A minimal viable product or MVP is a basic variant of a product with all the basic and minimal features included within it. The minimal features set the value proposition of the product for the future. A minimal viable product is set with the basic intent of establishing a faster time to market and attracting all early adopters.

As soon as an MVP is established and launched, initial feedback is recorded on it. This initial feedback allows organizations to fix bugs in the MVP before the main launch and work on what the early adopters suggest.

The MVP method of market entry is feasible for businesses as it allows businesses to make an appropriate entry into the market. This entry makes way for a competitive advantage. The MVP also enables early testing of the idea, which is used to check the efficiency of the product when it comes to efficiently solving problems. The MVP also helps organizations move towards full-fledged product development based on feedback and suggestions from early adopters.

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