Page 6: Conclusion
The story of Golden Wonder Lights highlights the need for successful organisations to be aware of the constantly changing position of their products within the market and of the constantly changing market-place. Using a range of extension strategies, Golden Wonder has been able to extend the growth phase of the product’s life cycle. The study also reinforces the importance of market research to monitor the performance of the product and the consumers’ attitudes towards it. A successful firm has to be prepared to move with the times. Its products and the position of those products in the market must be flexible and adaptable.