Full form of MVP (Minimum Viable Product)
Full form of MVP: In simple terms MVP or Minimum Viable products are the first form of products that can be sold to users, it is also called an early-stage version of a product which are sold to customers to gain a useful feedback so entrepreneurs can know whether to sell this product or do a further research to improve their product. MVP allows entrepreneurs and startups to validate their assumptions and evaluate market demand with minimum upfront investment and risk.
Advantages of minimum viable product
- Early customer feedback
- Improve product from the view of consumers
- Can save time effort and money by not involving several years and millions, by creating a product that no one will buy.
- Less risky
Disadvantages of Minimum viable product
- The products have limited characteristics. The products that entrepreneurs launch as their minimum viable product can be not as fruitful as the full-fledged products.
- Wasted resources: the products that are launched can be a pure waste therefore, time effort, and money all get wasted during the whole process.
- Limited customer feed back
- Poor customer experience can cause a big risk. If the minimum viable product is not up to the mark, people will have a wrong image of the company, and it might cause an effect in the future.
Examples of Minimum Viable Product
- Drop box: drop box started out as demo video MVP. It was founded in 2007 and it explained the benefits of storing all the data in one place. Their initial MVP was that they provided 2 gb storage which they can sync across multiple devices. Now drop box is a hosting serviceand a collaboration platform, With a good customer base and a wide range of product.
Some other examples are
- Face book
- Amazon
- Airbnb
- Zappos
- Uber
- Buffer
- Groupon
- Foursquare
- Spotify
Conclusion
MVP is an incredibly useful tool to help the entrepreneurs know their products, the adaptability capacity of the products, and the market range. It helps to save time, money, and effort by knowing whether the product has selling capacity in the market or not.MVPshould always be built for good user experience and they can improve them in future. An MVP directed approach to product to achieve success quickly and sustainably with a focus on customer satisfaction.
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