It was supposed to be a year in which Liverpool built upon their title run-in from the year before, stocking their squad with quantity and quality to manage the fight on numerous fronts.
The return to the UEFA Champions League brought fantastic excitement, but there was also a fresh hope that the Reds could certainly fight for the Premier League title for the second consecutive season.
But 2014-15 was not like the campaign before it, in fact it was much, much worse. Liverpool's form, and their level of performance, regressed massively, leading them to a sixth-placed finish - which left them eight points off of Manchester United in fourth.
Ending the dismal campaign without silverware or a top-four finish has resulted in every aspect of the campaign being dissected, analysed and scrutinised, with people coming to numerous conclusions as to what went wrong and why.
One of the most popular of these explanations, was that the failure of the Reds' raft of summer signings to make an effective impact, ultimately played its part in their poor campaign.
The Northern Irishman spent a grand total of £117 million as they looked to replace the likes of Luis Suarez and Daniel Agger whilst attempting to build upon their second-placed finish the year before.
Unfortunately, a frightening majority of the eight signings brought in did not - or have yet to - work out. One, in particular, who has yet to meet the grade on Merseyside is Lazar Markovic.
The Serbian-born winger, first and foremost, arrived as one of a number of players renowned for possessing great potential for the future. However, having been a key player in an S.L. Benfica side which reached the UEFA Europa League final and won three trophies - Markovic also one who was expected to make an impact in his first season, insisting that he came to Liverpool to fight for the Premier League title.
Liverpool paid handsomely to secure Markovic's services, forking out £20 million for the then 20-year-old forward - but now, nearly 12 months on from the transfer, rumours are rife linking the FK Partizan Youth School graduate with a move away from Anfield, either permanent or on-loan.
Where has it gone wrong?
Upon arriving on L4, Markovic insisted that his expensive price-tag did not faze him. "I do not have any fear or stage fright whatsoever," he told the Liverpool ECHO.
Confident words from a confident young man who had tongues wagging, with a string of pundits, ex-pros and Portuguese footballing experts hailing Markovic's growing aptitude.
But in hindsight, it would be difficult to argue that Markovic kept his word. It turns out that he was quite the opposite, actually.
In fact, a critical error away at Arsenal, in an eventual 4-1 loss, was an unfortunate indictment of what has often plagued his first season at Liverpool.
Playing well down the right side, the Serbian was sent through two-on-one - with Raheem Sterling to his left and David Ospina quickly coming off his goalline and towards him.
Rather than try to slide a shot past the Colombian goalkeeper, which would have given his side the lead, Markovic perhaps wisely opted to square for Sterling to roll into an empty net - but there was one problem, the Serbian seemingly panicked and got his pass all wrong, playing it too far ahead of his teammate.
It put a sad blemish on what was actually a superb individual performance and he was withdrawn at half-time, with Arsenal three goals to the good after a strong seven minute spell before the interval.
That moment, rather aptly summed up his first year in a Liverpool career. It overshadowed a promising display, and the pass itself demonstrated good intelligence, but the execution was awry.
That will have not helped his confidence, which was already through the floor, shown by his hesitancy to shoot and attack.
After the disappointment at the Emirates Stadium, Markovic played just 20 minutes more of league football in the remaining seven games of the season - with Rodgers showing the same sort of scepticism and distrust that Markovic had come to show of his own abilities.
Is criticism of Markovic misplaced?
For moments such as his error vs. the Gunners, Markovic was strongly criticised by many. A lot of blame was placed onto his shoulders for the result against Arsenal, given that a goal at that specific time would have dramatically altered the game - which ended in a crushing defeat.
But it is important to remember that Markovic featured for just 1124 minutes across 23 games in all competitions, meaning of the games in which he did play, there were 946 minutes he missed. On average, then, Markovic featured for just a shocking 55 minutes across his 23 performances - clearly displaying a lack of faith and belief in his talents.
Yet, when the 21-year-old actually completed the full 90 minutes - which was only on just six occasions - two of those games resulted in his best displays in a red shirt, and they heralded two goals.
So, off the face of it, it's probably fair to say that Markovic has not really been given the opportunity to express himself that he could have been given.
Take the season before, for example, his maiden and only year in Portugal playing for Benfica, where Markovic scored five goals and added five assists in just 25 Primeira Liga games, but he featured much more regularly there - playing for 1,655 minutes in total.
