What is extension strategy? - Definition from WhatIs.com

Definition

extension strategy

Part of the Business terms glossary:

An extension strategy is a practice used to increase the market share for a given product or service and thus keep it in the maturity phase of the marketing product lifecycle rather than going into decline. 

Extension strategies include rebranding, price discounting and seeking new markets. Rebranding is the creation of a new look and feel for an established product in order to differentiate the product from its competitors. At its simplest, rebranding may consist of creating updated packaging to change the perception of the product. 

More complex rebranding efforts can include new advertising strategies, extensive public relations (PR) and social media marketing campaigns. 

This was last updated in August 2015
Contributor(s): Ivy Wigmore
Posted by: Margaret Rouse

Related Terms

Definitions

  • gig economy

    - The gig economy is a business environment in which temporary positions are common and organizations contract with independent workers for short-term engagements. (WhatIs.com)

  • requisition

    - A requisition, in procurement, is a request for goods or services made by an employee to the person or department in a company that is responsible for purchasing. If the request is approved, that e... (WhatIs.com)

  • acquisition plan

    - An acquisition plan, in the context of procurement, is a business document specifying all relevant considerations for the processes involved with acquiring goods, services or other organizations. (WhatIs.com)

Glossaries

  • Business terms

    - Terms related to business, including definitions about project management and words and phrases about human resources, finance and vertical industries.

  • Internet applications

    - This WhatIs.com glossary contains terms related to Internet applications, including definitions about Software as a Service (SaaS) delivery models and words and phrases about web sites, e-commerce ...

Ask a Question. Find an Answer.Powered by ITKnowledgeExchange.com

Ask An IT Question

Get answers from your peers on your most technical challenges

Ask Question

Tech TalkComment

Share
Comments

    Results

    Contribute to the conversation

    All fields are required. Comments will appear at the bottom of the article.