In the decline phase of the product lifecycle the sales of the product start declining. In this phase the operations of the company are focused at salvaging the position of the company in the market and the industry as a result the specific strategies that can be employed by the business pertain to maintaining the product and rejuvenating it.
This can be done by adding new features to the current product and devising new methods of utilizing it for the customers. The other option that is available to the business is to harvest the product. This takes the form of reducing the operating and the manufacturing, marketing and distribution costs associated with the product and continuing to provide it to the customers in the market. The third option is to change the identity of the product and reestablish it as a product for a specific niche, market. The last option however which is available to the company is to discontinue the product and pull it form the market, therefore resulting in the end of the product existence in the market.
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