McDonalds, being a leader in the fast food industry, has to accept that food trends are always and constantly changing, and that what may seem like a popular product before may well be junk the next day. When firms/companies introduce new products, they will already bear in mind that the product will one day be at the decline phase of the product life cycle, and when that time arrives companies will try to extend that products life cycle.
Here are a few strategies McDonalds can use to extend their product's life cycle
1. Make modifications to the product
Modify the product in terms of adding more materials to it (extra layer of beef, fillet) or changing the materials inside it so that it will appeal to customers again. *though McDonalds must be careful not to bring significant changes to the product, or the product will lose its originality and it will just be like introducing a new product to the market
2. Reducing the price
This strategy will definitely work if McDonalds wants to prolong a certain product's life cycle, as one of the most appealing factors of McDonalds burgers is price, and customers who walk in McDonalds
are looking for something cheap and tasty. Lowering the price of that burger or the McNuggets will definitely bring appeal to the product.
3. Introduce new varieties to the product
This strategy will help bring creativity and originality to McDonalds products. E.g. If the white ice cream is in the decline stage of the product life cycle and it is losing its appeal to customers, McDonalds can try to add different flavors to the ice cream, such as chocolate flavored ice cream or mango flavored ice cream, these new changes to the product will definitely appeal to customers and lengthen the products life cycle.
Here are a few strategies McDonalds can use to extend their product's life cycle
1. Make modifications to the product
Modify the product in terms of adding more materials to it (extra layer of beef, fillet) or changing the materials inside it so that it will appeal to customers again. *though McDonalds must be careful not to bring significant changes to the product, or the product will lose its originality and it will just be like introducing a new product to the market
2. Reducing the price
This strategy will definitely work if McDonalds wants to prolong a certain product's life cycle, as one of the most appealing factors of McDonalds burgers is price, and customers who walk in McDonalds
are looking for something cheap and tasty. Lowering the price of that burger or the McNuggets will definitely bring appeal to the product.
3. Introduce new varieties to the product
This strategy will help bring creativity and originality to McDonalds products. E.g. If the white ice cream is in the decline stage of the product life cycle and it is losing its appeal to customers, McDonalds can try to add different flavors to the ice cream, such as chocolate flavored ice cream or mango flavored ice cream, these new changes to the product will definitely appeal to customers and lengthen the products life cycle.
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