It can be likened to an experiment 🧪
A minimum viable product (MVP) is a product with just enough features to be viable and attract early adopters. It is used to validate the product concept and gather feedback from customers.
The MVP is a way for companies to test their product ideas with a small group of users before investing a lot of time and resources into development. It allows companies to gather data and feedback about the product and make adjustments based on that feedback before launching the full product.
The MVP is typically a stripped-down version of the full product, with only the essential features included. This allows companies to test the product concept without spending a lot of time and resources on non-essential features.
In simpler terms
Imagine a company is creating a new mobile banking app that allows users to manage their bank accounts and make payments directly from their phone. The app will have features such as the ability to check account balances, transfer money between accounts, and pay bills.The MVP for this app might only include the basic account management and payment functionality. It might not have all the bells and whistles of the final version of the app.They might add more features, such as advanced budgeting tools or investment options, based on the feedback they receive.
Overall, the MVP is a useful tool for companies to test their product ideas and gather feedback before committing to full development. It helps ensure that the final product meets the needs of the target market and is more likely to be successful.
