How to define a minimum viable product

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A minimum viable product (MVP) relates to the Lean Startup methodology that provides a scientific approach to building and managing startup businesses and getting products that customers want into their hands faster and more efficiently than ever before.
By exposing the earliest form of a product idea to consumers, you can maximize their knowledge of the product and its potential without investing your maximum time and effort.

What does minimum viable product (MVP) mean ?
A minimum viable product (MVP) is a development technique in which a switzerland phone number list product or website is developed with enough features to satisfy early users .
The final, complete set of features is only designed and developed after considering feedback from the product's initial users.
This concept has been popularized by Eric Ries , a consultant and writer on startups.


Importance of a Minimum Viable Product
As a result, minimum viable products are seen as a risk-reduction tool, existing to help startups test the water without producing something that isn’t economically viable.
While a minimum viable product is designed to take little time and effort to create, it doesn’t necessarily have to be something strong.
Ultimately, its features should reflect the demands of the product and the market.
In fact, a minimum viable product is probably not best suited for those looking to produce something quickly and sell for a profit.
A minimum viable product works best for entrepreneurs who are thinking long-term, happy to create a first iteration of a product in order to develop a better version in the future, capable of competing with products created by better-funded companies already established in the market.

Expected benefits
The main benefit of an MVP is that you can understand your customers' interest in your product without fully developing it. The sooner you can figure out whether your product will appeal to customers, the less effort and expense you'll spend on a product that won't succeed in the market.