Briefly describe the five stages of the product life cycle. Listed below are three different organizations at various stages of the product life cycle. Describe the overall marketing objectives of each identified organization. Explain the strategy considerations they might undertake for the specific marketing mix variables listed in the third column of the table below.
Organization Life Cycle Stage Marketing Mix Variable Prucare, a managed care plan entering a new metropolitan area Introduction Promotion, Price Health Stop, an urgent care clinic offering minor ED treatment Mature Product Place
Community Hospital, a 234-bed facility with seven pediatric beds Decline Product, Promotion