Minimum Viable Product (MVP)
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A Minimum Viable Product (MVP) is a customer product with just enough product features to satisfy early customers and provide feedback for new product development.
- Context:
- It can (often) be a Concept Validation Model used to test core features and assumptions with minimal resources.
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- It can be a strategy in Lean Startup Methodologies, focusing on rapid learning and iterative development.
- It can allow for validation of Product Assumptions and gaining an understanding of the customers' interest in the product without fully developing all features.
- It can be used to collect the maximum amount of Validated Learning about customers with the least effort.
- It can reduce Development Costs and Time-to-Market by focusing only on core functionalities.
- It can be an iterative process, with multiple versions of the MVP being released and refined based on user feedback.
- It can help in identifying and prioritizing Product Features for future development cycles.
- It can be used to test Business Hypotheses and validate the Product-Market Fit.
- It can serve as a tool for early adopter acquisition and building an initial User Base.
- It can help in securing Funding or Stakeholder Buy-In by demonstrating real-world traction.
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- Example(s):
- Spotify Service MVP (2006), which began with a minimal feature set focusing on music streaming and playlist creation.
- Mobile App MVPs, such as a simplified version of an app focusing solely on its key functionality.
- Online Service MVPs, which offers only the basic features needed to test user engagement.
- Dropbox MVPs, initially just a video demonstrating the intended functionality to gauge interest before building the product.
- Airbnb MVPs, which started as a simple website allowing users to rent out air mattresses in the founders' apartment.
- Zappos MVPs, which began as a basic website where the founder manually fulfilled orders by purchasing shoes from local stores.
- ...
- Counter-Example(s):
- Fully Developed Products, which are launched with all features implemented without any prior customer validation.
- Feature-Complete Prototypes, which include all possible features before any user testing has occurred.
- Untested Concepts, which are ideas that haven’t been translated into a testable product or service.
- Underdeveloped Products, which are so basic that they don’t provide real value to users or meaningful feedback.
- Non-Functional Prototypes, which are not intended for real-world use or customer interaction.
- See: Product Lifecycle, Minimum Lovable Product, Product Development, Product/Market Fit Measure, Lean Startup, Agile Development, Iterative Design, Customer Development.
References
2020
- (Wikipedia, 2020) ⇒ https://en.wikipedia.org/wiki/minimum_viable_product Retrieved:2020-8-19.
- A minimum viable product (MVP) is a version of a product with just enough features to satisfy early customers and provide feedback for future product development. Gathering insights from an MVP is often less expensive than developing a product with more features, which increases costs and risk if the product fails, for example, due to incorrect assumptions. The term was coined and defined in 2001 by Frank Robinson and then popularized by Steve Blank and Eric Ries.[1] Cite error: Closing
</ref>missing for<ref>tag [2] [3] [4]It may also involve carrying out market analysis beforehand.
- A minimum viable product (MVP) is a version of a product with just enough features to satisfy early customers and provide feedback for future product development. Gathering insights from an MVP is often less expensive than developing a product with more features, which increases costs and risk if the product fails, for example, due to incorrect assumptions. The term was coined and defined in 2001 by Frank Robinson and then popularized by Steve Blank and Eric Ries.[1] Cite error: Closing
- ↑ W. S. Junk, "The Dynamic Balance Between Cost, Schedule, Features, and Quality in Software Development Projects", Computer Science Dept., University of Idaho, SEPM-001, April 2000.
- ↑ Eric Ries, March 23, 2009, Venture Hacks interview: "What is the minimum viable product?", Lessons Learned
- ↑ Perfection By Subtraction – The Minimum Feature Set
- ↑ Holiday, Ryan The single worst marketing decision you can make The Next Web. 1 April 2015