A food company has introduced single-serving cans of soup for one-person households. By offering the traditional product in a smaller package to reach a new target market, the company hopes to extend the life cycle of its product offering.

Question

Quizplus · Accepted Answer

This strategy is known as product line extension, where a company introduces additional items in the same product category under the same brand to cater to different customer needs or market segments, thereby aiming to extend the product's life cycle by reaching new customers or markets.

A Food Company Has Introduced Single-Serving Cans of Soup for One-Person