Minimum Viable Product (MVP)
Simplest version of product with essential features enabling customer feedback.
Real World
Dropbox launched as a simple video demo showing core functionality before building the full product — this MVP attracted 70,000 sign-ups overnight, validating demand at minimal cost.
Exam Focus
In 'justify' or 'recommend' questions, argue that an MVP reduces financial risk by testing demand before committing to full development investment.
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