A product goes through 6 stages throughout its life cycle. They are -
A Startup team tries to identify the problem statement and brainstorm possible solutions.
Having conceived an idea, the team will validate their assumptions through MVP experiments. At the end of this stage, the team clearly understands whether to persist, pivot or stop.
The team builds wireframes, mockups, and prototypes with validated ideas.
The team tests the prototype through various experiments and builds a solid, launch-worthy product. The team also works on product messaging and acquisition techniques.
The team launches the product into the market and goes into aggressive sales and marketing mode. Channels for customer acquisition is set up, activation, retention campaigns are stitched.
The team collects and measures key performance indicators to improve the product continuously. These improvements bring revenue and referrals.