Definition ∞ The product lifecycle describes the stages a product passes through from its initial conception to its eventual withdrawal from the market. These stages typically include development, introduction, growth, maturity, and decline. Each phase presents distinct challenges and opportunities for strategy and resource allocation. Understanding this progression is vital for business planning.
Context ∞ In the realm of digital assets and blockchain protocols, the product lifecycle concept helps analyze the progression of new technologies and decentralized applications. News often reports on projects moving from their initial testnet phase to mainnet launch, followed by periods of user acquisition and feature expansion. The long-term viability and sustained relevance of crypto projects are often assessed through this analytical lens, particularly concerning innovation and community engagement.
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