Minimum Viable Product - The Economic Times

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Definition: Minimum Viable Product or MVP is a development technique in which a new product is introduced in the market with basic features, but enough to get ... Nifty17,327.35-302.45DivisLabs3,642.6062.5ProInvestingbyAdityaBirlaSunLifeMutualFundInvestNowMiraeAssetHybridEquityFundDirect-Growth12.86% InvestNowMarketWatchSearch+HomeETPrimeMarketsNewsIndustryRISEPoliticsWealthMutualFundsTechJobsOpinionNRIPanacheETNOWMoreBusinessNews›Definitions›Marketing›MinimumViableProductCategoriesGlossaryEconomyInsuranceEquityTransportationSPORTSSpaceTechnologyEntertainmentAstronomyAnalyticsCommodityEducationFinanceHuman-ResourceMutualFundMathematicsReal-EstateMarketingSecurityShippingRetailHRSoftware-DevelopmenttestingBudgetBusinessSuggestanewDefinitionProposeddefinitionswillbeconsideredforinclusionintheEconomictimes.comMarketingPREVDEFINITIONMarketsAmarketisdefinedasthesumtotalofallthebuyersandsellersintheareaorregionunderconsideration.ReadMoreNEXTDEFINITIONMultilevelmarketingReadMoreWhatis'MinimumViableProduct'Definition:MinimumViableProductorMVPisadevelopmenttechniqueinwhichanewproductisintroducedinthemarketwithbasicfeatures,butenoughtogettheattentionoftheconsumers.Thefinalproductisreleasedinthemarketonlyaftergettingsufficientfeedbackfromtheproduct'sinitialusers. Description:MinimumViableProductorMVPisthemostbasicversionoftheproductwhichthecompanywantstolaunchinthemarket.Itcouldbeacar,website,TV,oralaptop.Byintroducingthebasicversiontotheconsumers,companieswanttogaugetheresponsefromprospectiveconsumersorbuyers. Thistechniquehelpstheminmakingthefinalproductmuchbetter.WiththehelpofMVPconcept,theresearchorthemarketingteamwillcometoknowwheretheproductislackingandorwhatareitsstrengthsorweaknesses. MVPhasthreedistinctfeatures.Oneisthatitwillhaveenoughfeaturesforconsumerstopurchasetheproduct(itbecomeseasierforthecompanytomarketit),theotheristhatitwillhavesomesortofafeedbackmechanismwhereinuserswouldbeabletosendtheirfeedbackabouttheproduct.And,lastlyitshouldhaveenoughfuturebenefitsforconsumerswhotoadopttheproductfirst(GooglegavefreeupgradeofitsOStoallNexususers). Theideaistogetfeedbackfromtheconsumerswhichwillinturnhelpinmakingthedesiredchangesinthefinalproduct.MVPactuallyteststheusagescenarioratherthatismuchformorehelpfulforthecompanytomakechangestothefinalproduct. Let'sunderstandtheconceptwiththehelpofanexample.MVPisapopularconceptintheonlinespace,whereawebsiteislaunchedwithbasicfeaturestofindouthowconsumersrespondtotheproductdisplayedonthewebsite. Itcouldbeaconsumableproduct,dailyuseproductorevenaserviceprovidedbyawebsiteprovider.Theideaistostartsmallandthentakecuesfromtheusersastowhatexactlyaretheyexpectingfromtheproduct. SomeofthenotedexamplesareDropbox,Groupon,Zappos,etc. MARKETINGCONSUMERSMINIMUMVIABLEPRODUCTCONSUMABLEPRODUCTDEVELOPMENTTECHNIQUEPREVDEFINITIONMarketsAmarketisdefinedasthesumtotalofallthebuyersandsellersintheareaorregionunderconsideration.ReadMoreNEXTDEFINITIONMultilevelmarketingReadMore5ForcesAnalysisOfTheEnvironmentThefiveforcesmodelofanalysiswasdevelopedbyMichaelPortertoanalyzethecompetitiveenvironmentinwhichaproductorcompanyworks. Description:Therearefiveforcesthatactonanyproduct/brand/company: 1.Thethreatofentry:competitorscanenterfromanyindustry,channel,function,formormarketingactivity.Howbestcanthecompanytakecareofthethreatofnewentrants? 