The document discusses the product life cycle of high-tech diagnostic equipment. It notes that the equipment has progressed through the introduction and growth stages over a decade ago and has been in the maturity stage for three years. As a profitable product, the manager wants to convince executives to continue funding it. Simple alterations like integrating updated features, modifying pricing in response to trends, and restructuring advertising could help retain its market position and attract new customers while the demand for medical equipment has increased during the pandemic.

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Product life cycle
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Product life cycle
During a product's life cycle, it will go through four stages, which are as follows:
maturation, growth, introduction, and degeneration. Each stage will last around one year.
Considering that the high-tech diagnostic equipment was first introduced to the market more than
a decade ago, it has already completed its life cycle's Introduction and Growth stages. Three
years after its inception, it has already attained Maturity since it is a highly successful product.
As the company's most lucrative product, I, as a product manager, am confident that the product
is still a long way away from reaching the Decline stage of development. Using the Growth-
Share Matrix, I want to convince the company's top executives to continue funding the project,
which is a cash cow for the company (He et al., 2019).
Simple alterations, such as those outlined below, may be sufficient to reintroduce a
product back into the market: Because the product was first presented more than a decade ago,
the technology used is also out of date, as is the manufacturing process. The integration of the
most up-to-date features into the equipment may be pretty advantageous in various scenarios.
Since the start of the pandemic, there has been a significant increase in demand for medical
equipment (Ma et al., 2018). To retain its position in the market while also drawing new
customers to the product, it may be necessary to change the product to meet existing client
demands or to identify new uses for the product. Reevaluate your pricing and make any required
modifications in reaction to new market trends and the products and services offered by your
competitors. Advertising and promotional tactics are being restructured to emphasize the
product's previous success and how it has supported or benefitted its customers. Additionally, it
will aid in the development of client loyalty to the brand, resulting in increased sales.

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Reference
He, B., Shao, Y., Wang, S., Gu, Z., & Bai, K. (2019). Product environmental footprints
assessment for product life cycle. Journal of cleaner production, 233, 446-460.
Ma, J., Harstvedt, J. D., Dunaway, D., Bian, L., & Jaradat, R. (2018). An exploratory
investigation of Additively Manufactured Product life cycle sustainability
assessment. Journal of Cleaner Production, 192, 55-70.