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 important stage in the product life cycle is the Development Stage. This stage is crucial because it lays the foundation for the entire product. During development, the product is conceptualized, designed, and built to meet the needs of customers. If the product is not well-developed, it will struggle to succeed in the subsequent stages. A well-executed development stage ensures that the product is viable, competitive, and aligned with market demands, increasing its chances of success in the introduction, growth, maturity, and even delaying the decline stage.
A real-world example that suits this answer is the development of the iPhone by Apple. Before its introduction in 2007, Apple spent considerable time and resources in the development stage to create a revolutionary product that combined a phone, an iPod, and an internet communicator. The extensive research and development paid off, as the iPhone met and exceeded customer expectations, leading to a highly successful product launch. Its innovative design and functionality set a new standard for smartphones and propelled Apple into a leading position in the market. The success of the iPhone can be attributed to the meticulous and strategic efforts invested during its development stage.
In my opinion i will say the development stage is the most important in the product life cycle. This stage is crucial because it involves defining and creating the product to meet market needs. A well-developed product lays the foundation for success in subsequent stages. For example, the iPhone’s development have been key to its long-lasting success and market dominance despite the market price and i do agree with Peter Scheinsohn’s comment on the importance of the introduction stage. A strong introduction can significantly influence a product’s growth. However, without a solid development foundation, even the best introduction strategies might not sustain long-term success.
Development stage to me is the most important. Customers/ users is the first point of every product manager. Hence, developing of a new product has to be as a result of users feedback. We cant just develop by our own wants but the users.
I think each stage of product life cycle is very crucial and important because it is a must for every product to undergo these stages . Each of this stages are indispensable, the action and effort put to each of the stages will determine the outcome of the product and its stand in the market world.
If a product is well developed before introducing it to the market it will definitely grow well out there and matured to its fullness and still maintain it relevance for a very long period of time.
I would say the development stage is the most important stage. Your product has to be solution-focused or not problem-based. If a product is not directly addressing a solution for the consumers, they won’t see a need for the product. For instance, in a village that lacks portable water and an NGO decided to construct borehole for the village. With conducting research the NGO constructed the borehole at the centre of the village and later realized that the community members still walk all the way down to get water from the stream, not utilizing the borehole close to them. The villagers will most likely going down to the stream because the walk to the stream is their only time to discuss and gossip about issues in the village. So assuming the NGO has done their research, they would have dug the borehole close to the stream, providing portable water for the village and the same time allowing the villagers catch on the happening in the village on their way to the borehole.
I think growth stage is important though all stages are crucial as one stage will not exist without the other but growth is the hardest stage in life generally. Also, for product i think growth stage is more crucial as product development and introduction will eventually be meaningless if there is no growth because growth shows the product is accepted by consumers and the demand will be high at that point. The growth must be properly managed so the product growth will last for sometime before declining.
Each of the five stages of the product life cycle is important, and it is vital to make the correct business moves at the correct stages.
Also, there’s need to recall that each stage is as successful as possible by adjusting the strategy and investment around the product. You should never become complacent with a product: you should always foster innovation and continuous improvement.
Based on my second paragraph, I see the development stage very key because a lot of exploration is done before the product launch from research, to investment, to market survey, customer feedbacks which helps and determines the success of the next stage
However, the growth phase is also another second important phase bearing in mind that growth is determined by various factors including how valuable or popular a product is, an example would be Twitter X, FB etc
I think the growth stage should be considered the most important stage in the product life cycle. During the growth stage, the product gains acceptance in the market, leading to a rapid increase in sales. This is crucial for establishing the product’s presence and gaining a competitive edge.
1. In my opinion, the most important stage in the Product Life Cycle (PLC) is the growth stage.
2. Explanation:
The growth stage is critical because it is when a product gains traction in the market, leading to increased sales and profitability. During this stage, the product starts to establish itself, market awareness increases, and customer acceptance grows. Companies can achieve economies of scale, improve profit margins, and establish a strong market presence. It’s also a pivotal time for reinvestment in marketing, product improvements, and expanding distribution channels to sustain and enhance growth momentum.
3. Real-World Example:
A real-world example from my professional experience is the launch of a new fragrance line under my perfume brand, Eternal Oud. After successfully introducing the fragrance, we saw a significant rise in customer interest and sales during the growth stage. This period was crucial for us to ramp up production, enhance our marketing efforts, and expand our distribution network. The growth stage allowed us to solidify our brand’s presence in the market and build a loyal customer base.
Every stage of the process is important and thats why we call it a cycle but everything still stands on the root and in this case the DEVELOPMENT STAGE is the root of the product process .
Taking COCA COLA for example the development stage is still the reason why the product is still relevant . Despite competitions , bad medical campaign that it causes lots of health issues , people cant stop taking coke and it has stayed at the maturity stage till date because other brands have not met with the unique taste and the satisfaction the customers get any time the product is consumed all this is because the product was perfected at the development stage .