Product modification is the process of enhancing an existing product so as to attract more customers and to extend the product's life cycle.*5 pointsTrueFalse

The statement "Product modification is the process of enhancing an existing product so as to attract more customers and to extend the product's life cycle" is True.

Explanation:

Product modification involves improving or changing certain aspects of a product to meet the evolving needs and preferences of customers. This can include enhancements in functionality, design, features, or even packaging. The purpose of such modifications is to boost customer interest and engagement, ultimately leading to increased sales. Additionally, by making these improvements, companies can successfully prolong the product's life cycle, delaying the decline stage in sales and maintaining a competitive edge in the market.

Thus, modifying a product is a strategic approach used by businesses to adapt to market changes and consumer demands.