The life cycle of any product or service is key in the development of a marketing strategy. As corporate goals or consumer interests change, so will products or services. External to an organization will also be the impact of technological advancements and regulatory changes on product and service development and life cycle.
1. Conduct an internet search for “BCG Growth-Share Matrix” and “GE/McKinsey Nine Cell Matrix” and learn how these tools are used to build strategic plans.
2. Write a 2- to 3-page paper that explains how BCG Growth-Share Matrices and GE/McKinsey Nine Cell Matrices are used in the health care industry to build strategic plans and how marketing can use them in the creation of marketing plans and communicating to their audience and service/product lines. Note – do not just describe the two matrix tools, but explain specifically how they can be used in healthcare.
3. Cite at least 3 reputable references in APA format to support your assignment (e.g., trade or industry publications, government or agency websites, scholarly works, or other sources of similar quality).