What about the strategy in the decline phase of the product?

What about the strategy in the decline phase of the product?

During the decline phase, the product sales and profit decline . Here the company has to lower the prices of the products or may even have to sell them at losses.They may have to go for a replacement strategy whereby the existing product is replaced with a new and improved version of it .The company may also dispose of or phase out weak items from the product mix or offer samples of the product free on purchase of other products. Eg. VCRs have been replaced by DVDs and so have reached the decline phase and is no longer or almost out of the market.