The minimum viable product or MVP is the most basic version of the product which the company wants to launch in the market. By introducing the basic version to the consumer, companies want to gauge the response from prospective consumers or buyers. Firstly, it will have sufficient features for customers to buy the product. There will be some form of product feedback in it. Finally, the product must have sufficient potential benefits for consumers to accept it first. The fundamental notion is that they want to modify the final product based on consumer feedback and usage scenarios. This would enable them to pick up on hints and provide what people are looking for. Before spending a significant amount of money, it will be helpful for them to test the concept with actual users. Enables them to discover what messages and messages don’t connect with the target market of the organisation.
The question is what is going to tested, why should it be test it and how?
By doing MVP, the product is not being done, in reality customer feedback is received. For instance, if we put out a product as an MVP and there wasn’t a good reach amongst the audience, we save 6 months of development. It will allow us to enumerate the key characteristics and take that data which is useful to modify our hypothesis. Product market fit is when the entrepreneur identifies the needs of the market and brings about a solution to meet the needs. Venture catalogues offence want evidence of product- market fit before investment. When a product is produced to solve a legitimate consumer problem and finds a market, it opens up chances for both business expansion and upselling to current clients. Any entrepreneur will have these concerns, whether people are willing buy it and whether the product will sustain in the market. Conducting Surveys will help measure the percentage of the users’ importance towards a new product. Apart from these number and percentages it gives a deep insight into the tangible understanding of the customers and how they feel about this product.
Done By:
Sruthi Saravanan, Law student – University of Birmingham.