Learning Goal: I’m working on a management question and need an explanation and answer to help me learn.Every product or service goes through the stages of introduction, growth, maturity, and decline. Healthcare strategic management and planning is tied to the product life cycle because of the rapid pace of change in technology and medical knowledge. We can track a healthcare product through each stage by evaluating volume, reimbursement, and health outcome. In this assignment, we will focus on how the product life cycle affects strategy development.Upon successful completion of this discussion, you will be able to:Describe the product life cycle.Show the understanding of how the product life cycle affects and integrates with a strategic plan.InstructionsReview the rubric to make sure you understand the criteria for earning your grade.In your textbook, The Strategic Management of Health Care Organizations, read:Chapter 7, “Evaluation of Alternatives and Strategic Choice”Navigate to the threaded discussion and respond to the following:Describe the product life cycle.Describe how the product life cycle is useful in developing an adaptive strategy in a health care organization.