4 Strategies for Product and Service Management - Revitalization Strategy

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Revitalization Strategy
The second type of strategy for managing existing and mature products is revitalization. This requires lots of planning and supervision, and is the most commonly used strategy when managing existing and mature products.
Its purpose is to revitalize the sales of products that should be performing strongly but, for various reasons, have instead started to falter and decline. There are three revitalization approaches: make changes to your product that add value; reposition your product; and extend the customer base.
Make changes that add value
Re-evaluating and reassessing products is part of the make changes that add value approach. This enables companies to redefine their products and remain at the cutting edge. A company needs to identify and explore opportunities for adding value to its products. This can be achieved by tweaking or enhancing existing features.
Looking at possible options for combining two products to form a new, more innovative product, also features in this approach. And operations managers can also look at ways to improve the processes surrounding the manufacturing and delivery of the product so that better value is offered to the customer.
Reposition your product
There are two separate strands to the reposition your product approach. The first consists of creating a new position for an existing product so that it can regain its competitiveness. This new position and posture can give a product new impetus.
The second strand, called break-away positioning, involves reducing the product down to a spartan state. All non-essential features are stripped away rather than added. The product is then studied to see how it can be altered or modified in a way that will appeal to specific customer groups.
Extend the customer base
The extend the customer base approach seeks to increase sales volume by getting more customers to use the product. To boost the user rate, the company must win over customers from its competitors, enter new markets, or convert complete non-users of the product into users.
To achieve these targets, the company must identify why customers buy from the competition, what favorable market opportunities exist, and how to turn non-users into users.
Examples - Revitalization Strategy
Here's how a company makes changes that add value to its product. A medium-sized commercial paint manufacturing company produces a successful line of spray paint for customizing cars. Sales of this strong product have dipped. The company decides to invest in new process machinery that will allow this product to be incorporated into the mainstream (...)

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