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.
For me its a bit difficult to point out the most important stage in the Product Life Circle due to the fact that it is a circle. One stage affects the other. However, no matter how good a product is in its development without the requisite publication, it won’t go out of the vicinity. Therefore, the introduction stage is important in my own view. Though the development stage is very important too.
The most important stage in a product’s life cycle is often debated among marketers and business professionals. However, I’d argue that the Introduction Stage (or Launch Stage) is the most critical.
*Why?*
1. First impressions matter: The introduction stage sets the tone for the product’s entire life cycle.
2. Market positioning: It establishes the product’s unique selling proposition (USP) and competitive advantage.
3. Customer acquisition: A successful launch attracts early adopters, generating buzz and word-of-mouth marketing.
4. Revenue generation: A strong introduction stage can drive initial sales and revenue growth.
*Real-world example:*
Apple’s iPhone launch in 2007 revolutionized the smartphone industry. Apple’s strategic introduction stage included:
1. Innovative design and user experience
2. Effective marketing campaigns (e.g., “This changes everything”)
3. Strategic partnerships (e.g., AT&T exclusivity)
4. Carefully managed supply chain and distribution
The iPhone’s successful introduction stage:
1. Created a new market segment (smartphones)
2. Established Apple as a leader in mobile technology
3. Generated massive revenue growth (iPhone sales exceeded $1 billion in the first year)
All stages of the PLC is important. It’s as good as nothing if each stages doesn’t build on the previous one.
A real world example will be that of my friend’s Fashion house, together we set out to plan what our target audience will be and their choice of wears/clothing.
We started pretty well. Right now, we are in the growth stage, ensuring we meet our targets; monthly, quarterly and yearly.
The product life cycle holds varying significance for different stages depending on a company’s goals. However, the introduction stage to me emerges as a critical phase for establishing a product’s long-term success. This initial market launch serves to:
Introduce and position the product: Create awareness, build brand loyalty, and establish a clear value proposition.
Attract early adopters: Generate excitement and secure vocal advocates who can influence wider adoption.
Gather valuable market insights: Refine product and marketing strategies based on customer feedback.
Strategic decisions made during the introduction, such as pricing and marketing messaging, heavily influence a product’s trajectory. A well-executed launch, exemplified by Apple’s revolutionary iPhone introduction in 2007, lays the groundwork for future growth and establishes a strong foundation for long-term success. While subsequent stages like growth and maturity are important, they build upon the momentum and positioning achieved during that pivotal introduction phase.
Like the english would say “as you lay your bed so you lie in it”. Development stage plays the most important and vital role in every product so to say. Without a very proper planning a product will not pass the development stage not to talk of introducing to the large market. Lets take as an example an individual who aspires to be a doctor, to sell his self to any organization he must have gone through a rigorous training to attain that fit and as time goes on he may choose to specialise in any part of the field and then continue to develop his self to continue selling his services to the consumers in that space.
The most important stage in a product life cycle is the development stage. The success of every other stage is determined by the development stage. If you are preparing a product to solve a need and the product does not meet the market-criteria, it will affect negatively the introduction, growth, maturity and decline stage.
I am going to give an example of an organisation that produces tangible consumer product I worked with. The product is a bottled water, it was developed and introduced into the market but growth was very slow because the product itself did not meet market-criteria in terms of quality. We have to go back to the drawing board, identify the issues, improve the quality of the water to meet market-criteria then it was re-introduced into the market- and boom the product was a hit and the growth stage was astronomical and currently it has remain in it’s maturity stage and doing very well.
With this example I want to buttress my opinion that the development stage is the most important in a product life cycle.
Hmmmmmmm, well,I feel all stages are important.
it’s safe to say introduction and development are germane
The Development stage is the critical one here. Why because in this stage it is required that a research is done on customers’ needs and behavior and the price they will be willing to pay for the product. When I started a small poultry business I did not consider the expectations or needs of the customer on my product and that cost me a lot of shortage in profit by 70%.
I believe the Development Stage is the most important stage of the PLC. I do believe that the best products never leave the development stage completely. They are consistently being modified to meet new demands and solve more problems. Take for example the transition of mobile phones over the years. They started as just devices that are one step ahead of the traditional telephone. Today we have a year-on-year improvement on these phones. Every year a new feature is introduced to meet the changing demands of the market.
For example, when Nokia refused to embrace developing into the Android ecosystem it greatly affected its market, making it lose its place as the top global market share holder.
The Product Life Cycle is like a journey a product goes through from birth to death. The most important part of this journey is the beginning, called the Introduction Phase. This is where the product is launched and introduced to the world.
At this stage, the company needs to do a good job of marketing and advertising to get people excited about the product. This sets the tone for how well the product will do in the future. If it’s done well, the product can become very successful, like the iPhone was when it first came out in 2007. Apple invested heavily in marketing and advertising, creating a buzz in the smartphone industry. The introduction phase was so successful that it transformed the smartphone industry and established Apple as a leader in the market.
But if the introduction is done poorly, the product can fail, like Google Glass did. So, it’s crucial for companies to get this stage right to ensure their product’s success.
In short, the Introduction Phase is the most critical part of a product’s life cycle, and companies need to nail it to make their product a hit!
I think the most important stage is the Growth because the product has already established its presence in the market and begins to see an increase in sales and adoption hence setting the foundation for long term success. It is the stage where the product’s market potential is realized and the decisions made at this point have a lasting impact.
Reflecting on the Most Important Stage in the Product Lifecycle
Chosen Stage: Introduction
The introduction phase of the product lifecycle is, in my opinion, the most crucial. Because it lays the groundwork for the product’s future success, this phase is crucial. This phase involves the product’s introduction to the market and the formation of initial perceptions. An effective launch can have a big impact on the product’s market acceptance and growth.
Reasons for Importance:
Positioning and market Entry: How well the product is accepted by the intended market is determined during the introduction phase. In order to raise awareness and spark interest among potential customers, effective positioning and marketing techniques are essential.
Reactions and Rework: Early adopters offer insightful input that helps the product get better. This phase provides a chance to fix any problems and make the required changes before the product is made available to a larger consumer base.
Brand Perception: The way people perceive a brand is influenced by its early marketing initiatives and product performance. Building a favorable reputation through a strong introduction is crucial to gaining the trust and loyalty of customers.
Real-World Example: Apple’s 2007 debut of the first iPhone serves as a real-world example of the importance of the introduction stage. The iPhone transformed the smartphone industry, and its successful launch paved the way for Apple’s market supremacy. The product’s unique features, along with Apple’s brilliant marketing effort, sparked widespread interest and enthusiasm, resulting in quick expansion and a dominant market position.