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 think all 5stages of the product life cycle are important but I believe the development stage is very crucial to the success of a product. A practical example is the social media app 2go. It’s decline came a little too early. It wasn’t developed to withstand the increasing competition in the market space.
AROH LAWRETTA IFEYINWA
I consider development stage as most important stage ,well developed product help other stages to push through. Though all stages works hands in hands.
I remembered working on a household product, the developing stage was not that strong at first which to me did not give me much morale to further more till the correction was made.
My experience as a proprietor of a school has proved that the development and maturity stages are very important and very tasking both in financial and human capital.
I put in a lot research to establish a school which grew rapidly and mature.
The researched analysis needed to sustain growth was carried out but implementing factors to sustain it was lacking due to insufficient human capital who has imbibed my dreams and aspirations to keep needed
to continue the maturity.This led to a sudden decline in the school.
Therefore,in any organization,one must have workforce that have catch the vision of the proprietor/business owner to sustain growth.
I agree with Christina Bek Larson,The
Product Life Cycle stages are all very important as each stage needs a unique attention.The Maturity stage is very demanding to the Product manager and potentially deceptive as one could be basking in euphoria of success forgetting to put up strategies to sustain the maturity.
Maturity stage is very tasking.
All the stages in PLC are important.The development stage .and maturity stages are very important.The development stage think,harness and incorporate all the essential characteristics into the product basically to solve challenges of consumers based on their willingness to pay for such product as seen from the market analysis.
The maturity stages is also important because this stage will determine how long the product will endure and withstand every market forces.Here ,the product management will have to carry out researches to determine factors that enhances growth which leads to maturity.The data obtained must be analysed so as to obtain all the necessary keys that will sustain maturity of the product and therefore sustain the life cycle for as long as possible.This will prevent declining of the product.
As it is a cycle, I can really point out one stage over other, but I would say that the development stage is when you will gets what your consumers needs, likewise,if the introduction is not sound enough, it can affect the growth of the product, which will lead to quick decline of a product in the market… Soo, I will categorically say that all stages are very important.
Personally, the development stage is the most important. Discovering and solving a problem and getting it right is a big deal especially when it’s brings value to the users. At that stage, a lot of thinking, brainstorming and calculated decisions are put into it to make it come out right or at least market worthy, then with time and feedback from users, tweaks can be made to make it better and more valuable.
I think of St Louis sugar, whoever thought about making sugar into tiny cubes must have been trying to solve the problem of how to gauge sugar intakes and probably manage the storage of it. Over the years, it did not experience decline but just recently had competitors and I don’t see them declining in the future either.
I understand your point that each stage in the product life cycle plays a crucial role and is interconnected. While I agree that all stages are important, I still believe that the development stage stands out as the most critical. This is because it sets the foundation for the product’s success. If the product is not well-developed to meet customer needs, it won’t perform well during the introduction stage, which in turn affects its growth, maturity, and ultimately, its longevity in the market. A solid development stage can significantly enhance the chances of success in the subsequent stages, ensuring that the product is competitive and relevant from the start.
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, however the growth is what I’ll pick.I think each stage requires something specific from the PM. But With competition and evolving needs in mind, I am thinking about the growth stage can be tricky. To keep relevant and ensure your product remains growing,revamp,rebuilt if the need arises.
A real life scenario would be Disney-they started out with cartons but soon notched up their game by creating Disney land making them stay and remain relevant.
In my opinion, development and introduction can work hand in hand, in the sense that while developing, you can pre-introduce the product to potential customers and take more feedback to refine the product in the development stage. Doing this can create a product that meets consumer demands and attracts more growth after lunch.
To me I think development stage is the most important stage in the product’s life cycle. The reason being that, if a product spent a lots of time at the development stage to ensure it passes every hurdles in other stages of its life cycle, there is no way the product will not be relevant at all time.
We can see this in Coke, nobody has ever produced any beverage to beat its flavour, and that is what making it to be relevant in the market till today.
I think the phase between growth and maturity matter most. Ensuring there is consistency, with update in place to stay relevant.
I would say the development stage is very much important in catering to the needs of consumers and ensuring products meet their demands effectively. It’s essential to analyze key ingredients and design products in a way that resonates with customers on a personal level, making them more appealing and meeting their expectations. This consumer-centric approach can lead to successful and meaningful product developments.