Which term refers to strategies to extend a product's life by changing it, such as renaming, rebranding, redesigning, or changing advertising?

• A. Penetration Pricing
• B. Extension Strategies
• C. Product Life Cycle
• D. The Marketing Mix

Answer: (B)

When a product is in its mature phase, sales can start to fall, so businesses use extension strategies to refresh its appeal and push it back into growth. Renaming or rebranding can give the product a new image and attract a different customer group or update perception. Redesigning updates features, design, or usability to meet current needs. Changing advertising or promotions can refresh the message and rekindle interest. Together, these actions aim to extend the product’s life rather than let it fade away.

Penetration pricing focuses on setting a low price to gain market share, not on refreshing the product itself. The Product Life Cycle describes the stages a product goes through, not the actions taken to extend its life. The Marketing Mix is the broader set of decisions (product, price, place, promotion) and isn’t specifically about extending a product’s life through changes.