ITIL 4 Foundation Practice Exam

What does a minimum viable product (MVP) signify in development?

1. A product that has undergone extensive testing

2. A product that is incomplete and requires further features

3. A product with enough features to satisfy early customers

4. A fully developed product ready for mass market

The correct answer is: A product with enough features to satisfy early customers

A minimum viable product (MVP) signifies a product that includes the core features necessary to satisfy early adopters and validate their interest in the offering. The essence of an MVP is to provide just enough functionality to address the needs of initial users while allowing for feedback collection, which informs further development. This approach helps in minimizing resource expenditure, as it enables the development team to learn from real user experiences before investing significantly in additional features and enhancements. The focus of an MVP is not on perfection or completeness but on delivering value quickly to test assumptions about the product's viability in the market. By gathering insights from these early customers, the development team can iterate and improve the product more effectively, ensuring that future enhancements are aligned with user needs. This iterative development process is a key principle in agile methodologies and fosters a cycle of continuous improvement and customer feedback. In contrast, products that have undergone extensive testing may not necessarily qualify as MVPs if they have not been aligned with early customers' critical needs or if they include features that are beyond what is needed to validate the product concept. A product being only partially complete indeed may reflect that it requires more features, but it is not the definition of an MVP—its core purpose is to be functional enough to gauge interest