What phases are involved in the launch of a new product? What are the crucial phases of a new product's lifecycle?
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Begin by outlining the typical stages involved in a product's launch: ideation, development, testing, launch, and post-launch evaluation. Then, delve into the product lifecycle: introduction, growth, maturity, and decline. Emphasize the importance of each phase and its unique challenges. For example, during introduction, the focus might be on market education, while the maturity phase might require innovation to fend off competition. Ensure to relate the stages to how they apply specifically to mastercard or the financial industry, if applicable.
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