4.8 Extension strategies - Word Drop

Extension strategies are used to ______ the life of a product once sales start to fall. Advertising can ______ customers that a product still exists, and campaigns can target groups where sales have dropped. Campaigns are expensive, however, and any rise in sales is usually ______ once they finish. A business can also cut the ______ it charges so that customers switch from a rival brand. It then earns less on each sale, so ______ fall.

Adding value means improving the ______ of a product, for example by giving it a longer warranty. This makes the product more ______ to customers, which can boost sales. The drawback is that developing a new feature is ______ and takes time. A business can also explore new markets. This may be a new geographic area, such as another country, or a new ______, such as younger customers. This is a relatively cheap option as no further product development is needed. However, the product must ______ the new market to be accepted.

A product can also be given new ______, for example a redesigned box, to attract new customers. A new pack may be cheaper to produce and more ______ friendly. The risk is that existing customers may not ______ the product on the shelf and may prefer the original.