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.
In my opinion, the most important stage in the product life cycle (PLC) is the introduction stage. This stage sets the foundation for the product’s success and shapes its course throughout the rest of the cycle. During the introduction stage, companies have the opportunity to establish their product in the market, create brand awareness, and build customer interest. If executed effectively, this stage can lead to a strong market position and sustained growth.
Every stage of the product life cycle is important. The development stage, to me, seems to be the most important. that is the point where the product because that is the stage when you determine if the product is what your customer needs. Developing the wrong product or a product, not your customer’s needs affects every other stage of the product life cycle.
In building a product, the goal is to ensure that the product is:
* Valuable- Meaning a product that solves a customer’s need.
*Feasible- A product that is easily built, maintained and scaled.
*Usable – A product that is easy to use
* Viable- Product that will make a profit and meet business revenue objectives.
That being said, I believe the Development stage is the most important phase because it involves planning, forecasting and marketing the product to the right customers at the right time. In this phase, the PMs will gather market research requirements enabling the product to align with customer needs and the market scenario. Without this phase the introduction, growth, Maturity and Decline phase is futile. Also, the answer to avoiding blunders in the introductory phase is to adopt the lean approach to product development which gets everyone involved. The product is developed and introduced in iteration until the product meets market fit before it gets to the Introductory phase.
Growth stage is very crucial to me because this is when the right audience for that product is being revealed and whatever is been done in terms of giving value would make or marr the product.
Well to me, introduction is very important, don’t get me wrong, every other stages are very important, but if the vision and mission of the product is not properly introduced to the market, there’s a probability that it’s just a matter of time, it will die down.
Introductory stage is very crucial because this is when the right audience for that product is getting to see and meet the product.
How it’s introduced will determine the next step of action of the consumers.
The development stage.
Developing a new product to meet the needs of people, the management have to invest time, resources and capital to produce a new item.
I feel like the introduction stage is the most important, it’s okay to develop a good product, but if you don’t introduce it to the right consumers it’s is as good as a waste…the introduction is also the advertising stage ….I agree with the people that picked introduction
Development stage: This is the period a company developed a good product that has a consumer reach. Creating a product is as important as creating a product people need or will come to need.
The most important part of the cycle is the foundation, the development stage because at this stage, we are not only concerned about the present of a good product but also it’s future.
Therefore, a good development stage will factor in the subsequent experience of the product and factor a system for sustaining the product.
For example, there was a time a company wanted to create a service of transporting people cheaply when they order for a ride from an app specially made for that. This product later failed and declined from market after a year due to companies debt. A year after other companies started the same idea but with a better plan and they are still in business.
The most important part of the cycle is the foundation, the development stage because at this stage, we are not only concerned about the present of a good product but also it’s future.
Therefore, a good development stage will factor in the subsequent experience of the product and factor a system for sustaining the product.
For example, there was a time a company wanted to create a service of transporting people cheaply when they order for a ride from an app specially made for tha