The decline stage of the product life cycle (PLC) has its own special challenges for marketers. Briefly define the five strategies that a marketer can use for rejuvenating a declining product. What determines which strategy should be implemented? Please give examples.

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Product and Service Innovation

Product innovation is the introduction of either a new product or an existing product with significant improvements related to its characteristics. Improvements could be in various specifications and areas such as technical, technological, physical use, software updates, overall size and texture, and so on. For instance, consider the Apple Watch; they release different series every year with significant updates and improvements such as using cellular technology, monitoring your heart rate, acting as your fitness partner, measuring blood oxygen level, and so on. We see the addition of features in every series, and these improvements make them a different product altogether.