Week 5 Discussion Assignment Example | Topics and Well Written Essays - 250 words

Week 5 Discussion - Assignment Example 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