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.
The Introduction Stage is crucial because it sets the foundation for the product’s life cycle. Successfully navigating this phase can determine the product’s future success trajectory. It involves significant investment in research, development, and marketing to establish a foothold in the market and generate initial demand. Without a strong introduction, achieving growth and sustaining momentum in subsequent stages becomes challenging.
A real-world example that illustrates the importance of the introduction stage in a product’s life cycle is the launch of the iPhone by Apple Inc. in 2007.
During the Introduction Stage:
Innovation and Differentiation: Apple introduced the iPhone as a revolutionary product that combined a mobile phone, an iPod, and an internet communication device into one device. This innovative approach differentiated it from existing smartphones and captured the attention of consumers.
Marketing and Branding: Apple invested heavily in marketing to create awareness and generate excitement around the iPhone. They leveraged their brand reputation and iconic advertising campaigns to build anticipation for the product’s release.
Market Penetration: Despite being a newcomer in the smartphone market, Apple strategically partnered with exclusive carriers (initially AT&T in the United States) to penetrate the market effectively. This approach helped them secure distribution channels and gain access to a broad customer base.
Early Adopters: The introduction stage attracted early adopters who were eager to try out the latest technology. Their positive experiences and word-of-mouth recommendations contributed to the initial success of the iPhone and laid the groundwork for future growth.
The successful introduction of the iPhone laid the foundation for its subsequent growth and dominance in the smartphone industry. It set a new standard for smartphones, revolutionized the way people interact with technology, and established Apple as a leader in innovation. Without a strong introduction, the iPhone might have struggled to gain traction in a competitive market dominated by established players. Therefore, the introduction stage played a pivotal role in shaping the iPhone’s remarkable success story.
Looking at the different stages , I think, the development stage is very much important. It gives an over view of the intention of the organization as regards the product.
Poor development, will basically lead to exit of the product in the market.
MATURITY PHASE: This is the most important one extending from a financial point of view because this is the period when the product is at its most profitable
Minimizing cost while Maximizing profit is the ultimate focus of a business
The maturity phase represents the peak sales volume for a particular product. Ideally, this is the most profitable stage in the product life cycle, with sales revenue exceeding expenses from marketing, manufacturing, and personnel. In the best-run companies, maturity phases can last for years, if not decades. It helps when you sell a product that people will always need more of, like tires or tissues. It also helps to have an expansive product concept, like a video game franchise that keeps rolling out sequels. Companies remain in their maturity phase by conducting continual market research, soliciting customer feedback, and rolling out new iterations of an existing product.
A good example of this is COCA-COLA.
The product has been in its maturity stage for several decades, their sales revenue exceeds their expenses . Even with minimal advertisements, they still control most of the market.
They also invest in rolling out different variants to suit customers changing needs and behaviours, ie Diet coke, zero sugar coke etc.
They remain relevant in that market till date.
For me, the introduction stage is the most important
Bringing something entirely new into the market requires a whole lot of efforts.
For the product to reach the maturity stage, the introduction stage which is like the foundation stage must be very solid.
No any stage in product lifecycle that is not important as the other. However, At early stage which is development stage or idea stage is where a new product is dream, vision and capture. This stage involves creative thinking,idea imagina, idea thoughtful, covener research, exchange development, testing and iteration.
In development stage product go through many test running and feasility study to be able for develop a product before introducing into the market.
Every stage in product lifecycle is as important as the other. However, the development stage is where a new product is conceptualized, designed, and created. This stage involves idea generation, idea screening, user research, prototype development, testing and iteration. In the development stage product go through many iterations to be able for develop a product before introducing into the market.
1. The Most important stage is the INTRODUCTION STAGE.
2. REASON IS.
The level at which the product gets to during the Introductory stage will determine the Growth and maturity stage.
3. Indomie Noodles. Upon the high rise in price now. Its not declining anytime soon. Because, their introductory stage (advertisement) captivated the minds of everyone and has gone wide.
4. I agree with Peter Scheinsohn and with Ibukun Oni. But on Ibukun Oni.. Once a product is produced and you have the right Introductory methods. There will be customers that needs your product.
Each stage of the product life cycle is crucial in its own way, but the “introduction” stage is often considered most important. This is when a product is launched into the market, establishing its presence, gaining initial customer awareness, and setting the tone for its future trajectory. Successful introduction can pave the way for growth and eventual maturity, while missteps during this stage can hinder long-term success.
A real-world example of the importance of the introduction stage in the product life cycle is the launch of the iPhone by Apple in 2007. During the introduction stage, Apple generated massive buzz and anticipation for the iPhone through effective marketing campaigns and media coverage. This stage marked the beginning of a revolutionary era in mobile technology, establishing Apple as a key player in the smartphone market. The success of the iPhone’s introduction laid the foundation for its subsequent growth, maturity, and continued dominance in the industry, shaping consumer behavior and preferences for years to come.
In my opinion, the Development Stage is the most critical stage. If the foundation is faulty, the while building will crumble. So if the market research, consumer interest, profitable check is not done properly, then you invest heavily on a product that isn’t needed or as a low demand.
In my opinion, the most important stage in the product life cycle is the introduction stage. This stage sets the foundation for the product’s success throughout its life cycle. During this phase, companies have the opportunity to create a strong market presence, establish brand recognition, and capture the attention of early adopters. Successful execution during the introduction stage can lead to long-term profitability and sustained growth.
One real-world example of the importance of the introduction stage is the launch of Apple’s iPhone. When Apple introduced the first iPhone in 2007, it revolutionized the smartphone industry and set a new standard for mobile technology. Through effective marketing and product innovation, Apple captured the attention of consumers and established itself as a leader in the market. The success of the iPhone’s introduction stage laid the groundwork for subsequent models and expansions into new markets, contributing significantly to Apple’s overall success as a company.