Marketing executives manage a product’s life cycle in three ways. First, they can modify the product itself by altering its characteristics, such as product quality, performance, or appearance.

Second, they can modify the market by finding new customers for the product, increasing a product’s use among existing customers, or creating a new use situation for the product.

Finally, they can reposition the product using any one or a combination of marketing mix elements. Four factors trigger a repositioning action. They include reacting to a competitor’s position, reaching a new market, catching a rising trend, and changing the value offered to consumers.