The definition of a minimum viable product is when a company produces a product with minimal features that attract early customers who can validate the product idea and give the company valuable feedback about it. This feedback is either applied or used as evidence to cancel further development.
Whether you’re a startup or established company, your resources are limited. With the minimum viable product approach, can expand more cautiously. With an MVP, your company can gain key insights and live test products before sinking too much capital in them. Then, if it turns out to be a viable product that your customer base is excited about, you can go back and further develop the idea for a full, revamped release.
However, using the minimum viable product approach isn’t as simple as coming up with an idea, doing the bare minimum, and releasing it to the public. There is a lot of strategy involved that’s necessary to make it a worthwhile exercise.
Learn the minimum viable product definition, how you can leverage MVPs, how to launch one, and what factors you may want to consider before doing so in this guide for businesses.
MVP meaning: What is a minimum viable product?
The MVP meaning in business, or minimum viable product, is a version of a product that is developed with the least amount of effort possible to get customer feedback before investing more resources into it.
Business owners may want to consider minimum viable products when evaluating product growth strategies. With this approach, you can test the idea and receive customer feedback on the product or service as is. From there, you can decide whether it’s worthwhile to make improvements upon and produce for the public.