WHEN to use extension strategies? Usually at the maturity stage of the life cycle The strategies may be used to prolong the life while another product is being developed or is at an earlier stage in the life cycle

6. Product Life Cycle with Extension Strategy Intervention Product Life Cycle of a Mars Bar showing extension strategy intervention E E E Time £

7. Product Portfolio Management Some products will come to the end of their life in spite the use of extension strategies Management must “manage” the portfolio of products to ensure that they survive as products go into decline and become obsolete

8. Effective Portfolio Management will have a range of products at different stages of the life cycle, this will:  maximise sales  ensure supply of the product  allow you to target a wide market  spread the risk

9. Effective Product Portfolio P1P2 P3P4 Time £ 4 different products all at different stages of the life cycle

10. BOSTON MATRIX Star productshigh growth Problem childrenpotential Cash Cowsmature products Dogson the way out Make sure no one category has too many products in it. Balance is the key.

11. BOSTON MATRIX Market Growth HighLow Market Share High Star Cash Cow LowProblem ChildDog

12. Make sure you can: 1 Name, explain and give egs of some extension strategies 2 Draw a life cycle with extension strategy intervention 3 Explain why extension strategies are needed 4 Describe and draw the Boston Matrix