The majority of marketing activities within a health care organization revolve around the marketing of services. Service marketing tends to present different challenges than marketing a product. A product is tangible and services are intangible. The Product Life Cycle has four phases. Please help me identify and describe each phase and provide a example from an healthcare organization. Based on the stage in the product life cycle, identify the implications for the marketing plans in this organization?
The four stages of The Product Life Cycle are:
Introduction, Growth, Maturity, and Decline.
Health care services, like products, go through various stages of maturity, depending on several factors, including any new advances or technologies available, changing trends in types of services offered, and utilization or demand by consumers (patients).
One service in healthcare in the introduction stage is telemedicine technology. This is a service that allows physicians and healthcare providers to diagnose patients remotely, by using mobile devices or other means of direct communication. The service is being introduced to some healthcare markets, but still requires plenty of fine tuning and acceptance of all stakeholders, before it becomes widely accepted. Marketing of this service should focus on benefits to all stakeholders, including providers and insurers. It is possible insurers may reduce costs, by approving lower fees for shorter consultations that take place in a telemedicine setting. Health care providers may reduce costs for basic health services, such as treating uncomplicated cases of the common cold, sinusitis, and other similar health problems. While providers reduce administrative costs many have the opportunity to serve larger populations, thus increasing revenues for the …