Which term describes the process of developing strategies to extend the life of a product?

The process of developing strategies to extend the life of a product is aptly described by the term "Extension plan." This concept encompasses various tactics and approaches that businesses employ to keep their products relevant and competitive in the market for a longer period.

Extension plans can include several strategies such as introducing new features, enhancing marketing efforts, adjusting pricing, or exploring new markets to rejuvenate interest in the existing product. These strategies are crucial, especially in markets where products face rapid obsolescence or in highly competitive environments where consumer preferences may shift quickly.

While growth strategies and product development involve other aspects of marketing and business practices, they do not specifically focus on prolonging a product's life in the market. Growth strategies generally encompass a broader aim of increasing market share or expanding into new markets, while product development involves creating entirely new products or significantly improving existing ones rather than extending the life of current offerings. Market penetration also deals with increasing sales of existing products in current markets but does not address the tactics necessary for extending the product's life cycle. Thus, the most accurate term in this context is "Extension plan," as it directly relates to prolonging a product’s relevance in the market.