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 most difficult stage to me is Declination because at this stage the company product seems to be less relevant in the market and this may be as a result to loosing interest from customers due to quality or pricing or loosing their ground to rivals in the same service.
So for the organization to regain their market dominance,it will be extra effort and expenses and strategies to overcome this.
I would say say the maturity stage of a product is the the most important, because at this stage sales has slow down or start to drop. So I feel like at this stage is when the company calms down and re- strategize, like upgrading the product, changing the design,add new features and removing or upgrading the old features of that particular product. Tho all the other steps are still important
All prodcut stages are vital.However I would think of maturity stage as very critical as it may be the success or the failure of the product. At this point, it may require to conform through modification, redesigning or totally abandoning to a new product based on consumer feedback, profitability and industry needs.
I also agree with other thoughts outlined by others based on experiences and observations.
I think that the Development Stage is the most important. I think so because it is at this stage that you do your initial market research to find out how viable the product is and if it is even necessary. It is also this stage that gives life to all other stages in the life cycle.
I think the most important is the DEVELOPMENT stage. first of all, without successfully developing a product, there’d be no PLC to talk about.
furthermore, this is where all the other stages of the PLC is taken into consideration. it takes more than just making a product but also the vision to see into the future and make room to keep the product from declining.
An example that comes to mind is Amazon, even with all the advances in tech, it still remains valid and most likely will remain so for the forseeable future
I believe the most important stage is the DEVELOPMENT STAGE because It’s a stage where proper planning and discoveries for a great product is being carried out.
A sound DEVELOPMENT STAGE will yield an outstanding Introduction, growth and elongate the maturity stage.
A sound DEVELOPMENT STAGE will definitely delay the decline stage. Nothing relevant goes into extinction.
For example before releasing a marriage course, I am expected to find out if such course solves a problem in the society.
I believe the most important stage is the DEVELOPMENT STAGE because It’s a stage where proper planning and discoveries for a great product is being carried out.
A sound DEVELOPMENT STAGE will yield an outstanding Introduction, growth and elongate the maturity stage.
A sound DEVELOPMENT STAGE will definitely delay the decline stage. Nothing relevant goes into extinction.
The most important stage of a product lifecycle would be the “Growth” stage for me.
At this stage , the product has already been introduced into the market and accepted by customers. How well the product does in the market would be the most important. Also , surviving numerous competitions and generating substantial revenue and building customer support and loyalty.
For me, I will say all stages are important, they are interwoven. For a product to stay relevant in the market in the face of competition.
There has to be rebranding, innovative ideas to keep customers in line.
Example is the consumable beverage drink Milo. Even with the others like bounvita, ovaltine etc.
Rebranding in taste, affordability and availability has helped it standout in the make.
The growth and maturity stage is to be looked into and monitored closely to avoid extinction. This will always take a Product manager through all the cycles of a product.
I think the most critical stage is the development stage. As a company that’s out there to make profit, your ability to come up with a saleable products is really not an easy one or something you go into without deeper understanding and proper planning. It also introduces other stages.