Question

The Product Life Cycle Part & The New Product Process 4 stages are 1. introduction 2. growth 3. maturity 4. decline

• Assess the value of the product life cycle as a tool for product succession planning and related product management activities. Give your opinion on whether or not the Product Life Cycle can help health care managers in promoting portfolio planning, strategy formulation, and forecasting. Provide one (1) example to support your rationale.
• Select two (2) stages of the Product Life Cycle. Describe the methods for strategically and tactically managing products during each of the selected stages. Relate the selected stages to two (2) real-life examples of strategic or tactical initiatives within a health care organization.
• Create an argument in support of the assertion that the Product Life Cycle enhances marketing outcomes in the health care industry. Provide support for your argument.
• Suggest at least two (2) examples that support the notion of the limiting life span of health care products as a necessity in the ongoing and systematic product succession planning effort.

Answer 1

Product Life cycle can be understood as the changes that a product undergoes in the market right from its introduction to its decline. It is thus the trajectory that a product undergoes in its whole life.

There are four stages of product Life cycle :

1. Introduction - When a product is launched in the market.

2.Growth - Its increasing awareness and likeliness to the consumer.

3. Maturity - The saturation phase of a product when it cannot grow more.

4. Decline - The downfall of the market share of the product, because of other alternatives.

This, product Life cycle is of great importance when it comes to development of marketing strategies and is useful in finding the right marketing mix. Therefore, marketers can plot the revenue and profit generated in the life cycle and can make relevant marketing mix

YES, the product life Cycle can assist wellbeing with caring directors in advancing portfolio arranging, strategy formulation and forecasting. Keeping up client relations will be progressively significant at this stage. Fundamentally, the cycle empowers supervisors to utilize their assets all the more successfully.

IntroductionStage: this stage of the PLC is when individuals begin getting some answers concerning it. Product quality is significant during this state, as organizations need to construct rehash business. Moreover, an organization may either decide to value its items moderately high or lower than normal. Organizations can rapidly recover creation costs with more significant expenses. Be that as it may, an organization may utilize a lower evaluating technique to assemble a piece of the pie or a faithful client base.

Growth Stage: more demand in the product will raise the sale of product, deals will take off in the development arrange. Organizations may likewise change up to request to more clients. Organizations will, frequently, keep their costs stable during the development arrange, as indicated by QuickMBA.com, an online business reference website. Organizations are utilizing the higher overall revenues for promoting or increasing extra business from rehash clients. . Publicizing divisions may expand their uses to speak to a more extensive crowd

For instance, before my present work at a Pharmaceuticalcorporation, I've worked at a past Pharmaceutical corporation. In context, I might want to utilize Pharmaceutical items which were thought as Stage 1 and Stage 2 where I was utilized. Stage 1 (introduction), which starts to increment openly offering attention to items and different contenders inside the Pharmaceutical Business. Stage 2 basically characterizes quickening sales of item mindfulness that produces enormous money that will request different contenders who are engaged with the market.