Needles, Inc., has five of its ten products at the end of the product life cycle. To maintain its market share, the firm must at least find ways to

Question

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To maintain its market share with products nearing the end of their life cycle, the firm must find ways to extend or refine the want-satisfying capability of its products. This can be achieved through innovation, introducing new features or improvements to the products, or finding new uses for the products. Reducing marketing costs or manufacturing costs may help in the short-term, but it is unlikely to help maintain market share in the long-term. Similarly, reducing the number of employees is not a desirable solution. Increasing the price of the product may lead to a loss of customers and ultimately reduce market share.