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MVP (Minimum valuable product)

It is a product version of minimal functions, enough to satisfy the immediate needs of users. MVP is created to gain feedback, prove or disprove design hypothesis and get insights for following product development. It costs much less in comparison with a full product version and helps to lower risks of running an unsuccessful business. 
 

Before MVP is constructed, all necessary phases of analytics, like marketing and competitive research, are done.

 

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