Product Life Cycle Understanding Product Life Cycl

Product Life CycleUnderstanding product life cycle process is a critical tool in any organization. It allows an organization to track the progress of its products from development, introduction to the market, growth, maturity and decline and subsequently, their withdrawal from the market. In healthcare sector, understanding product life cycle allows an organization to attain a balanced product portfolio and hence ensure that resources and dedicated towards those products and services that are relevant to the market at the given time. For instance, tracking a product through the product lifecycle ensures that products that are in high demand are allocated more resources, while those that are on the decline are replaced and withdrawn from the market. This is very important in ensuring that managers can have product portfolio planning by understanding the products and services they offer as well as their demand and relevance in the market and hence eliminate wastage of resources by channeling them to the products and services that are in high demand or with promising prospects for the organization. In product life cycle, development stage involves research and the development of new products and services that are relevant to the organization. For instance, it is important