Business extension strategies

Lowering the price of the product, e.g. through a sale

Reducing prices will make the product more affordable and therefore appeal to more market segments

Changing the place the product is sold e.g. selling online

Making the product more available in more places will mean it is seen by more potential customers e.g. - using e commerce will mean a product can be sold worldwide.

altering the methods of promotion

changing a way a product is promoted can increase sales by simply raising awareness of that product.

Developing new variations of the product , e.g. new flavours.

Developing new varieties can mean that the product can appeal to the taste and desires of many different market segments. Updating the product can utilise the latest technology to make customers want the product again, e.g. annual launches of the latest, updated smartphones.

Rebranding the product

Changing the name of the product can create hype. a new name can appeal to different or wider market segments. e.g Jif, changed to Sif as they found that continental europeans couldnt pronounce jif.

Changing the packaging

Redesigning the packaging can make the product appeal to a new market segment, e.g. harry potter books also come in a more mature looking front cover to entice more adults to buy them.

Changing the use of the product

Extending or changing the use of the product can make it appeal to new markets or suit seasonal tastes, e.g. Cadbury’s minirolls were released in ice-cream-inspired flavours and are suitable for freezing, ideal for summer