Z Flashcards
What is a Minimum Viable Product (MVP)?
A low-cost usable version of a product idea.
What are the two types of MVPs based on fidelity?
Low fidelity (LoFI) and high fidelity (HiFI).
What is a characteristic of an MVP?
It should be able to build it quickly.
What is another characteristic of an MVP?
Condense the functionality to what your initial user needs.
What value does an MVP provide to potential customers?
It provides insight into the final product value.
What is one objective of an MVP?
Cut down time-to-market for new products or features.
What is another objective of an MVP?
Attract customers and investors sooner and prove your offering has value.
What is a goal of launching an MVP?
Launch with minimal resources.
What type of MVP is designed to test the value proposition?
High fidelity MVP.
What is a Low Fidelity (LoFI) MVP?
Landing pages, explainer/demo videos, and crowdfunding campaigns.
What is a Concierge MVP?
A manually-offered service to a small group of test users for feedback.
What is the Wizard of Oz MVP?
A product that appears to be fully functional but has certain manual parts.
What does a Piecemeal MVP do?
Leverages existing services to create a usable product.
What is Customer Discovery?
A systematic approach to understanding target customers.
What is the purpose of Customer Discovery?
Helps validate problem-solution fit before developing a product.
What are the four phases of Customer Discovery?
- Identify
- Hypothesize
- Test
- Learn
True or False: Both Lo-Fi MVP and Customer Discovery help validate business ideas early.
True
Fill in the blank: An MVP should provide potential customers with insight into the __________ value.
[final product]
What is a key benefit of using an MVP?
Find out which of your assumptions are wrong and iterate based on user feedback.
