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 maturity stage. Even though we are evolving, we can always iterate to make sure the product does not decline. Continuous problem-solving will help keep the product amidst the competition and customer satisfaction.
I feel the most important and critical stage of a product is the growth stage. Almost every company in business has the ability and resources to create and develop a product but often find it quite challenging to keep the product relevant when competitions arise, in most cases competitors create something better and more appealing to consumers having studied the market. We live in a competitive world and it’s usually the fittest that survives, so I believe if any product could stay relevant and be in demand in the face of competition then I’d say it’s served it’s purpose so well.
However it is worth noting that no stage can survive without the other as all the stages are important to a product.
In as much as all stages in PLC are important because they co-exist to make it stage successful, I strongly believe the development stage should be given more attention to, because if proper venting and market surveys are done before introduction, the chance of the product declining will be slim.
It will be unrealistic to point at any particular stage as the most important. Every stage is very crucial as none exists independently. But amongst all the stages, I’d love to talk about the maturity stage as this is where I think creativity and proactiveness comes to play in order to keep the product sailing in the market space.
Let’s take SFN Nigeria and Crocs companies for example, these two companies are into rubber or plastic footwear production. Their products seem to have saturated the market space but instead of sales decline and products becoming obsolete, they restrategize by making and pushing more colourful and desirable footwears into the market. There’s no market space of footwear you enter (online and offline) without seeing different versions of SFN and Crocs.
In fact, virtually everyone uses these products, both rich and poor.
Other companies are are beginning to imitate them by making copy-products (inferior) and pushing them into the market at cheaper prices, yet the main companies thrive. And I don’t see SFN and Crocs leaving the market space any time soon.
In summary, every stage is vital but at the maturity stage, organisations/companies should come up with strategies to ensure they don’t enter the decline stage.
In my opinion, the most important phase or stage is the development (product conception) stage of the product cycle-why because if you fail to get it right at that point (market research) you will end up developing a product that is not needed or not fit for purpose or users need. If you fail on due diligence on customer needs/problems, the entire product life cycle is at risk of failure which statistics in the introductory part of this course stated clearly is quite common for start ups and new products. However, I consider the most challenging phase to be the growth phase. Ascending that steep slope from introduction up to maturity phase where market penetration is established as a new entrant into the market. For example,
AquaPure, a small startup, has successfully launched an innovative water filtration system designed for urban households. After a successful introduction phase with positive customer feedback and initial sales, the product enters the growth phase.
The growth phase in AquaPure’s product life cycle presents several challenges that require careful planning and execution. Successfully navigating this phase involves scaling production while maintaining quality, managing an expanded supply chain, differentiating the product amidst increasing competition, and providing excellent customer service. Effective financial management and strategic marketing are also crucial to sustaining growth and establishing a strong market presence.
By addressing these challenges proactively, AquaPure can leverage the opportunities presented in the growth phase to solidify its position in the market and pave the way for long-term success.
For me, the developmental stage is very important because this is the time the company need to ask the right question and respond to a concrete life situation. Once a product is defective, it loses it life cycle even before it hits the market.
For instance, Spotify came along a few years ago and is currently the most used music app because they incorporated the old, the new, the trend and the young. This gave the app the ability to break through the market and respond to the need which the already existing apps and web music could not respond to, that is-the world is changing.
The most important stage in a product life cycle can vary depending on the product and industry, but generally, the introduction stage is crucial. This is when a new product is launched into the market, and its success at this stage can heavily influence its trajectory throughout the rest of its life cycle. Proper market research, effective marketing strategies, and gaining a foothold among consumers during the introduction stage can set the stage for long-term success. However, every stage of the product life cycle, including growth, maturity, and decline, requires attention and strategic management to maximize the product’s overall success.
The development stage is the most critical stage, cause this stage sets the foundation for the entire products and has a significant impact on its success.
Theresa
The Development is the most important stage because its 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. Once the product is ready to go to market, initial steps takes place where you spent a lot of time understanding how users respond to the product.
That’s right Terris, I agree with you!
Ibekwe, Theresa .O.
The Development stage is important stage because that is where you figure out what fits your consumers needs, desires, and what trends in your industry to adapt and build a product that will thrive through all stages and still remain relevant. My humble thought.