Week 5 Discussion - Assignment Example

Product Modification to Extend Product’s Lifespan Every product goes through the four stages of a product life cycle: introduction, growth, maturity and decline. As the product passes through the different stages, the sales go down and the life cycle of a product comes to an end. At this stage, there is a need for the company to come up with a new product to sustain the growth.Many companies modify the product in order to extend its life cycle to make the most out of the product. Marketers use various ways to extend the life cycle of a product.

A product can be repositioned in the market by making minor changes. Changes can be made to the physical appearance of the product to appeal to the customers. Product’s design and styling are changed in order to make it more attractive. Packaging of the products in a new and innovative way also contributes in extending the lifecycle of the product (Pride and Ferrel).New innovations can be added to the product to meet the increased expectation of the customers. New and improved features will make the product more attractive and assists in ensuring that the product remains or goes back to the growth stage.

Pricing is also another effective tool that can be used by the marketers. The product can be priced lower than the earlier prices to increase the sale. Even though this will reduce the profit margins but will increase the life cycle of the product. Increasing the promotional spend on the product will help to reach wider audience and lead to extending the life cycle (Pride and Ferrel).An example of this is Apple’s iPhone 4S. iPhone 4S is an extension of iPhone 4 with added features. Even though the design of the 2 are very similar, iPhone 4S has come with better features to attract the customers.

iPhone 4S was released when the customers were expecting an entirely new product – iPhone 5. But iPhone 4S came out as a extended and better version of iPhone 4S. Works CitedPride, W.M., and O.C. Ferrel. Marketing. Mason, OH: South-Western Cengage Learning, 2012. Print.