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 would say the development stage is the most important stage because that is the stage where you find out what product would fit the consumers needs so that the product can be introduced properly for consumption
I think that the maturity phase is key because this is where the product has bee accepted by users ;it is important because wrong management of the product at this phase can shorten or terminate the cycle .
I believe all stages are important but the growth stage stands out. After putting all the resources and effort into transitioning or launching the product into the market, this stage reveals the profitability of the product, this is where brand loyalty and a loyal customer base is created. If the product is widely accepted, the company can use competitive advantage to edge out competitors and similar products and gain more grounds.
I think development stage it’s a critical stage in the Product life cycle.
It helps determines the success and failure of the product considering that the development stage centre on getting /understanding ‘”user/consumer preferences”’ and several other factors are needed to ensure acceptance and commercial viability/growth of a product.
However, one cannot underscore the importance of the decline stage to ensure continuity by innovation and adaptation to various new competitions, new technologies etc that will ensure the product remains relevant and has a long lasting Product cycle .
Such can be seen a consumer product such as Coca-Cola whose Product life cycle has remain long with diverse adaptations in its packaging over several years of its existence from usage of bottles, cans, pet bottles etc.
For me, it will be difficult to identify which of the stage are important since one stage is a dependable variable to the other, but I can agree with more firmly is the development stage, where the product is birthed from a vision to solve problem and meeting customer’s requirement: it’s when a product meet users demand, it can be introduce to the market.
The development stage is the only stage which is dynamic in operation; modification and redesign of the product to meet the current market trend is a post phase of the development stage.
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 it’s where the product is first launched into the market.
During this stage, the company is investing heavily in marketing, advertising, and promotions to create awareness and generate interest among potential customers. The goal is to create a buzz around the product and establish a market share.
A real-world example of a successful Introduction Stage is the launch of Apple’s iPhone in 2007. Apple invested heavily in marketing and advertising, creating a hype around the product’s innovative features, design, and user experience. This led to a huge demand, and the iPhone became a game-changer in the smartphone market.
I agree with a comment from a random learner who stated that the Introduction Stage is crucial because it sets the tone for the product’s entire life cycle. They shared an example of a new energy drink that was launched with a strong marketing campaign, which helped it gain a significant market share within the first few months.
However, another learner mentioned that the Growth Stage is the most important because it’s where the product starts to gain traction and generate significant revenue. They shared an example of a software company that struggled during the Introduction Stage but eventually found success during the Growth Stage by continuously innovating and improving their product.
While both perspectives have merit, I still believe that the Introduction Stage is the most critical because it lays the groundwork for the product’s future success. A strong launch can establish a loyal customer base, generate buzz, and create a competitive advantage that can be leveraged during the Growth Stage and beyond.
The most important stage of the Product Life cycle is determined by the organization’s focus. For a new company, it is the introduction stage as this is the core and determines the survival of the company. It is crucial as this guides the resources and time allocated in ensuring that the right product is achieved that is customer-acceptable at the right price. For a mature company that can afford to invest in research and development, the mature stage is the most important as gains and successes are achieved. This ensures that returns on investment (profits) is maximized.
in as much all stages of the product, need each other to enhance the success of the product, I would say the development stage is more important because it defines the product’s worth, which will definitely determine if the product will gain its place in the market.
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UWOGHIREN OSAGIE WILLIAMS
The importance of each stage can also be influenced by external factors such as market conditions, competitor actions, and technological advancements. Successful companies often adapt their strategies throughout the product life cycle to maximize profitability and sustain growth. Therefore, while the introduction/developing and growth stages are critical for establishing a product, sustaining success through effective management in the maturity and decline stages is equally crucial for long-term viability.