Examine how the product life cycle differs in health care organizations as compared to other industries. This includes an exploration of new product processes, market entry, risks associated with large investments of time and money, and the complexity of products that are purchased and consumed by customers. Also discuss the domains of analysis in the framework for understanding current health care systems.
Question: Consider whether you find value in the product life cycle as a tool for portfolio planning, strategy formulation, and forecasting.
- Is the product life cycle something you feel you would use in your health care marketing role? Why or why not?
- Provide at least two examples to support your decision for why you would or would not use the product life cycle as a tool.
