What do you think is the most important stage in a product’s life cycle?
The product life cycle (2021)
Now that you have covered the basics of the product life cycle, complete the following exercise.
Instructions: Determining the most important stage in the cycle
- Reflect on what you think is the most important stage in this cycle.
- Write your answer in the discussion below, and explain why you think your chosen PLC stage is the most important.
- Try to find a real-world example that you can use in answering this. It might be an example from your professional experience or one you’ve found elsewhere.
- Reflect on at least one of comments from random learners below. Do you agree with their response? How do their experiences differ from yours?
Molly Campbell
What comes to mind as the most important stage for me is the decline stage. With the ever changing tech landscape, I feel that apps/websites etc have such a difficult task of staying relevant. Social media apps are what I thought of in this situation. Apps/sites such as Facebook or Instagram are now competing with SnapChat and TikTok, so both have updated their functions to include more video and filters, etc to be relevant in that market. They are trying extremely hard to prevent their decline and become obsolete. I do agree with others that development is very important as well, and the example I gave may have to go back to the development stage in a sense to redesign and update things to meet consumer demands.
Christina Bek Larsen
As it is a cycle, I find it very difficult to point to one stage as the most important one. One stage doesn’t exist without the previous one, I suppose. I think each stage requires something specific from the PM. With competition and evolving needs in mind, I am thinking about the growth stage as being a tricky stage. To keep relevant and ensure your rpoduct is growing seems like a challenge.
Ibukun Oni
I think the “Development stage” is the most important phase because if the right product is not developed to meet the needs of customers, then efforts during the other stages become futile.
I recall developing a digital product, the first assignment of the project team was to ensure that the product met the needs of our customers.
Chibuzo Anazodo
I think the Development stage is the most important because that is where you figure out what fits your consumers needs as well as trends in your industry to adapt or avoid to build a product that will thrive through all stages and still remain relevant after Maturity.
Peter Scheinsohn
I would say introduction, is most important step in the product life cycle. Even, if product was properly developed, but not good enough introduced and advertised or not clear enough introduced for which group it is, it will significantly influence its further growth. However, i also agree that proper development stage and growth stage are also very important, but good start (“introduction”) is vital in my humble opinion.
I feel the growth stage is the most crucial stage in the product life cycle. This stage in the life cycle of a product determines how long the product remains relevant to customers, so if, as a product manager, you decide to keep improving the quality and growth of the product, the maturity stage might not come soon.
I believe the development stage is the most important stage because if your product does not solve a problem or solve it effectively, it will be hard for the product to pass the growth stage and if it pass the growth stage it will go t maturity and fall into decline much faster because competition will kill it in the market. So for a product to be effect, it must solve a problem. I am saying this based on the development of the app WhatsApp. It came about when facebook and other applications was on but the developers saw a gap and entered. Solved the problem and did it effectively and till this time no competition in the market can stand with it.
It is difficult to identify the “most important” stage of the product life cycle because each stage is vital to the success of the product in its own right. But I think there’s a good cause to be made for the Development stage to be in first place. This is the reason why:
Basis for Future Success: A product’s complete path is determined at the development stage. This is the stage of identification and refinement of the target audience, value proposition, and core concept.
Thoughtful preparation now equals easier sailing in the next phases. Marketing techniques may help a badly designed or inadequately tested product become temporarily successful, but it will eventually find it difficult to remain viable.
Although development requires investment, it is far less expensive than expanding production and and marketing for a flawed product. Identifying and addressing potential issues early saves resources and reduces the risk of significant losses later.
In contrast,Patagonia Black Hole duffel bag; This iconic bag has remained popular for decades, despite facing competition from numerous brands. Patagonia’s commitment to using high-quality materials, prioritizing durability and sustainability, and continuously refining the design based on user feedback during development has cemented its success.
It is hard to pick a particular stage as the most important stage, as each stage comprises different functions and responsibilities by the manager. As a cycle, it may keep shifting from one stage to another. However, the most important stage may be based on the type of product and the industry market it falls under. Development and Introduction stages are vital, in my opinion, as they greatly determine the growth of the product in the market.
Each stage in the cycle is interconnected, rendering none more crucial than the others. Success in the development phase significantly boosts the likelihood of excelling in subsequent stages. Conversely, if there are missteps in the initial stage, adapting in later stages becomes challenging.
The stage that proves definitive to me is the first stage of the Product Life Cycle; Development stage.
A lot of steps and processes go into the stage to determine that the right product is made for the consumer. It requires market research, data analytics and customer feedback to make sure that the product is solving the right problem and that the solution is efficient and consumer experience is utmost.
If any fundamentals are missed in the development stage, the product can hardly meet the company’s goals in the other life cycles which is consequently a Product fail.
I would say the stage that proves most crucial is the introduction stage. Most products go through rigorous development, the catch in all these is how consumers would react to the product once it is introduced. Most successful edible products like Bigi carbonated drinks could only decide their next course of action after their introduction. This is where authentic and valuable data can be collected from the end users, all in order to guide the next course of action.
Every stage is very important, although I think the most critical stage is the maturity stage in the cycle. This is the most important one to extend from a financial point of view because this is the period when the product is at its most profitable and approaching its decline, so as a PM or organization, you should have a solid plan to counter the decline stage. Avoid getting carried away with returns and profits.
I agree.
In my opinion the most important stage is the development stage, this is because it sets the tone for the other stages. At the development stage research is carried out, designs and mock-ups are drafted, then developers develop the product is tested before introduction. When there is proper research by the Product manager, and the designers and developers are properly informed to create EXACTLY what the targeted customers want, the other stages of development will proceed seamlessly.
The Growth Stage: My Take!
There’s no move towards production of any form of product that’s not profit driven. On this note, right from conception efforts must have been made to suit the plans made ahead of a product.
During the growth stage, consumers have accepted the product in the market and customers are beginning to truly buy in. That means demand and profits are growing, hopefully at a steadily rapid pace. Product managers need to be sensitive when it get to this point as it has the tendency to determine when a product will sustain it’s impact in the market space, or move to maturity and gradually decline.
Being observant at this stage gives insight and feedback that will either improve or engender rebranding.