What is the definition of MVP in product development?

The term MVP in product development refers to "Minimum Viable Product." This concept is central to agile development and product management. A Minimum Viable Product is designed to include only the core features necessary to meet the needs of early adopters and to gather feedback for future iterations. The goal of an MVP is to validate a product idea quickly with minimal resources, allowing teams to test assumptions and make informed decisions before fully developing a product.

By focusing on the essential features, teams can reduce development time and costs, while gaining valuable insights from real users. This iterative approach encourages continuous improvement and helps ensure that the final product aligns closely with customer needs and preferences. Using an MVP also helps organizations to avoid the risks associated with launching fully developed products that may not resonate with the market.