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 quite agree with some people who talked about development.
In my own opinion, development, introduction, growth, and maturity play a big role in the decline.
So is very simple, the way these four processes (development, introduction, growth, and maturity) are always been handled, put in place, and maintained determines if there will be any decline in products or not.
The product developmental stage is the most important because it ensures that the product addresses genuine customer needs, aligns with market opportunities, and lays a solid foundation for subsequent development, launch, and growth. A strong emphasis on this phase can significantly increase the likelihood of product success.
For me, I think it’s the introduction stage. You might have a very good product right there in your hand but if you do not create an awareness or introduce the product to the market,it’s as well as not developing anything.
Before you developed your own product, there was already a brand of it out there.
How do you convince a market that is use to brand A to start using brand B which is you?
This is where good communication , negotiation and persuasive skill comes in.
If you pass the introduction stage and you are able to capture the market to use brand B, sales boom.
And this might last for years if you do a proper follow up and engage them.
I believe the most important stage in the product life cycle (PLC) is the GROWTH STAGE. This phase is crucial because it often determines the long-term success and sustainability of the product. During the growth stage, the product gains market acceptance, sales rapidly increase, and profitability begins to rise. This stage is critical for several reasons:
1. Market Penetration and Brand Establishment: The growth stage is when a product can solidify its presence in the market, which are essential for long-term success.
2. Economies of Scale: As sales volumes increase, companies can benefit from economies of scale, reducing per-unit costs and increasing profit margins.
3. Competitive Positioning: This stage often attracts competitors. Companies must strategically enhance their product features, improve quality, and possibly adjust pricing to maintain a competitive edge.
4. Resource Allocation: Profits generated during the growth stage provide resources that can be reinvested into further product development, marketing, and expansion efforts. .
Real-World Example: Apple iPhone
A prime example is the Apple iPhone. When it was first introduced, it was in the introduction stage, characterized by heavy marketing and slow initial adoption. However, it was during the growth stage that the iPhone became a cultural and technological phenomenon. Apple was able to:
– Expand its market reach globally.
– Introduce new features and improvements, creating subsequent product iterations.
– Solidify its brand as a leader in innovation and quality.
– Achieve significant economies of scale, driving down production costs and maximizing profits.
Growth stage is an important stage in a product’s life cycle but what will stay in the growth stage was developed in a more important stage which is development stage. That should be given more attention than the growth stage.
Firstly, all stages are important in a product life cycle but for me, the most important stage that comes to mind is the decline stage. The work that is vested into staying relevant in the market is quite an enormous one and this is because new and probably better products might have flooded the market. Using taxis as an example, it made sense over a decade back when you could just walk to the bus stop of your home in order to get one of those yellow taxis and direct them to your pick up point so that other persons could get in or the item you want to carry could be put in. Along the line, taxify came with a whole different idea of you getting a taxi within the comfort of your home, which actually pushed many customers to forgetting old taxi due to the comfort that came with taxify. Eventually uber, rida, in-drive, to mention a few came, then taxify started loosing its relevance and facing so much competition in the market, which probably caused them to go back to their drawing board to make changes, then they became Bolt and even made the app more interesting by adding the schedule feature, which other driving apps do not have at the moment. However, I actually agree with those who talked about the development stage because every market fallout causes the team to go back to exploring ideas again before arriving at a decision but does not mean that the product might not decline again.
Wonuola
The most important stage in the product life cycle is the Growth stage. During this phase, the product gains market acceptance, sales increase rapidly, and profits begin to rise. This stage is crucial because it determines the product’s future success and longevity. Effective marketing, scaling production, improving product features, and building brand loyalty are essential to capitalize on the growth phase. Competitors may enter the market, so establishing a strong market position and differentiating the product from others is vital. Successful navigation of the Growth stage can lead to a sustained product life and market dominance, whereas missteps can result in stagnation or decline. Thus, strategic focus during this stage ensures the product’s continued success and profitability.
I think the introduction stage is a very important stage because a product can be flawless and well developed but wouldn’t have a clear message that will be pass to the consumers hereby not projecting the product. I also agree to development stage being important but if a company has a good product and the product manager doesn’t give a clear information about the product it can kill the remaining stage. So the information stage is important.
I believe the development stage is the most important because once a product isn’t developed right even if it is introduced to the market, it’s flaws would be realised which might lead to a call back which caused the producer to lose credibility
For me i will say the “Development Stage” is crucial because before you introduce a product to the market you must have carried out extensive research to see if the product will meet the needs of the users which after you can carryout the development. People have different views of things but i believe everyone has point
Determining the Most Important Stage in the Product Life Cycle
Reflecting on the product life cycle (PLC), I believe the growth stage is the most important. This stage is pivotal because it determines the product’s future trajectory and long-term success. During growth, the product has already passed the critical hurdle of market introduction and begins to gain traction, attracting more customers and generating increasing sales.
Why Growth Stage is Critical:
1 Market Acceptance and Expansion: In the growth stage, the product is gaining market acceptance. The initial feedback and adjustments made in the introduction stage start to pay off, leading to a surge in demand. This is when a product can scale rapidly if managed correctly.
2 Competitive Positioning: As the product grows, competitors will likely enter the market. Effective differentiation and strategic positioning during this phase can establish a strong market presence that can be maintained into the maturity stage.
3 Revenue and Profitability: This stage often marks the transition from investment-heavy introduction to profitability. Efficient scaling can maximize revenues and begin to recoup initial development and marketing costs.
Customer Loyalty and Brand Building: Growth provides the opportunity to build a loyal customer base and strong brand recognition, essential for long-term success and customer retention.
Real-World Example: Tesla Model 3
A notable example of the criticality of the growth stage is the Tesla Model 3. After its introduction in 2017, the Model 3 entered a rapid growth phase. Tesla strategically ramped up production and expanded its market presence. The Model 3’s success in the growth stage was essential for Tesla, helping it achieve economies of scale, improve production efficiencies, and solidify its position as a leader in the electric vehicle market. The growth stage not only boosted Tesla’s revenues significantly but also strengthened its brand and competitive edge in the industry.
Reflection on Peer Comment:
While a well-executed introduction sets the stage, it is the growth phase that ultimately determines a product’s long-term success and viability in the market. Without effective growth strategies, even the most well-introduced product can struggle to achieve lasting success.