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.
while each stage of the product life cycle is important, the significance varies depending on the context. However, the introduction and growth stages are the most crucial in my opinion for establishing a strong market presence and achieving initial success, while effective management during the maturity and decline stages is essential for sustaining profitability and adapting to changing market conditions.
What stands out as the most important stage to me is the Development Stage. Here much data can be gathered and ideas brainstormed, and lessons learnt from observing the performances of other similar products in the market which may be in further stages of product development. This can aid in enhancing the product under development.
Each stage of a product’s life cycle is significant, but the most crucial stage depends on various factors such as industry, market conditions, and the product itself. However, the introduction stage is often considered vital as it sets the tone for the product’s success or failure, establishing its initial market presence and building customer awareness.
I’d go with the Introduction phase.
This is the phase where the product is tested in a real-life setting. This is the phase of proof-of-concept. This allows you to quickly withdraw the product if it isn’t meeting the intended need and iterate as fast as possible or re-strategize entry.
The speed of the growth phase is determined by the success of the introduction phase.
If you the vital information at the development stage, then you have missed it all and going back to correct it may be costly.
To me development stage is the most important because if you miss it here then you have missed it all.
I also understand introduction is key after development.
The introduction stage of a product is crucial as it lays the foundation for the growth and maturity stages. During this stage, sales and market share usually increase, and profits are maximized. If the introduction stage is not executed well, it can hinder the product’s chances of success. This can lead to difficulties in gaining market acceptance and achieving profitability.
Introduction is the most vital stage in the product life cycle. Even if product was properly developed, but not good enough highlight and market or not clear enough introduced for which association it is, it will significantly influence its further growth.
For mean all the stages of the Product life cycle is important as they are interrelated, but the one that stood out for me is the Development stage- this is the brainbox of the product, all the strategic plan, designs, user experience are considered in this stage and if the the future there is need for modification of the product it will take place at the development stage too.
The development stage of a product is the most important in my own opinion. Although the other stages are important but the development stage 6is the most important stage. This is because at this stage, if proper findings are not made before a product is developed, that alone can lead to the end of the existence of the product before maturity. In developing a product, the product manager needs to communicate with the consumers to know exactly what they would like and how it should function. If a product is developed without the involvement of the end users, the product might not survive in the market. The product manager needs to develop the product, based on what is demanded in the market.
I’ll give an example, during the corona virus period, my brother imported a particular device into Nigeria. This device is designed to be used in opening doors,used to operate ATMs. So instead of you touching some places and things with your hands directly,you use the device. Long story short, we were unable to sell half of the quantity we imported, this is because people’s mind set in this part of the world towards this type device was negative. Most people believed that the product couldn’t prevent them from contacting the disease and so they did not buy them. Up till now the device are still unsold. So not carrying out Market survey and talking to the consumers one on one to know what they want before production can affect the longevity of the product in the market space.
I agree totally with Chibuzo Anazodo. You must first figure out what fits your consumer before production. You cannot just develop what you like and think it is right for the consumers. It is important to understand what the personal preference and belief system of your consumers are before going into production.