MVP (Minimum Viable Product) is a strategy that allows product managers to validate their assumptions and test their ideas before fully developing a product. An MVP is a bare-bones version of a product that includes only the essential features required tImage 1o solve a specific problem or meet a particular need of the target audience. The MVP strategy is particularly useful for startups and early-stage companies as it helps them to save time and resources by building only what is needed to get the product into the market.
For example, let’s consider a hypothetical product manager who is developing a new social media platform. Instead of spending months and resources building an elaborate platform, the product manager can develop an MVP that includes only the core features, such as user profiles, sharing posts, and commenting. By launching this MVP to a select group of early adopters, the product manager can gather feedback and adjust the platform to meet the needs of their audience before fully launching it.
On the other hand, prototyping is a method used to test and refine the design and functionality of a product. A prototype is a tangible representation of the product that includes more features and functions than an MVP. A prototype can be used to test user interaction, workflows, and user interface design.
For example, in the case of the social media platform, a prototype could include advanced features such as advanced search, direct messaging, and media uploads. By testing this prototype with a sample audience, the product manager can evaluate the functionality, user experience, and design, thereby ensuring that the product meets the needs of the audience.
To differentiate my approach, I’d like to add that both MVP and prototyping have their unique benefits and challenges. While MVP allows product managers to test the waters quickly and at minimal cost, prototyping can be more comprehensive and help identify potential issues before they become expensive to fix. Choosing between the two approaches will depend on the specific product, target audience, and the level of resources available to the product manager.[Sources of the images used in this blog post are from Google and Spark Solutions]