Suggest possible ways to extend the product life cycle of the following products. State whichextension strategy you would use for each product, and explain why you think it would besuccessful in boosting sales.a. A chocolate bar which has been sold for many years in the same packaging and has hadthe same brand image. There are several competitors’ brands of chocolate bars also sold inthe market and sales have stabilized.

a. Chocolate Bar

Extension Strategy: Product Modification and Rebranding

Steps:

1. Product Modification: The first step would be to modify the product. This could be done by introducing new flavors or sizes. For example, if the chocolate bar has always been sold in milk chocolate flavor, introducing a dark chocolate or white chocolate version could attract new customers as well as rekindle the interest of existing ones. Similarly, introducing smaller or larger sizes could cater to different consumer needs and preferences.

2. Rebranding: The second step would be to rebrand the product. This could involve changing the packaging to make it more appealing and modern. The new packaging should be designed in a way that it stands out on the shelf and attracts the attention of shoppers.

3. Marketing Campaign: Launch a marketing campaign to promote the new changes. This could involve advertising on social media, TV, radio, and print media. The campaign should highlight the new features and benefits of the product.

4. Monitor Sales: After implementing these changes, monitor sales to see if they increase. If sales do not increase, further market research may be needed to understand why and make necessary adjustments.

Why it would be successful: This strategy could be successful because it would make the product feel new and exciting again. Consumers are often attracted to new things, so introducing new flavors and a new look could help to boost sales. Additionally, a strong marketing campaign could help to increase awareness and interest in the product.