What is a Minimum Viable Product (MVP)

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Introduction
In a constantly changing business world, it is becoming increasingly difficult to remain competitive. This is especially true for companies that only drive innovations in passing or in small, evolutionary steps. The implementation of innovative ideas into marketable products is crucial for business success. In the agile world, where customer centricity, effectiveness, adaptability and connectedness are the focus, risk is seen as a crucial component of success - according to the motto: "Nothing ventured, nothing gained." Against this background, the implementation of a minimum viable product becomes an indispensable step not only to promote innovations, but also to turn them into reality quickly and efficiently.


A minimum viable product (MVP) is the basic version of a product that contains only the most important functions. This approach enables companies to acquire their first customers and collect valuable feedback with minimal effort. Based on Eric Ries' lean start-up method, the MVP concept focuses on maximum learning success with minimal effort. From a business perspective, the MVP defines the range of functions at which the return on investment (ROI) is highest. This means that the sum of the expected value exceeds the invested effort.

MVP process
A commonly used and iterative approach to developing the minimum viable yahoo email list product consists of the three phases of the Lean Startup framework : "Build", "Measure" and "Learn" . There are several steps here:

The team evaluates and verifies the problems and needs of the target group.
The team then develops the central benefit (value proposition) for the target group.
An initial vision for the product is then created ( “Build” ). During the build phase, hypotheses can be formulated to determine which functions or features of the product are most important to users.
The team members present the product and its benefits to a selected group of users in order to obtain specific feedback.
The product is tested and evaluated by users ( “measure” ). During the measure phase, the team can check whether the product achieves the desired results or whether adjustments are necessary.
In the final step, the team evaluates the feedback and decides whether the product should be further developed or discarded ( “learning” ). Once the decision has been made to further develop it, consideration can be given to how the product can be optimized and marketed. This can then be checked in the next measurement phase.