Week 2 Assignment 2 - Analyze the Product/Service Lifecycle
Week 2 — Assignment 2: Analyze the Product/Service Lifecycle
According to Fortenberry (2010), healthcare marketers can analyze and forecast trends affecting their organization’s growth and market stability by using the PLC. Thus, knowing the stage in which the healthcare entity is operating can provide marketers with additional data in their needs assessment.
For this assignment, use your findings on the healthcare entity you researched in Week 1 to analyze the PLC and to identify which stage the entity’s services are currently in. Prepare a reflection paper discussing the demand and competition you gleaned from your research and include your rationale on the stage you have identified versus the other stages. Include your perception of whether the marketing materials you located are appropriate to the identified stage and what changes you would make to the marketing strategies.
Table 3. Product/Service Lifecycle (adapted from Harrison, 2016)
|
|
Stage 1-Introduction |
Stage 2-Growth |
Stage 3-Maturity |
Stage 4-Decline |
|
Demand |
Low |
Increased |
Established |
Decreased |
|
Competition |
Low |
Growing |
High |
High |
|
Marketing Actions |
Promotion |
The shift to branding—give identity to product or service |
Shift to niche— market differentiation & competitive advantage |
Reposition—create new and/or improved product or service |
Length: minimum of 2-3 pages plus your completed table, not including the title page and reference page
References: minimum of 2 scholarly references
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Rating:
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Solution: Week 2 Assignment 2 - Analyze the Product/Service Lifecycle