Minimum Viable Product or MVP is a development technique in which a new product is introduced in the market with basic features, but enough to get the attention of the consumers. The final product is released in the market only after getting sufficient feedback from the product's initial users.
The primary benefit of MVP is that we get to validate a product without developing a fully functional product.
The sooner we understand if the product is fit for the market i.e. if the targeted user will like and accept, the less effort is spent on developing not-so-useful features and more efforts are towards creating core useful features.
To understand MVP let's consider an example of a vehicle that you want to create and launch as a product. Let's say you want to build a mode of transportation that runs on a hydrogen fuel source.
We cannot predict beforehand whether the fuel source is viable, whether will people accept it, and how exactly the market will react.
So in such cases instead of creating a full-blown car, we can build a small prototype that is self-sufficient in itself a skateboard and a low-cost option. Then we can conduct various tests across the small prototype.
Validate it against the market. And eventually, move on to the next enhancement of the existing prototype.
This cycle will continue until your car is ready
Here at oxvsys, we urge companies to create MVP before starting a full-blown project reason for this is we want our customers to succeed.
We conduct market surveys for them we help them conduct focus groups and make sure the cost is used in the most effective manner
Services We provide under MVP
✅ MVP Consulting and Road map Planning
✅ Ideal ways to breakdown your product
✅ Cost Benefit Analysis for given MVP
✅ Market Analysis