Minimum Viable Product (MVP)
What is Minimum viable product?
A minimum viable product is simply creating a website to build its early stages with the available features. It is necessary to satisfy the early users and fulfil the purpose of why the website was built. The MVP aims to launch the product based on the idea developed at the start, and it is tested with user feedback. Thus, it helps the developers understand the target audience without including all the features in the first stages. The benefits of MVP can be understood as follows:-
- An MVP approach is cost-efficient in that development costs are maintained very smoothly. Thus, it will require fewer resources, less coding time, and little capital.
- It ensures that the risk is minimised to the extent that the resources are tested for resource management.
- This allows for a faster launch of products as it helps in entering the market space earlier, starting to build relationships with customers, accelerating feedback, and so on.
- This approach ensures flexibility that any improvements or cancellations can be brought into after analysing the market changes and user demands.