The Product Life Cycle-Discussion Essay Paper

Describe the product life cycle. How is it useful for thinking about the adaptive strategy of a healthcare organization? Why is the length of the product life cycle important for strategy formulation? What adaptive strategic alternatives are indicated for each stage of the product life cycle?

The steps that an organization or a company uses to manufacture or develop a product are referred to as the product life cycle. Iveson, Hultman, & Davvetas, (2022) delineate that it involves four steps which are the introduction of the product or service, the growth, maturity, and decline. Healthcare organizations and other business entities always develop products and services to satisfy the needs of their clients. Additionally, it is also important to understand that product and or service development consumes time since each stage is important because it is essential for strategy formulation. For instance, when an organization is developing a new product and or service, an adaptive strategy is formulated because the product and or service will need allocation of resources such as finances and personnel. Sodhro, Pirbhulal, & Sangaiah, (2018) highlight that most healthcare organizations in the United States develop their products and services using this process because it helps in the implementation of appropriate strategies that manage the changes introduced into the organizations. The product life cycle is reliable and authentic since it is used by healthcare organizations in the United States when introducing new products and or services into the market. The Product Life Cycle-Discussion Essay Paper

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The outcomes of a product and or service do not remain the same at each stage but change every time when the environmental conditions are adjusted. In so doing, Soekhai et al., (2019) discuss that this allows the organization to identify the mistakes and flaws of the product and make the necessary adjustments to avoid market failure. Additionally, the length of the product life cycle is essential because it helps in the identification of appropriate strategies that can be applied by healthcare organizations to improve patient outcomes and increase profit margins (Iveson, Hultman, & Davvetas, 2022). Besides, it helps in guiding the development of effective strategies to make good use of the stages while the product and or service is still booming thus promoting the overall success of the product in the market. During product and or service development, appropriate research and financial techniques are applied to help draw a comparison between the allocated resources and the levels of profit margins thus allowing the implementation of good adaptive strategies (Iveson, Hultman, & Davvetas, 2022). The use of appropriate strategies in market diversification and development is the mission of all business entities including healthcare organizations.

On the other hand, Soekhai et al., (2019) delineates that each stage of the product life cycle is important because it indicates diverse adaptive strategic alternatives that an organization can adopt. Therefore, it is important to understand that the adaptive strategic alternatives are based on simple and easy principles thus ensuring that all the developed products and or services go through all four stages with evaluation in each stage to determine their viability and manage any flaws and mistakes thus avoiding market failure and improve the time that a product and or service will take in the market. On the other hand, the stages in the product life cycle take a different length of time before proceeding on to the next stage, and therefore, strategies employed on stages with a long time are different from those stages with a shorter time (Sodhro, Pirbhulal, & Sangaiah, 2018). Additionally, the timing used to arrive at the product life cycle completion and the organizations’ management perception provides the relevance of the adaptive strategies used. The Product Life Cycle-Discussion Essay Paper

References

Iveson, A., Hultman, M., & Davvetas, V. (2022). The product life cycle revisited: an integrative review and research agenda. European Journal of Marketing. https://doi.org/10.1108/EJM-08-2020-0594

Sodhro, A. H., Pirbhulal, S., & Sangaiah, A. K. (2018). Convergence of IoT and product lifecycle management in medical health care. Future Generation Computer Systems, 86, 380-391. https://doi.org/10.1016/j.future.2018.03.052

Soekhai, V., Whichello, C., Levitan, B., Veldwijk, J., Pinto, C. A., Donkers, B., … & de Bekker-Grob, E. W. (2019). Methods for exploring and eliciting patient preferences in the medical product lifecycle: a literature review. Drug Discovery Today, 24(7), 1324-1331. https://doi.org/10.1016/j.drudis.2019.05.001

Describe the product life cycle. How is it useful for thinking about the adaptive strategy of a health care organization? Why is the length of the product life cycle important for strategy formulation? What adaptive strategic alternatives are indicated for each stage of the product life cycle? The Product Life Cycle-Discussion Essay Paper