• They're cool tricks businesses use to keep their product sales from taking a nosedive.
• Imagine your product's life as a roller coaster. At the top, sales are good, but it's going downhill from there! Extension strategies give it a second (or third, or fourth) ride up!

Think of them as a product's fountain of youth! As the market gets flooded with products and sales start to dip, these strategies keep the product fresh and relevant.

• 🌏 Exploring New Markets

  • Like selling your product in different parts of your country or even exporting them.
  • Real-world Example: If you sell ice-cream mainly in the US, why not try introducing it in Australia?

• 📱 Finding New Uses

  • Your product can do A. But can it also do B, C, or even D?
  • Real-world Example: Cellphones. Once just for calls, now they’re mini-computers, banks, and cameras!

• 🎨 Redo the Packaging

  • A new look can reignite customer interest.
  • Real-world Example: Omo washing detergent. Same inside, different outside. Keeps customers interested!

• 🎯 Target Different Market Segments

  • Have offerings for every kind of customer.
  • Real-world Example: Barclays in Kenya opened a sharia account. It’s like saying, “Hey, we see you and respect your beliefs.”

• 🎥 New Promotional Strategies

  • Spice up your advertisements to lure customers back.
  • Real-world Example: Imagine a cereal brand bringing back a beloved old mascot for a nostalgia-filled campaign.

Businesses should use these strategies BEFORE sales decline. But the tricky part? Knowing exactly when. It's like trying to predict when you'll need an umbrella during a cloudy day.