Minimum Viable Product (MVP)

Minimum Viable Product (MVP)

Minimum Viable Product (MVP) is a prioritization scheme in which the scope of the first release of a product is defined by identifying a minimum set of features, which would still provide value to the customer.

The goal of this technique is to realize business value faster rather waiting for the full product to be built and to learn from the product early in order to shape its future development.

For example, an insurance company may release the first version of their mobile app that allows customers to create an account and view their existing policies. In subsequent releases, they can add features to pay premiums, buy new policies, add dependents, and do video calls with their insurance agent.

Minimum Marketable Feature (MMF)

In contrast, Minimum Marketable Feature (MMF) is also a prioritization scheme in which the smallest feature that still delivers value to the customer is identified. It is a feature specifically chosen and developed to make a product or release marketable and appealing to a broader audience. MMFs are usually introduced later in the product life cycle after the product has achieved a certain level of maturity.

For example, Apple added a Titanium frame to iPhone 15 Pro to make the phone more appealing to the customers.