The Product Life Cycle diagram displays a product going through the process of development, introduction, growth, maturity (sometimes saturation) and finally decline.
But remember the products that are still with us? How do they do it?
They renew themselves in one way or another.
The best way to answer a question like this is to think about changing or modifying each of the 4Ps of the Marketing Mix: Product, Price, Place and Promotion.
Changing or modifying the product could result in a change of shape or colour or indeed new additional and improved features, for example wireless broadband.
Altering packaging can transform the perception of a product. It may introduce brighter, more child friendly colours or eco-friendly packaging to appeal to a different market segment.
Changing where a product is sold can extend its life. Making products available online increases the customer base considerably. Also remember the Brother Typewriters. They were made obsolete in the West by the Word Processor, then the PC and now the laptop. But they still sell in the Third World where electricity is still not available to everyone.
Changing prices either up or down can extend the product, though in most cases it would be lowering price to allow it to be more affordable to more customers.
Changing the way a product is advertised/promoted can extend its life. Using sales promotions and BOGOF attracts more customers who are perhaps looking for savings.
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