Minimum Viable Product (MVP)

What is a Minimum Viable Product (MVP)?

A minimum viable product, also known as MVP is defined as the product with enough functions to win its first customers. While keeping an MVP in mind, you need to validate a product idea early in the product development cycle.

In industries like software development, the MVP can help the product team get feedback from the initial stage itself. This way you can make a quick decision to meet the consumer requirements. Agile methodology is taken into consideration here. It is based on the validation and iteration of products based on user input, the MVP plays a central role in the agile development of the product.

The purpose of bringing an MVP is to have the customer feedback taken into consideration because your product team needs to know the actual requirements. Here are some points you can take into consideration:

• Bring a product with maximum available features to market as soon as possible.
• Test an idea with real users, before you set a large budget for full product development.
• Find out what met with the company’s target market and what did not. 
• Your company can validate a product idea without developing the actual product.
• MVP can also help to minimize the expenses on the product as well as the resources.

Also, See: Actual Cost of Work Performed (ACWP)