What is the purpose of a minimum viable product (MVP)?
Answer and explanation
Correct answer: To test a product idea with limited resources and obtain customer feedback
An MVP is an early usable version containing the essential features needed to test a product assumption with real users. It allows an entrepreneur to learn from feedback while spending fewer resources than a fully developed product. It is not necessarily a poor-quality product, but it does avoid unnecessary features at the testing stage. Thus A is correct.
Frequently asked questions
What is the correct answer to this question?
To test a product idea with limited resources and obtain customer feedback
Why is this the correct answer?
An MVP is an early usable version containing the essential features needed to test a product assumption with real users. It allows an entrepreneur to learn from feedback while spending fewer resources than a fully developed product. It is not necessarily a poor-quality product, but it does avoid unnecessary features at the testing stage. Thus A is correct.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
