Minimal Viable Product (MVP)
The Minimal Viable Product or MVP is a product balances the need of the business in relation to the the needs marketing that will generate enough interest and adoption. The MVP also relates to the Optimum Viable Product (OVP) which fulfils or all needs and requirements by the customer. Subsequent development would retain use and provide opportunities for upgrade if applicable.
The Minimal Viable Product or MVP is a product balances the need of the business in relation to the the needs marketing that will generate enough interest and adoption. The MVP also relates to the Optimum Viable Product (OVP) which fulfils or all needs and requirements by the customer. Subsequent development would retain use and provide opportunities for upgrade if applicable.
Arguably, effort beyond the OVP is wasted unless the return on investment is exceeded and hence increase profitability of the product. The MVP becomes central to gap analysis and validating ideas and concepts before development and this is core to product validation. When using a product validation approach, we aim to create products which full between the MVP and OVP.