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.
Development stage is the most important. It is at the development stage you get to air out and develop a plan for the products effectiveness. Development of the product will enable the product to determine its effectiveness by airing out the risk and how to curb them and have a flow of what to do for each stage, and if the product will meet users needs.
As much as all the stages of the PLC are very important in serving the other product and company goals, the INTRODUCTION STAGE is the most important of them all. If the timing of a product introduction is off from the “what and when” of consumer needs, market response to the product may not serve justice to the quality and potential of the product.
An example of bad timing for product introduction is the NOKIA WINDOWS OS PHONE. The phone was introduced in a period when demand for android OS was fast rising. Irrespective of whether the development stage was concluded, understanding of the current market situation would have warranted withdrawal from proceeding with introduction of the product at that time. Possibility of going back to make adjustments in the development to suit consumer demand if market study still continues to suggest bad timing for introduction.
In every stages of product life cycle all the stages plays a vital role in product management. All these coming together ensure the sustainability of a product in the market place among it competitors
I think the as a cycle every development stages in important,and crucial ,then the development stage is the important stage cuz it’s like the brain box of all other stages .take for an instance if a game app is not developed well to meet the needs of it’s consumers ,there will be a problem.
In the product life cycle (PLC), each stage plays a crucial role, but if I were to pick the most important, I would say it’s the introduction stage. This stage sets the foundation for the product’s entire journey, influencing its market acceptance, initial pricing strategy, and early adoption rates.
During the introduction stage, a product is launched into the market for the first time. It’s a period of high investment in research, development, and marketing. Companies often face challenges such as creating awareness, educating consumers about the product’s benefits, and establishing distribution channels.
An example that illustrates the importance of the introduction stage is the launch of the iPhone by Apple in 2007. Apple invested heavily in marketing and creating buzz around the iPhone before its release. They focused on showcasing its innovative features, such as the touch screen interface and internet capabilities, which set it apart from existing smartphones at that time. The successful introduction of the iPhone not only revolutionized the smartphone industry but also established Apple as a leader in innovation.
Reflecting on the comments from other learners, some might argue that the growth or maturity stages are more critical because they represent periods of scaling sales and market dominance. Their experiences might differ if they have dealt more with established products or industries where growth and maturity stages are more prolonged or profitable.
Ultimately, the importance of each stage in the product life cycle can vary based on the industry, product type, and market conditions, but the introduction stage stands out for its role in shaping initial perceptions and market positioning.
The most important product lifecycle stage to me is the Introduction stage. This stage sets the foundation for a product’s success, as it’s the first impression in the market. A well-executed introduction stage builds brand awareness, and establishes a customer base, making it crucial for long-term viability and laying the groundwork for future growth and profitability.
As it’s well known, a good foundation can make a good building and not otherwise. If the base is poor, the building would lack sustainability if it stands.
Introduction stage is particularly pivotal, as it sets the foundation for the product’s future success and involves significant investments in marketing and distribution. However, success in any stage is crucial for the overall product lifecycle.
A real life example is the Tesla Roadster (2008): Tesla’s introduction of the Roadster was pivotal in positioning it as a leader in electric vehicles. The Roadster’s launch not only showcased Tesla’s technology but also demonstrated the potential of electric cars, helping to build a brand reputation that has supported its future models and innovations.
Introduction stage is particularly pivotal, as it sets the foundation for the product’s future success and involves significant investments in marketing and distribution. However, success in any stage is crucial for the overall product lifecycle.
Well, i do agree with the others who chose the Development stage as the most important, however, i also would choose the Decline stage to be the most relevant not saying the other stages aren’t as they all can not exist with the other. Take Kippa as an example, a leading tech company with an accounting and expense tracking product(app), they had stayed on in the market for a bit, not less than 4 years i believe and very well so caught the interest of their clientele, but at some point, due to various reasons; economic downtime etc, they lost the ability to keep up and eventually declined to a close infact, Lack of these ever changing updates or designs to keep up with the trending market will lead to a complete loss of all the work that had been done in the previous PLC stages.
I would say that the most important stage in PLC is the development stage which involves searching for the right product that can solve the needs of the customers.
A practical example is Opay. The developers of this app came up with it when internet banking was slow, had network issues and other problems that were frustrating to users. And we see that indeed this product was a solution to that particular problem.
I totally agree with Rhoda because the new coca-cola formula was never the need/the problem of the people.