MVP stands for Minimum Viable Product. It is a concept in product development that focuses on creating a product with the minimum set of features that can be released to the market in order to validate the product idea, gather feedback from early adopters, and learn about customer needs and preferences. The goal of an MVP is to test the viability of a product with minimal investment of time and resources.
An MVP typically includes only the essential features that are required to provide a basic level of value to the user. It is not a fully developed or polished product, but rather a working prototype that can be tested and refined based on customer feedback. By launching an MVP, a company can quickly test its assumptions about the market and user needs, identify areas for improvement, and refine its product roadmap.
The MVP approach is often associated with the Lean Startup methodology, which emphasizes the importance of rapid experimentation and continuous learning in product development. The MVP approach allows companies to minimize risk and maximize learning in the early stages of product development, which can ultimately lead to more successful products and better outcomes for both the company and its customers.
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