What does MVP mean when it comes to market testing? Read this article to learn the meaning of MVP and why an MVP is valuable.
Have you ever been confused by the meaning of MVP in market testing or market research? This article will teach you what MVP stands for and why MVP is essential. It will also provide you with other potential definitions of MVP.
What Does MVP Stand For?
According to Dictionary and Economic Times, the term MVP stands for minimum viable product. This term can be used in market testing to refer to a product prototype created to share with a small audience for feedback and product development. Eric Ries coined the concept of MVP.
MVPs are used to gain an understanding about how a customer interacts with a product and their interest level before fully developing a product. This is why it is called the “”minimum viable”” product; a company or entrepreneur puts the least effort they can while gaining the maximum amount of information from customers. This helps a company know how to proceed with their product development.
This type of testing falls under the Lean Startup methodology and hypothesis. An early adopter of the product or the first people to test a version of a new product will show their assumptions and insights during MVP testing. This way, the development team can ensure there are enough features to meet the customer’s needs and create a good user experience.
Why Use MVP?
Companies can get authentic customer feedback by testing a product with real users during MVP development. In these scenarios, they can implement refinement to the product while it is still in its early stages using the users’ feedback.
Suppose market research employees only did a testing cycle once the product was complete (i.e., beta testing). In that case, this might waste resources and time if the product does not have sufficient features or if it is not a product-market fit for the target market.
MVP testing can collect feedback and customer data on a complete set of features and core functions for things like software products and software development. This development technique is a key part of the product management team department.
What Are Other Meanings of MVP?
If you are using the term MVP concerning market research, it likely refers to a minimum viable product. However, if you use this term in another context, it might stand for something different.
If you ever hear MVP used in a way that could not mean minimum viable product, you can reference the below list of possible meanings of MVP from The Free Dictionary.
Based on the field of context in which MVP is used, you can narrow down a potential meaning. Like many acronyms, MVP can stand for numerous things. Therefore, it is never bad to ask someone what they mean by MVP. However, it is always better to ask the question than to make an assumption.
Meanings of MVP in Technology
MVP has many meanings in tech, such as Multimedia Video Processor.
- Mobile Voltage Positioning
- Most Valuable Professionals
- Managed Virus Protection (software)
- Multi-application Voice Processing
- Motorola Validated PLUS (communications)
- Mobile Variance Platform (Bitfone Corporation)
- Modular Voice Processor
- Most Valuable Performance
- Most Valuable Professional (Microsoft recognition program)
- Most Valuable Product (PC Computing award)
- Mainboard with Virtual Processor
- Multi Video Processing (ATI Technologies)
- Motion Vector Prediction
- Mobile Virtualization Platform (software)
- Mobility Validation Plan
- Mini Video Player
- Multimedia Video Processor
- Most Valuable Player
- Model View Projection
- Model View Presenter
- Multiline Variety Package
- Mobile, Voice, Positional
- Multi Verification Process
Meanings of MVP in Science
A scientist might use MVP to mean Marginal Value Products or one of the other definitions below.
- Mean-Variance Portfolio (theory)
- Mitral Valve Prolapse
- Matrix-Vector Product (mathematics)
- Minimum Viable Population
- Moving Vessel Profiler
- Marginal Value Products
Meanings of MVP in Business
If you are talking about business with someone, they could use MVP to stand for one of the below definitions like Market Value Pricing.
- Multi-Visit Pass
- Merging Vets and Players (West Hollywood, CA)
- Monumental Venture Partners, LLC (McLean, VA)
- Mentors in Violence Prevention
- Monster Venture Partners (Bellevue, WA)
- Millennium Village Project (various organizations)
- Maximizing Velocity and Power Track and Field Club (Kingston, Jamaica)
- Most Valued Partner (various organizations)
- Mohawk Valley Plan (Health Insurance – Utica, NY)
- Music Video Press (various locations)
- Motor Vehicle Producer (Australian government)
- Mill Valley Philharmonic
- Meridian Venture Partners (Pennsylvania)
- Moisture Vapour Permeable (fabrics and wood)
- Medium Voltage Panel (electricity)
- Manual Vacuum Pump
- Magnum Venus Products (Goshen, IN)
- Mission, Vision, Purpose (various organizations)
- Milestone Venture Partners (New York, NY)
- Mountain View Park
- Market-Value Pay
- Million Veteran Program (US VA)
- Morris Visitor Publications (Augusta, GA)
- Minimum Valuable Product
- Marketing Via Phone
- Marketing Vice President (various organizations)
- Market Value Pricing
- Multi-Vendor Program
Meanings of MVP in Government
A government employee might use MVP to stand for Military Voting Protection.
- Military Voting Protection
- Manpower Validation Program
- Ministarstvo Vanjskih Poslova I Europskih Integracija (Croatia Ministry of Foreign Affairs and European Integration)
- Master Verification Plan
- Multipurpose Voice Processor
Meanings of MVP as Slang Terms
MVP can also be used as a slang term in fields like gaming, sports, and entertainment. Have you ever used MVP to stand for Most Valuable Poet or Most Valuable Point?
- Montel Vontavious Porter (WWE star)
- Most Valuable Player (sports)
- Most Vertical Primate (movie)
- Monster Versus Player (gaming)
- Most Valuable Poet
- Most Valuable Point
- Millennium View Point
- Missouri Valley Pitbulls (football team)
- Most Valuable Primate (movie)
- Most Valuable Person
Overall, MVP stands for minimum viable product. A minimum viable product aims to understand a product’s initial users reaction to the product at an early stage so that time and resources are not wasted on a version of a product that will not succeed.