Abstract
Many brands in the maturity phase of the product life cycle (PLC) utilise a strategy to extend the life of a product by engaging minor product reformulations. These changes rarely affect basic attributes or the primary benefit being offered. This approach is simple to implement and involves minimal costs or risk. Hence the impact on sales tends to be relatively minor although the company can engage in making a promotional claim such as ‘new, improved’. This can be contrasted with entrepreneurial strategies where the result is the creation of a product or service which is very different from existing goods, capable of offering the customer a superior benefit promise.
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© 2013 Ian Chaston
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Chaston, I. (2013). Innovation Strategies. In: Entrepreneurship and Innovation During Austerity. Palgrave Macmillan, London. https://doi.org/10.1057/9781137324436_8
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