Marketing

Marketing

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.

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.

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.

Cite at least 3 reputable references to support your assignment (e.g., trade or industry publications, government or agency websites, scholarly works, or other sources of similar quality).

Format your assignment according to APA guidelines

Solution Preview

Marketing

Strategic planning is the process by which an organization uses to define or set directions upon which it will follow to achieve success. In other words, it is a process of setting goals and finding out ways which will be used by a company or any institution to achieve the set goals (Rudnicki & Vagne 2014). For any institution to make success, whether public or private, it has to lay on strategic plans.

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