A Minimum Viable Product (MVP) is defined as a product with sufficient features to satisfy early customers and?

A Minimum Viable Product (MVP) is essentially a foundational version of a product that has just enough features to attract early adopters and gather feedback for further development. The core purpose of an MVP is to validate ideas and assumptions made during the product development process by engaging real users and understanding their needs and experiences.

Choosing to define the MVP in this context acknowledges that feedback from early customers is critical for informing future enhancements and iterations. This feedback loop allows teams to learn from user interactions, prioritize features based on user needs, and make informed decisions on how to evolve the product. Therefore, the emphasis on using an MVP to elicit valuable insights and constructive critiques underlines its role in an iterative development process.

The other options do not align with the primary intent of an MVP. For instance, stating that an MVP is the last iteration of development misrepresents its purpose, as MVPs are designed for ongoing improvement rather than finality. Saying it is not yet ready to be sold undermines the concept that an MVP should have enough usable features to attract customers and receive initial feedback. Finally, describing it merely as a demonstration tool does not capture its broader role in facilitating learning and adaptation in product development.