What is the term used to describe a strategy aimed at extending a product's life?

The term "Extension Strategy" refers specifically to a set of tactics employed to prolong the lifespan of a product in the market. These strategies can include modifications to the product, improvements in marketing efforts, adjustments in pricing, or finding new markets. The goal of an extension strategy is to maintain or increase the product's sales and relevance, rather than allowing it to decline due to market saturation or changing consumer preferences.

For instance, a company might introduce new features or variations of a product to attract different customer segments or re-market an existing product with a fresh advertising campaign. This approach is crucial in industries where product life cycles are increasingly short due to rapid technological advancements or shifting consumer interests.

Other terms provided in the choices describe different concepts. "Market Pull" relates to products developed in response to identified consumer needs, whereas "Technology Push" refers to products that emerge from new technological innovations without immediate consumer demand. "Fad Product" defines items that experience a brief surge in popularity but are not designed for longevity, contrasting with the nature of extension strategies aimed at sustaining products over time.