What is MVP (minimum viable product), proof of concept and prototype definition? In this video, Railsware Academy describes the whole product pipeline and its key terms☝️ We will outline the differences between minimum viable product (MVP)🤖 and minimum lovable (MLP)❤️, marketable (MMP)📣, and awesome (MAP)🔥 products as more advanced MVP examples.
Here are the key product pipeline terms:
🔹 The proof of concept (PoC) is executed to decrease technology risks and prove the feasibility of doing a particular task. This is not a customer-focused task.
🔹 A prototype is a step in product creation that answers the question “How can we build that?” The early adopters of the prototype are usually the people involved in its creation.
🔹 MVP goes public and helps product creators learn from user feedback.
🔹 Minimum lovable product (MLP) focuses on love it can bring to the users and is frequently called an alternative to the MVP concept.
🔹 Minimum marketable product (MMP) is needed to build an adequate user experience, and to reduce time-to-market so that you launch the product faster.
🔹 Minimum awesome product (MAP) is often defined as the MVP with an improved UX.
This video is a great guide for you to understand what does MVP mean in product pipeline context.
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