What is a minimum viable product (MVP) and how do you define it?

A minimum viable product (MVP) is a core concept in product management, focusing on developing a product with just enough features to satisfy early adopters while gathering valuable user feedback. Originating from Frank Robinson in 2001 and popularized by Eric Ries, the MVP approach aims to maximize learning with minimal effort, reducing risks associated with full-scale product launches. By focusing on essential features, companies can validate market demand, refine user experience, and engage early adopters, all while conserving resources. This method not only aids in hypothesis validation and faster market entry but also enhances customer relationships and attracts potential investors. Examples like Dropbox, Uber, and Zappos highlight the success of starting with an MVP, enabling them to evolve into comprehensive, market-leading products. The guide emphasizes the importance of aligning the MVP strategy with business goals and demonstrates how companies can navigate the intricate process of creating an MVP by understanding market needs, setting objectives, and implementing strategic plans.