A Minimum Viable Product (MVP) is the initial version of a product that includes the core features necessary to satisfy early customers and gather valuable feedback for further development. It aims to test the product hypothesis and validate assumptions with minimal effort and resources. By launching an MVP, product teams can quickly gauge user interest, identify potential issues, and prioritize future iterations based on user feedback. The MVP approach allows for an agile and cost-effective development process, reducing the risk of building a full-fledged product that may not resonate with the target audience. MVPs serve as a crucial step in the iterative and user-centered product development cycle.
