Most Viable Product: What it is ? hmm…

Well to understand what is “Most viable product” you need to understand “Minimum viable product”.

It’s like if you don’t understand the light you won’t understand the darkness, because there is no darkness without light, darkness is absence of light, so to understand the darkness you need to understand light ;p

Crazy philosophy right ? ;p ha ha!

So let’s understand least/minimum viable product first.

Minimum Viable Product (MnVP)

A minimum viable product is a product with minimum core features (dominant benefits), having a minimum feature set, such products/services are used to test market demand, to avoid full costs associated with full feature product/service, to get target market feedback, suggestions prior to full scale market launch of the product/service or to develop entirely new product from scratch on basis of target market feedback, suggestions, market research (qualitative, quantitative).

For instance coca-cola core feature or dominant benefit is that carbonated blackish juice/liquid that makes you love drinking it. (btw in my childhood we used to call it "feeling ants in throat juice" ;p)

So if I were to test coca-cola to see if my potential customers would like it or not, I would just make few gallons of that blackish liquid and offer a free drink at various places in my target market region and then will collect customer response, suggestions about it.

Then I will use those suggestions, feedback, customer data (qualitative, quantitative) to improve the product and again offer it for second (even third, fourth fifth) time to see market response, if the response is positive, like what I and other stakeholders (investors especially) desire, suggesting a healthy return on investment (ROI). 

Then I will go for a full launch of coca-cola, with all its features, packaging, pricing, mind share, emotional associations, logo, branding, patents, copyrights, advertising etc.

Most Viable Product (MVP)

That’s where Most Viable Product (MVP) comes into the picture; MVP is totally opposite of MnVP.

In our coca-cola example an MVP is a product with all its viable features set. That is 

• Having core features or dominant benefits plus rest of the features
• Price
• Packaging
• Design
• Mind share
• Emotional associations
• Logo
• Branding
• Patents
• Copyrights
• Advertising etc

Note: Viable(feasible) Features Set is decided on basis of ROI, market demographics, business resources and other external/internal factors.

MVP is something you would find after full launch of the product, it is something that follows or happens after MnVP, so that means to understand MVP you need to understand MnVP, without MnVP there won’t be any MVP ;p again that light and darkness example haha!

Now let me make it a lot easier for you guys to grasp it with couple of figures

 

Over to you guys!

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