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.
As for me, I believe the development stage is the most important as this set tye basis abd foundation of the product. A saying that if we fail to plan, then we plan to fail works well even with product. Gaining important knowledge and using the knowledge to plan extensively before launching is the best way to go.
I think Maturity is a critical point in the life cycle of a product because if care isn’t taken at this stage, the product can end up being wiped out of the market,thereby moving to the decline stage.In this maturity stage the product managers are expected to think of innovative ideas to keep the product in the market and ensure their customers are still getting value from the product.
I have seen products that make it to the market, do so well for a period of time and at the long run, you can’t find them in the market again. That is because the market is going to be filled with competitors and a product manager has to find a creative and innovative way to make customers glue to the product and not get bored or tired if it. That is why the maturity stage is very important and critical in a product life cycle, anything done or any decision made can either make the product thrive or get pushed out of the market.
I would agree with Peter Scheinsohn that introduction of a product is very important but I am of the notion that, people can get tired of a product if there’s nothing new or interesting about it, no matter how good they are with advertisment take indomie for an example, they didn’t stop at producing the normal chicken flavor of noodles, even though customers loved them, they produced other flavors like crayfish flavor, pepper soup etc…just to keep their customers always interested in them and looking out for what they would produce next. Even the Havaianas produced a new product design.
I think, it’s growth stage. It would be easy for a product manager to go through these prior stages i.e. Development and introduction stages, but growth and/or stability stages seem to have challenges. It requires attracting more customers, a lot of marketing strategy, resources, sustainable income stability, consistence and scale up challenge.
To what challenges I have gone through after developing and introducing some of the movable/physical product(s) or innovations especially the prototypes, moving to the next stage, is somewhat a hardle. Coupled with limited resources, because you need more to scale it.
What I think is the most important phase of a product life cycle is the maturity phase, because this is where you can influence the trajectory of your company; you can resist the course of the life cycle from taking a decline and becoming even more productive.
For me I think the most important stage in a product’s life cycle can often be considered the Introduction stage. This is when the product is launched into the market, and it is crucial for setting the foundation for its success. During this stage, companies need to focus on marketing, creating awareness, and educating potential customers about the product’s benefits. A strong introduction can lead to positive customer perception and help the product gain traction, ultimately influencing its growth and sustainability in the market. Each stage is important, but a successful introduction can significantly impact the product’s overall life cycle.
For me, the development stage is the most important phase in a product’s life cycle because this is where some of the most critical questions about the product are answered. These answers ultimately lead to the product’s definition—that is, clarifying what your product truly is.
Key questions addressed at this stage include:
– What problem is the product aiming to solve (product as a solution)?
– Why is this solution ideal, and why do you believe it will work effectively?
– Who are the target customers?
– How will you create and package your solution (the product)?
The answers to these questions form the foundation of the product, providing it with a clear definition. With this clarity, a roadmap for the product can be envisioned, allowing for necessary adjustments during development. Ensuring that the right questions are asked and answered at this stage lays the groundwork for a successful product introduction to the market.
As a product manager in my own view;
The introduction and development stages are arguably the most critical stage in a product’s lifecycle.
The development stage sets the foundation, shaping the product’s core features and market fit. A strong product concept, backed by solid market research and rigorous development, can significantly impact its future success.
The introduction stage, though challenging, is pivotal for creating initial buzz and establishing a loyal customer base. Effective marketing strategies, pricing models, and distribution channels can accelerate market penetration and transition the product to the growth phase. As a product manager, I boldly made to understand that these stages are more essential than other necessary stages of the product, as they directly influence a product’s long-term viability and profitability.
I think the most important stage in a product’s life cycle is the introduction stage, as it sets the tone for the product’s success and lays the foundation for its future growth.
The important stage is the maturity stage.This is the most important one to extend from a financial point of view because this is the period when the product is at its most profitable.
For me,the most important stage of a product’s cycle is the Introduction Stage.
The introduction stage is an opportunity to build strong relationships with early adopters, who can become loyal customers and influence the product.
The introduction stage allows the company to establish the product’s market positioning. This is crucial to differentiate the product from competitors right from the start.
If you get it right at this stage and coupled with a few other factors, you can be sure that the product will stand the test of time..