What is one of the strategies a company can use to extend its product line?

One of the effective strategies a company can use to extend its product line is to rebrand the product name. This approach allows a company to refresh its image and potentially target a different market segment or respond to changes in consumer preferences. By changing the product name, a company can create a new identity that aligns better with consumer expectations or highlight unique features that differentiate it from competitors. This strategy can rejuvenate interest in the product and encourage both existing and new customers to engage with the extended product line.

The other strategies mentioned, such as changing the brand logo, adjusting product prices, or modifying the workforce structure, do not directly result in an expansion of the product line itself. While they can be important in supporting product line extension, they do not involve the introduction of new products or variations in the same way that rebranding does.