Respond this 2 post individually with your critical thinking: Healthcare most li

Respond this 2 post individually with your critical thinking:
Healthcare most likely would be categorized as being in the mature stage of its product life cycle. Furthermore, it is probably in the stable stage. As a medical professional entering the industry in this phase of maturity, how will you operate under the “Marketing Concept?”
A. The business life cycle is the movement of a business in stages over a long period of time. It is most generally isolated into five stages: beginning, development, stability, maturity, and decrease stage. Medical businesses such as hospitals and insurance companies work a little differently. They structurally work better because of their ceaseless population demand which keeps the life cycle consistent. As businesses approach maturity, significant capital spending is needed behind any business for the next development. It’s essential to take note that numerous businesses expand their business life cycle during this stage by reevaluating themselves and putting resources into new advancements and developing business sectors (Ali,2021). This permits organizations to reposition themselves in their dynamic businesses and revive their development in the commercial center to maximize profits.
Medical services organizations are attempting to develop new procedures to fuse innovation and technology. Consumer innovation is starting to impact the medical care industry and how administrations are conveyed. As we enter a new period of digital technology it will make way for a new business life cycle (Anderson,2019). Unfortunately, we are confronted with a maturing population, higher inflation, and an expanding lack of healthcare suppliers. These patterns are making it progressively hard for individuals to truly visit facilities and are stopping the boom for technology in healthcare.
As someone who wants to enter the medical profession industry, there many showcasing procedures that can be utilized that can help you understand how to keep a business successful. For instance, understanding the consumer market and being able to create proactive strategies to help stay in front of your competition. We need to understand the business model that works now might not be sucessful 25 years from now. Certainly, with the advancements in medicine, we are sure to see exciting things to come.
Citation
Ali, B. J., & Anwar, G. (2021). The Effect of Marketing Culture Aspects of Healthcare Care on Marketing Creativity. Ali, BJ, & Anwar, G.(2021). The Effect of Marketing Culture Aspects of Healthcare Care on Marketing Creativity. International Journal of English Literature and Social Sciences, 6(2), 171-182.
Anderson, S., Rayburn, S. W., & Sierra, J. J. (2019). Future thinking: the role of marketing in healthcare. European Journal of Marketing.
2. During the mature stage of a product’s lifecycle sales are generally steady for the company, and there tend to be fewer competitors as many of them may have dropped out during earlier stages of the product’s/company’s life cycle (Corporate Finance Institute, n.d.). This can be applicable to the laboratory setting, which is the area of healthcare I am most familiar with. Most of the labs in central Ohio have established their niche, and have been performing the same tests for years with clients preferring to send to one lab over another for testing. Initially, there may have been more competition for clients to perform these tests, but based on price, turn around time, etc., clients choose to go with one lab over another, and over time they have edged out the local competition. However, larger labs (i.e. Labcorp and Quest) are growing in popularity and are competing with these smaller labs for business. By making it easier for providers to send samples to these large reference labs, they are able to batch and test more samples at once, thus reducing the price for patients which helps continue to grow their business because they are able to offer more competitive pricing. For this reason, in the lab setting, I see the product life cycle being more cyclical, requiring us to occasionally go back to the growth stage to bring on new tests, or re-evaluate how we run a particular assay. This allows us to consider areas for cost savings in order to offer testing at a more competitive price. These assay optimization efforts play into the marketing concept, which is a strategy in which the primary goal is to satisfy the needs of customers, while at the same time giving the company a competitive advantage (Walker, 2017). My lab is trying to meet our patient’s needs by offering quick, quality testing at a reduced price, which also allows us to compete with the larger reference labs.
Corporate Finance Institute. (n.d.). What is the Product Life Cycle? Retrieved on June 9, 2021 from https://corporatefinanceinstitute.com/resources/knowledge/other/product-life-cycle/ (Links to an external site.)
Walker, O. C., Mullins, J. W. (2017). Marketing Strategy: A Decision-Focused Approach. [Yuzu Reader]. Retrieved from https://reader2.yuzu.com/#/books/0077499476/

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