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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)
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
Method 1: Product Improvement
Answer
One method of extending a product's life cycle is by improving or updating the product. This could involve introducing new features that enhance its functionality, making it more appealing to consumers. An example of this approach is the introduction of additional features in smartphones, such as upgraded cameras or improved battery life, which attract both new customers and encourage existing users to upgrade.
Step 2
Method 2: Rebranding
Answer
Another method is rebranding the product. This can include changing the name or visual identity of the product to create a fresh image in the minds of consumers. For instance, changing a drink from a standard beverage to a healthier sports drink can tap into a new market segment and renew interest. An example could be Lucozade, which shifted its branding to position itself as a sports drink.