Question
The MVP (Minimum Viable Product) approach contributes to cost-effective product development in several ways. Firstly, it allows companies to test a product concept with minimal resources before fully committing to its development. This reduces the risk of investing heavily in a product that may not be successful. Secondly, it enables companies to gather feedback from users early in the development process, which can inform future iterations and help avoid costly mistakes. Lastly, it encourages a focus on developing key features that provide the most value to users, rather than spending resources on less important aspects.
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An MVP Canvas introduces the core components of an MVP from start to finish for PMs or designers. This slide can be shared across the entire product team as a blueprint for whatever product or features you aim to build. First, define the product's target customers and what they want. Next, define how you will build and test your MVP, then how learnings will influence the next step (which is the next iteration). Execs can then assess what the test results and feedback tell them. Should they continue with the full version along the original path, make slight adjustments and pivot in a new direction, or if the feedback is really bad, implement a full stop to the development and pursue something else. (Slide 3)
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