GLOSSARY OF TERMS

What is MVP?

GLOSSARY OF TERMS

What is MVP? GLOSSARY OF TERMS

MVP (minimum viable product) is a minimum viable product. Its main feature is a trial version of a product or service with a limited set of functions (sometimes just one), which the company releases to the market. The purpose of this method is to test the idea for relevance and viability.

Thanks to MVP, a company can release a product with limited functionality and receive feedback from consumers. This will show its shortcomings, allow you to choose the direction in which you should develop it. The advantage of this approach is the ability to release a product, spending much less money and time than with a full-fledged production.

There are many ways to implement MVP. It all depends on the availability of resources and input data.

The strategy has several types:

  • Flintstone’s MVP is to create the illusion of a functional test product. The company does all the necessary work manually, while checking the idea for viability and relevance.
  • Concierge MVP – direct customer experience, hands-on service delivery;
  • Disconnected MVP – instead of creating new solutions, the company conveys to the consumer the value of using existing tools;
  • Single function product – created with only the number of functions needed to test the hypothesis. Allows you to determine target audience, get feedback and start testing.
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