Which strategy involves launching new and improved versions of a product to sustain consumer interest?

The strategy that involves launching new and improved versions of a product to sustain consumer interest is known as product extension. This approach allows a company to refresh its offerings and keep the product line relevant in the marketplace. By introducing enhancements or new features, businesses can cater to changing consumer preferences and technological advancements. This can lead to renewed consumer excitement and help maintain market share against competitors.

Product extension often involves innovations that meet the evolving needs of customers, which is essential for engaging an audience that may become disinterested in older versions of a product. It’s an effective way to drive sales without necessarily altering the target market or entering new markets, as the focus remains on the existing customer base with improved products.

The other strategies mentioned—price adjustment, promotion, and distribution change—focus on altering elements such as pricing structures, marketing efforts, or the way a product is made available to customers, rather than enhancing or improving the product itself.