Yesterday, I was tasked with trying to extend the product life cycle of one of our old coin purses. I understand there are a few ways to do that. Could you remind me what those are?

Sure. There are two main ways: market modification and product modification. Market modification means you increase the product's use within your current market, you find new users in the current market, or you simply find new users. Product modification means you change something about the product to extend its appeal.

Sure. There are two main ways: market modification and marketing modification. Market modification means you reevaluate where you are promoting the product and change your target audience. Marketing modification means you change the way you position the product in the current market to either revive interest in it or attract new consumers.

Sure. There are two main ways: product modification and distribution modification. In product modification you redesign the product to fit current market needs. In distribution modification, you change where the product is sold so that you gain notice, and therefore sales, from a new customer base.