What defines a 'minimum viable product' (MVP)?

A 'minimum viable product' (MVP) is defined as a product that includes only the most essential features needed to meet the core needs of early adopters and gather valuable user feedback. The MVP approach allows teams to quickly test their assumptions about a product idea in the market with minimal resources. By focusing on the critical features, businesses can validate their concepts and learn about user preferences without investing heavily in a fully developed product.

This methodology emphasizes the importance of iterative learning and provides insights into how a product may be improved in future iterations based on actual user experiences and feedback. Creating an MVP allows organizations to minimize risk, conserve resources, and achieve a better understanding of the market before scaling their offerings.

In contrast, a fully-featured product that is ready for market would not fit the MVP definition, as it signifies a more polished, comprehensive solution rather than one that is experimental in nature. A prototype, which typically lacks market validation, also differs from an MVP, as it may not effectively engage with end-users to gain actionable feedback. Lastly, a generic product without branding does not align with the MVP concept, since branding and user identification with the product are essential to receive meaningful user insights and build a targeted user base.