Question

Describe the stages of a product/service’s life cycle. How is an analysis of a product/service life cycle useful when thinking about the strategic alternatives of a health care organization? Give some specific examples of health care products/services and their specific points in the product/service life cycles.

Answer 1

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The stages of a product/service’s life cycle are:-

Introduction

The introduction stage is where another item is first brought into the market. This ordinarily requires plenty of resources and funds. The introduction stage is typically connected with more slow development as the public is not familiar with the item, the sellers may not be sufficiently trained to sell, and clear and proper channels are yet to be set up. The demand for the item is additionally very immature at this stage.

Growth

The growth stage is the point at which your item begins to sell at a lot quicker rate. The public is ending up progressively mindful of your item and informal exchange is beginning to spread.

Maturity

The maturity stage is the point at which your item's business starts to top. Very soon, the item will start to contend with new alternatives being brought into the market.

Decline

The decline stage refers to the period when the item arrives at its saturation point. For this situation, the cost can begin expanding however, the number of offers will decrease. In this stage, a choice is required: regardless of whether to proceed with the item with significant changes or to move onto another item out-and-out.

There are several methods for analysis of a product/service life cycle useful when thinking about the strategic alternatives of a health care organization, including the external/internal strategy matrix, product life cycle (PLC) analysis, portfolio analyses (BCG and extended), strategic position, and action evaluation (SPACE) analysis, and program evaluation. Using these strategies, supervisors can characterize inside and outside variables or factors to increase the perspective on which adaptive strategic alternative or combination is generally suitable.

Some specific examples of health care products/services and their specific points in the product/service life cycles are as follows:-

Introduction

The introduction stage is where another item is first brought into the market. The demand for the item is additionally very immature at this stage. So how does this identity with healthcare services you may wonder? Well… a hospital may present another ward. Unavoidably, this will require some type of promoting, perhaps through the community groups. In this stage, one will see an absence of familiarity among patients about these new services, and even the healthcare suppliers themselves might not have enough learning to give enough data.

Growth

In healthcare, this stage can be difficult to perceive, yet, it is presumably most noticeable when interest in your services begins to continue paying to sustain respect to whether you're advertising or promoting it.

Maturity

A genuine case of this phase in healthcare is the accessibility of another pharmaceutical item. Fresh from the successful clinical trials, the drug is probably going to produce consideration in the media. Patients may approach their healthcare suppliers mentioning that specific medicine because of awareness.

Decline

In healthcare, a reasonable example could be a medicinal device, for example, a wheelchair. As innovation improves, the consumer market, including healthcare experts who utilize that specific item may begin to consider it to be old or obsolete. They see the item as never again have the option to successfully give the necessary consideration to the patient. The device sales will diminish pointedly and the organization needs to either improve the gadget, by offering a more new edition or supplant it with a superior option.

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