What is the full form of MVP

MVP: Minimum Viable Product

MVP stands for Minimum Viable Product. MVP is a technique of releasing a new product in the market but only in its basic form. It is released unpolished with its most basic features, and people are asked for their feedback on the product. The final product is launched on the market only after receiving sufficient feedback from its first users.

Description

Minimum Viable Product, as described above, is the initial model of the product the company is planning to release in the market. It could include a car, a television, or a laptop. In introducing the basic version of the product to people, businesses are looking to determine the reaction from potential customers or consumers.

This method assists them in making the final product better. Through the MVP concept, the research or marketing team will determine where the product may not perform well and what are its strengths or weaknesses. This will give them the opportunity to modify the product accordingly, and it will also save time and cost for the company.

Function

MVP includes three distinct functions-

• It is the first to provide enough features to encourage consumers to buy the product (it makes it simpler for companies to sell it). This way, the brand value of the company builds in a rapid way.
• Another feature is that it acts like a feedback mechanism in which users are able to provide comments on the product.
• Additionally, it will provide enough benefits in the future for those who decide to buy the product initially (Google offered a free upgrade of its operating system to every Nexus customer). The intention is to collect consumer feedback, which will aid in making changes to the product.

Example- Let's learn more about the concept by using an example. The best one is that of Amazon, which Jeff Bezos started in the 1990s as an online book store. He received massive feedback on it, and over the years, he kept on adding different features to it. Amazon is now one of the most valuable and well-known brands in the world, which not only sells a multitude of products but offers a wide range of services.

The concept of MVP is to start with a small amount and then learn from the customers what they expect from the item. Dropbox, Groupon, and Zappos, among others, are some of the other examples of MVP.