Chose a product that is in the maturity stage of the Product Life Cycle that nee

Question

Chose a product that is in the maturity stage of the Product Life Cycle that needs to be reinvented. Explain your answer and how you as a manager would either reposition it or make changes to extend the maturity stage. Chose a product that is in the maturity stage of the Product Life Cycle that needs to be reinvented. Explain your answer and how you as a manager would either reposition it or make changes to extend the maturity stage. Chose a product that is in the maturity stage of the Product Life Cycle that needs to be reinvented. Explain your answer and how you as a manager would either reposition it or make changes to extend the maturity stage.

Explanation / Answer

Reinvention and repositioning is a very common strategy in medicine and pharma sector.

Consider the medicine Diclofenac sodium Gastro resitant tablets. This was the last variant of the Diclofenac tablet series. With the introduction of more strong pain killers in the market this particular tablet is losing its market value. The pharma company, in order to gain more market share, needs to make certain changes in the product. After the modification is made the new medicinal combination will be first patented and depending upon its effectiveness, the product will be sold in the market at a higher price. Thus, although the product is same, only with a minor modification, the same product has been reinvented and repositioned as an improved medicine for pain with some additional features. This product will now have an extended maturity stage.

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