Question

Explain what is meant by MVBP (Minimum viable business product) and give examples for smartphone products.

Answer 1

MVBP (Minimum viable business product) is when a new product is launched partially and when the customers use it they are asked to provide feedback and those feedbacks are then incorporated into the product and the product then caters the needs of its users and becomes more user friendly. It works best when a completely new product is launched and the company has no idea as to how its customers will respond.

A few big examples of companies who have used this technique are UBER, TWITTER, BUFFER, AIRBNB

They all launched a modest version of their app and later on incorporated the feedbacks received by it's users. This helps the company to save money and create a product that suits the needs of its user so it will liked by its users.