The Product Life Cycle Essay

As a result of this, the manager can be able to develop portfolio planning, formulation of strategies as well as forecasting. The managers will be aware of various issues taking place in each stage and come up with ways to make sure that their product goes through each step successfully. For example, when a health care facility introduces new services, they have to be made known to the customers. Since the managers understand the product lifecycle well, they will ensure that the new service passes through each stage effectively by undertaking proper measures. Two stages that pertain to the product development lifecycle is the introduction and the growth stage. When most clients are aware of the new payment modes, they will start using it.