BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Lean startup methodology is the process of validating preconceived ideas by carefully testing a customer’s reaction to an MVP. This feedback is then analyzed to determine whether a company should persevere with the same idea or pivot. This framework allows you to get your product to market quickly with minimum risk.

Detailed explanation-2: -In Lean product development, the minimum viable product or MVP, is a strategy to avoid building products that customers don’t need or want by maximizing our learning of what is valuable to the customer. Agile is typically learned through exposure to a series of Agile practices, a recipe of sorts.

Detailed explanation-3: -Eric Ries, pioneer of the Lean Startup movement, describes a minimum viable product as: “[the] version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort”.

Detailed explanation-4: -A minimum viable product, or MVP, is a product with enough features to attract early-adopter customers and validate a product idea early in the product development cycle. In industries such as software, the MVP can help the product team receive user feedback as quickly as possible to iterate and improve the product.