MVP stands for the “minimum product that works.” It is a strategy and process for making products that involves making a basic version of a product or service with just enough features to make early adopters happy and get feedback for making the product better.
The main goal of making an MVP is to quickly test and confirm the key assumptions behind a product idea without spending a lot of time, money, and resources building a fully-featured product that may not meet the needs of the target audience. By putting out an MVP, a company can get useful feedback from users, find places where the product could be better, and iterate and change directions as needed to make a product that meets market needs.
The most important parts of an MVP are:
Minimum: An MVP only has the most important features that are needed to solve the main problem or meet the main need of the target audience.
Viable: An MVP must be functional and usable enough to give early adopters a good experience and collect feedback and data that can be used to improve the product in the future.
Product: A minimum viable product (MVP) is a product or service that can be put on the market and tested, not just a prototype or idea.
Dropbox, which started with a simple way to share and store files, and Airbnb, which started with a simple website that let people rent out air mattresses in their homes, are both examples of successful MVPs. Both companies changed and grew their products based on user feedback and data, which helped them become well-known brands around the world.
Overall, the MVP approach can be a useful strategy for both new companies and those that have been around for a while. It lets them test and confirm their product ideas, reduce risk, and use their resources in the best way possible.
Usage
It is used in agile project management
