Minimum Viable Product (MVP) : A term used in product development to describe the most basic version of a product that can still provide value to the end user. It is a product with the minimum set of features required to satisfy early customers and obtain feedback.
Three reasons why MVP is a good practice to adopt are:
- Cost-effective- Building an MVP means fewer resources are needed, resulting in a lower cost of development. By testing the product in the market, real feedback from users can be obtained before investing a substantial amount of money into development.
- Feedback from users- Launching an MVP allows entrepreneurs and businesses to gather valuable feedback from early adopters, providing the ability to gauge early market perception and reception of the product. Subsequently, improvements can be made based on this feedback, providing a better experience for users.
- Efficient use of time- An MVP can typically be developed in a shorter amount of time than a full-featured product. This provides an opportunity to validate and test the product in the market, while also reducing the amount of time to market for a full-featured product. This time savings permits product teams to focus on other aspects of development, such as marketing and other important business activities.