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Product Life Cycle Assignment
Product Life Cycle Assignment
Please respond to the following: “New Product Process”
- 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.
- Authors use the terms ‘conceptual framework’ and ‘theoretical framework’ interchangeably (Fain 2004, Parahoo 2006). Some authors only refer to one. For example, Lacey (2010) referred to conceptual frameworks, suggesting that they identify researchers’ ‘world views’ of their research topics and so delineate their assumptions and pre- conceptions about the areas being studied. Fain (2004) suggested that where a framework is based on concepts, the framework should be called a conceptual framework, and where it is based on theories it should be called a theoretical framework.Given that there is confusion between theoretical and conceptual frameworks, it could be argued that they are of questionable value. However, frameworks have been described as the map for a study, giving a rationale for the development of research questions or hypotheses (Fulton and Krainovich-Miller 2010). LoBiondo-Wood (2010) similarly said that the framework is the design and added that the research question, purpose, literature review and theoretical framework should all complement each other and help with the operationalisation of the design.
What Is the Life Cycle of a Product?
The term “product life cycle” refers to the time between when a product is launched to the market and when it is taken off the shelves.
A product’s life cycle is divided into four stages: introduction, growth, maturity, and decline.
Management and marketing professionals utilize this notion to determine when it is appropriate to enhance advertising, lower prices, expand into new areas, or alter packaging.
Product life cycle management is the practice of planning ways to constantly support and sustain a product.
A product’s life cycle is the period of time between its introduction to the market and its removal from the shelves.
A product’s life cycle has four stages: introduction, growth, maturity, and decline.
From pricing and promotion through expansion and cost-cutting, the product life cycle concept aids business decision-making.
Older, less profitable items are pushed out of the market by newer, more successful ones.
What are Product Life Cycles and How Do They Work?
Like individuals, products have a life span.
A product starts with a concept, and in today’s business world, it won’t move further unless it goes through research and development (R&D) and is deemed to be practicable and potentially profitable.
The product is then manufactured, promoted, and distributed.
As previously said, a product’s life cycle is divided into four stages: introduction, growth, maturity, and decline.
Introduction: During this phase, a significant amount of money is usually spent on advertising and a marketing effort aimed at raising customer awareness of the product and its benefits.
Growth: If the product is a success, it continues on to the next stage, which is growth.
Growing demand, increased output, and increased availability characterize this stage.
Maturity: This is the most profitable stage, as production and marketing costs decrease.
Decline: As other companies try to replicate a product’s success, it faces more competition—sometimes in the form of enhancements or reduced prices.
It’s possible that the product will lose market share and begin to decline.
When a product is successfully brought to the market, demand rises, and the product’s popularity rises as well.
These newer products effectively replace older ones by pushing them out of the market.
As a new product matures, companies tend to reduce their marketing efforts.
This is because the cost of manufacturing and marketing the product decreases.
When demand for a product declines, it may be removed from the market entirely.
While a new product must be described, a mature product must be distinguished.
The way a product is marketed to consumers depends on where it is in its life cycle.
A new product must be explained, whereas a seasoned pro does not.
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