Telstra uses a four stage iterative product lifecycle process: Think It, Build It, Ship It, Tweak It. The document describes each stage: Think It involves defining value and building prototypes. Build It involves feature teams developing in 2 week sprints. Ship It involves releasing to small percentages of users, then all users. Tweak It involves collecting data, improving features, and returning items to earlier stages if needed. The goal is continuous improvement through an iterative process.