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Product Life Cycle Assignment
Product Life Cycle Assignment
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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.
TAKEAWAYS IMPORTANT
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 PLACE THIS ORDER OR A SIMILAR ORDER WITH ONLINE NURSING PAPERS TODAY AND GET AN AMAZING DISCOUNT
