We believe the Management Fixes are common and typical so every description is created and adapted from articles, blog posts and definitions from other sources and authors.
This week’s MngtFix is…
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This week’s “Minimum Viable Product (MVP) Launch” is a hugely ignored solution, especially within startups.
By definition, the minimum viable product is a development technique in which a new product is developed with sufficient features to satisfy early adopters.
An MVP is the most pared-down version of a product that can still be released.
An MVP has three key characteristics:
- It has enough value that people are willing to use it or buy it initially.
- It demonstrates enough future benefits to retain early adopters.
- It provides a feedback loop to guide future development.
(Extracted and adapted from https://www.techopedia.com/definition/27809/minimum-viable-product-mvp)
A fundamental premise behind the idea of MVP is that you produce an actual product that you can offer to customers and observe their actual behavior with the product or service. Seeing what people do concerning a product is much more reliable than asking people what they would do.
The primary benefit of an MVP is you can gain an understanding of your customers’ interest in your product without fully developing the product. The sooner you can find out whether your product will appeal to customers, the less effort and expense you spend on a product that will not succeed in the market.
(Extracted and adapted from https://www.agilealliance.org/glossary/mvp/#q=~(infinite~false~filters~(tags~(~'mvp))~searchTerm~'~sort~false~sortDirection~'asc~page~1))
How do you define your minimum viable product?
- Identify and Understand your Business and Market Needs
- Map Out User Journey(s)
- Create a pain and gain map
- Decide What Features to Build
Using a prioritization matrix, you can make the final decision on what needs to be included in your MVP, and what features can be included in later releases.
(Extracted and adapted from https://clearbridgemobile.com/planning-a-minimum-viable-product-a-step-by-step-guide/)
By using this technique, companies can save a lot of time and money in products that customers don’t use or redraw them according to the market needs.
This MngtFix has been mentioned with many MngtBugs such as…
“Lack of Customer Requirements Definition”,
“Blind Acceptance of Customer Requirements”,
“Lack of Product Backlog”,
“Lack of Product Backlog Refinement”,
“Lack of Product Requirements Definition”,
and of course “Lack of Minimum Viable Product (MVP)”!
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