2AdvertisingAdvertisingisameansofcommunicationwiththeusersofaproductorservice.Advertisementsaremessagespaidforbythosewhosendthemandareintendedtoinformorinfluencepeoplewhoreceivethem,asdefinedbytheAdvertisingAssociationoftheUK. Description:Advertisingisalwayspresent,thoughpeoplemaynotbeawareofit.Intoday'sworld,advertisinguseseverypossiblemediatoAdvertorialAnadvertorialisaformofadvertisementinanewspaper,magazineorawebsitewhichinvolvesgivinginformationabouttheproductintheformofanarticle.Usually,abrandpaysthepublisherforsuchanarticle. Description:Advertorialsareadvertisementsthatappearinthemedia,beitmagazines,newspapersorwebsites.Advertorialsarepaidcontent. TheyareusedbymarketerstoeducaAffiliateMarketingervedthetags'affiliatelinks'or'sponsoredposts'onwebsitesbefore?Orhaveyouwonderedifitmightbepossibletoearnmoneyanytime,fromanywhere?Well,thatistheconceptbehindaffiliatemarketing.Affiliatemarketingisaconceptwhereanaffiliatewhoenjoysaproductandpromotestheproductsontheirsocialplatformsreceivesaprofitwheneverasaleismade.DidyouknowthataffAmbientAdvertisingAmbientAdvertisingisaboutplacingadsonunusualobjectsorinunusualplaceswhereyouwouldn’tusuallyexpecttohaveanadvertisement. Description:Ambientadvertisingevolvedasaconceptbecauseithasalastingimpactonthemindsofconsumerswhichmakesitmoreeffective.Ambientadvertisingisallaboutcreativity,andhoweffectivelytheadvertiserisabletocommunicatethemessageAmbushMarketingAmbushmarketing,atermfirstcoinedbymarketingguruJerryWelsh,hasnotreallybeenrigorouslydefined.However,itbroadlyreferstoasituationinwhichacompanyorproductseekstorideonthepublicityvalueofamajoreventwithouthavingcontributedtothefinancingoftheeventthroughsponsorship.Itistypicallytargetedatmajorsportingevents-liketheOlympicGamesortheworldBehaviouralSegmentaionBehavioralsegmentationisamorefocusedformofmarketsegmentationthatgroupsdifferentconsumersbasedonspecificbehavioralpatternstheydisplaywhenmakingbuyingaproduct. Description:Behavioralsegmentationclassifiesorganizationsandindividualsintodifferentcategoriesbasedonhowtheyactorbehavetowardsproducts.ItinvolvesclassifyingconsumersorgroupingthembasedonBlueOceanStrategy'BlueOceanStrategyisreferredtoamarketforaproductwherethereisnocompetitionorverylesscompetition.Thisstrategyrevolvesaroundsearchingforabusinessinwhichveryfewfirmsoperateandwherethereisnopricingpressure. Description:BlueOceanStrategycanbeappliedacrosssectorsorbusinesses.Itisnotlimitedtojustonebusiness.But,let'sfirstunderstandwhatisBBrandTribeAbrandtribecouldberegardedasagroupofpeoplewhocollectivelyidentifythemselveswiththeproductandsharesimilarviewsandnotionsaboutthebrand.Theyarenotjustconsumersoftheproduct,butplayamajorroleinitspromotion. Description:Aproductissuccessfulwhenitbecomesacult.Companiesarenotjustsellingconsumerstheirproductsnowadays,butanidea,avisionashBrandValuationBrandvaluationistheprocessusedtocalculatethevalueofabrandortheamountofmoneyanotherpartyispreparedtopayforit. Description:Abrandcomprisestangibleaswellasintangibleelementsrelatingtothecompany'sstyle,culture,positioning,messages,promisesandvalueproposition.BrandValuation,subsequently,isanestimateofthefinancialvalueofabrand.ThereisnounRelatedNewsFundTonictocreatestrongerpipelineofstartupstofundTheaccelerator,setupinSeptemberlastyear,planstoinvestin20startupseveryyearandworkcloselytomentorthem.50KVenturestolaunchIndia'sfirstgo-to-marketacceleratorprogramThemeforthefirstbatchofthisacceleratorprogramisDigitalIndia,whichwillincludestartupsfromfinancialorITspace,whilethenextforproducts.EightreasonswhystartupswithgoodideasfailHavingagoodideaisn’talwaysenoughtobesuccessful.Hereareeightreasonsstartupswithgoodideasoftenfail.TrendingDefinitionsDebtfundsReporateMutualfundGrossdomesticproductDataminingAdvertisingProductMonopolyCryptographyDepreciation556000ETMoneyShow:Impactofrisingratesonyourfixeddepositsexplained214000AshwiniVaishnawonTelecomDraftBill2022:Newpolicyassuresdigitalprivacyofusers108000Explained:WhatareFlexi-capfunds?216000Sensexdeclinesover300pts,Niftyslipsbelow17,550;banking,financialstockstopdrags228000BuyorSell:StockideasbyexpertsforSeptember23,2022246000TataSteelannouncesmergerofitssevensubsidiaries:Keydetailsofthemegamoveyouneedtoknow122000Stocksinfocus:CenturyTextiles,BombayDyeing,Ciplaandmore194000RBIrestrainsMahindraFinancefromusingrecoveryagentsafteraccident68000Moonlightingpolicy:RishadPremjiexplainswhyWiprosacked300employeesMailthisDefinition



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