That means he missed just 595 minutes from the games in which he played and across all competitions, he made an impressive 49 appearances - meaning he was, unarguably, an important figure in helping Benfica to the domestic treble and the final of a European competition.
His role on Merseyside however, despite arriving with great promise, has been much more peripheral - making all that much harder not only for him to get to grips with a third country in as many years, but gel with his new teammates.
Does Brendan Rodgers deserve more criticism for Markovic's inconsistent form?
Furthermore, Markovic was very rarely played in the position which he is most dangerous - something which is obviously likely not only to alter form, but also his impact in the final third and on goals and assists.
Of course, the Serbian was certainly known for being a versatile talent after he moved to Anfield, and though playing him at wing-back in a 3-4-3/3-4-2-1 meant he couldn't contribute as much further forward - it helped the team as a whole as they went on a 13-game unbeaten streak and became the country's form team.
Then again - Markovic, to his credit, actually performed rather adequately in the role - displaying some of his perhaps surprising defensive talents, but nonetheless, he was far from at his peak.
The best he played in that right wing-back position, was irrefutably, away at Sunderland - where he scored the winning goal and almost even netted a potential FIFA Puskás Award entry, as his runs from deep consistently troubled the Mackem's poor back-line.
Markovic was equally as lively away at Bournemouth in a Capital One Cup quarter-final victory. Griffin Park was where he opened his Liverpool tally, guiding an effort into the bottom corner from 15-yards, but he shone in general against the Cherries.
Showing a desire to drive to his marker and beat him, Markovic's attacking intent could not be faulted - but he was equally as impressive at intercepting and preventing Bournemouth counter-attacks with several well-timed tackles and his abundant pace, which allowed him to track back and catch his man more often that not.
The good, the bad and the ugly
Sadly, the other highlights are few and far between. His well-taken strike against Tottenham Hotspur one, whilst he was a figure of ambition and drive to get forward and attack in other games against the likes of Aston Villa and Manchester City in the league.
Instead, a lot of his most memorable moments so far for Liverpool come in the form of undesirable nadirs.
Another one of these, and again another perfect sypnosis of his Merseyside stay so far, came against Basel in a decisive Champions League tie at Anfield.
The Reds needed a win against the Swiss side to progress to the knockout rounds, and after fielding a slightly reserved and underwhelming side, Liverpool found themselves trailing at the break.
Brendan Rodgers opted to introduce Markovic at half-time. Understandably, he was keen to make his impact. And he did, for a period of time.
He looked considerably brighter than the others around him, adding much-needed dynamism, as Brendan Rodgers explained after the game, before being controversially sent off for catching his marker, Behrang Safari, behind him, with a flailing arm.
It was a contentious decision, but the Reds could do little about it. Nevertheless, his impressive, if short, cameo - meant Markovic went on to enjoy a sustained spell in the side after that evening, before he became the scapegoat of the side.
More often than not, as proved by his minimal minutes, he began to start being regularly pulled off at the interval. Usually, he would be substituted off after the Reds had struggled going forward, or to get into the game at all - but that was often not his fault, and he was usually unfortunate to have been the chosen fall guy. Aston Villa in the FA Cup semi-final, a 4-1 loss away at Arsenal and a 2-0 win at Southampton all perfect examples.
Just have a little patience
What does the future hold for Lazar Markovic? We will probably only have to wait and see whether he is given time to excel, but in order to truly witness the height of his abilities - Rodgers indisputably needs to give the youngster a regular first-team role in his preferred, and best, position - the left-hand side of attack.
So far, Markovic has been a hapless victim of the age-old mistake Liverpool supporters tend to make all too often, expecting too much too soon of a player brought in from overseas for big money.
Yet there is still plenty of evidence to suggest that Markovic can still realise his exciting potential yet. He is still only 21, and has played just four years of senior football. The Serbian has not yet made more than 26 appearances in a single league season, and so clearly, with what he has shown so far - there is reason to suggest that Markovic can only improve.
The answer, for his current employers, is not to now get rid of the still young, and still exciting winger - instead, Liverpool must remain patient, give Markovic more playing time - and then make their decision a few years down the line as to whether he was a shrewd signing, or a forgettable flop.