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Minimum Viable Product (MVP)
Minimum Viable Product (MVP) is the first iteration and release of a new product, service, or feature. This release allows businesses to gather feedback about the product from customers and see how well it performs. Businesses can product an MVP with less time, effort, and funds than a finished product since the MVP will be used to inform and improve the final version.
What Small and Midsize Businesses Need to Know About Minimum Viable Product (MVP)
Small businesses should use MVPs to gather data about products or services. This allows for product iteration, giving businesses an opportunity to improve their product before sending it out to the market at large.
Related terms
- PDM (Product Data Management)
- Project Management
- Gain Sharing
- Small and Midsize Business (SMB)
- Business Process Automation (BPA)
- Human Capital Management (HCM)
- Best Practice
- Business Process Management (BPM)
- Business Impact Analysis (BIA)
- Track And Trace
- Digital Business Transformation
- Bimodal
- Span of Control
- Solution
- Business Process Re-engineering (BPR)
- Enterprise Solutions
- Growth Strategy
- Project Management Office (PMO)
- Business Process Outsourcing (BPO)
- Line Of Business
