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

  • business model innovation

    - Business model innovation is the implementation of unique concepts to support a company's viability, including the development of new processes for delivering products and services to customers. (SearchCIO.com)

  • authentic leadership

    - Authentic leadership is a management approach in which the head of a group or company governs and connects with his followers in an honest, open manner. (SearchCIO.com)

  • revenue cycle management (RCM)

    - Revenue cycle management (RCM) software tracks patient care episodes from registration and appointment scheduling to the final payment of a balance. (SearchHealthIT.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.