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 believe that every stage in a product’s life cycle is important, but if I had to choose one, I’d say the introduction stage stands out the most to me.
During the introduction stage, the tone for everything that follows is set. It’s when consumers first meet the product, forming their very first impressions. These initial impressions can shape their future relationship with the product and the brand. So, making a memorable entrance during this stage is crucial for long-term success.
To put it into perspective, think about the time when Airbnb first entered the scene. It wasn’t just another travel website, It was a disruptive way of thinking about travel and accommodations. Instead of staying in impersonal hotels, Airbnb offered the chance to stay in someone’s home and experience a destination like a local.
Airbnb’s approach during the introduction stage laid the groundwork for Airbnb’s incredible success. During this stage, Airbnb focused on building trust and creating a sense of community among hosts and guests. They had to overcome skepticism and address concerns about safety and reliability. But by spotlighting the unique experiences and personal connections that Airbnb could offer, they captured people’s hearts and set themselves apart from the competition.
Today, Airbnb isn’t just a booking platform – it’s a global community that has changed the way we travel and connect with each other. And it all started with that crucial introduction stage.
What comes to mind as the most important stage for me is the development stage. The development stage sets the foundation for everything that follows. Product strategy crafted during this stage influence how well the product is received and performs throughout its lifecycle. Development stage allows for correction before significant investment. Research conducted during this stage can reveal flaws in the concept or potential market challenges, allowing for adjustments before launch. i think each of the stages plays a role in a product’s lifecycle, However, the development stage holds more weight as it shapes the product’s foundation and influences its entire lifecycle. In summary, the development stage is like building the first floor of a house. If the foundation isn’t strong, the whole thing could crumble later. In product development, you can fix mistakes early on before you spend a lot of money.
As a circle I believe the other won’t be possible or effective without the former. They’re perquisite to each other.
The development of your products as a product manager is essential to meet up with the standard or above the expectations of your customers.
The growth of your products must be consistent to improve the quality of your products.
As a product manager, the introduction of your products must must be convincing enough to your customers in light to see the solution to their specific need your products tend to meets.
The growth of your products must be consistent to improve the quality of your products.
The maturity is how you relate directly with your customers,manage their feedback to aid a better growth of your products.
Extra competitive intelligence programs to remain relevance, remote environmental activities would be affecting your products, hence, DECLINE will pop in.
I’ll like to use NOKIA and BLACKBERRY as examples. These two products has a great development when it comes to production of gadgets e.g Phones and phone accessories and their introduction to the market world was commendable but their growth and maturity weren’t put on check which aid their declination in today’s market. Compare this with apple (iPhone producer) who tend to upgrade(Consistent growth) their version conservatively with little or no difference in their products which I believe the was as a result of utilizing (Maturity)the feedback of their users in the competitive market. No declination of any Apple products up-to-date.
For me i think each of the stages are dependent on the other and the growth stage is kind of vital as competition and new innovation keeps coming up, the PM will have alot to do to sustain and keep the product relevant.
I couldn’t agree more. Every stage is as important as the next.
I think the Maturity phase is the most important one speaking from a financial point of view because this is the period when the product is at its most profitable, demand is high, so most business will have to constantly seek ways to make sure their products remain relevant to the consumers for as long as possible.
An example that comes to mind would be Apple products. Right now they are in their maturity stage, and they leverage so much on that by constantly unveiling new products in the market with little or no significant differences from the previous versions of the same products e.g iPhones
For me, I’d say the development stage is the most important- if the market survey and user segmentation is not done correctly, the product, when it is introduced to the market, might not solve any problem and in the long run, it will fizzle out.
For me I will say the development stage is most crucial. One highlight was when I was asked to handle a project for a bank, as a baker I was to create a design to suit what the bank’s customer week is portraying. I developed a plan which was nice but pricing and size of product wasn’t favourable to them so they gave the job to another vendor. I would say if I had a good development plan I wouldn’t have been cut unawares, I would have covered all areas to ensure everything is in place.
The development stage is important because without it there will be no chance for introduction let alone growth stage.
For me I think the most important stage is the growth at the point where you have done all, the ability to re-strategies and either replace the old product due to changing demands or rebrand the product to suite the changing times. I noticed that so many businesses crashes at this point. If I will get to the peak and then crash what then is need to even state.
Fatoyinbo Omolola
I will say development is a very crucial stage to begins with a product because you can never be wrong with introduction but you can be wrong with development. For example is toothpaste, you can do the introduction of it perfectly but developing it to a taste and to work perfectly is a thing, so development is the most important stage.
ASAOLU OLUBAYODE
In my opinion, the most crucial stage in a product life cycle is the introduction stage. This stage sets the foundation for the product’s success or failure in the market and can significantly impact its long-term viability.
McVitie’s Digestive biscuits were introduced by the British biscuit manufacturer McVitie’s in the late 19th century, and later was properly launched by A&p Foods Limited in Nigeria in 2017. These biscuits were initially created to aid digestion and were made from a blend of whole wheat flour, sugar, malt extract, and baking soda.
During the introduction stage, McVitie’s focused on promoting Digestive biscuits as a wholesome and nutritious snack that could aid digestion. The company employed various marketing strategies, such as advertising campaigns, product demonstrations, and sampling events, to generate awareness and interest among consumers.
As a result of effective marketing and promotion, McVitie’s Digestive biscuits gained popularity and quickly became a staple in British households and also across Nigeria. The biscuits’ reputation for being both tasty and beneficial for digestion contributed to their widespread adoption among consumers.
The successful introduction of McVitie’s Digestive biscuits laid the foundation for their continued success in the market. Over 150 years, the brand has expanded its product line to include various flavors and variations of Digestive biscuits, catering to different consumer preferences and dietary needs.
Overall, the introduction stage played a crucial role in establishing McVitie’s Digestive biscuits as a beloved and iconic snack, highlighting the significance of effectively introducing a product to the market to drive adoption and long-term success.