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Directions: Read the following information carefully and answer the given question.
A minimum viable product (MVP) is a development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product's initial users. This technique helps them in making the final product much better. With the help of MVP concept, the research or the marketing team will come to know where the product is lacking and or what are its strengths or weaknesses.
MVP has three distinct features. One is that it will have enough features for consumers to purchase the product (it becomes easier for the company to market it), the other is that it will have some sort of a feedback mechanism wherein users would be able to send their feedback about the product. And, lastly it should have enough future benefits for consumers who choose to adopt the product first (Google gave free upgrade of its OS to all Nexus users). The idea is to get feedback from the consumers which will in turn help in making the desired changes in the final product. MVP actually tests the usage scenario that is much more helpful for the company to make changes to the final product.
The developing team of an MVP will not waste any time on anything beyond the bare minimum, and build every other feature over time as they assess the customers' wishes and preferences as they start using the product. The product may change even dramatically or even get abandoned as feedback from users may significantly diverge from the original project. However, the developing teams will not waste any resources (efforts, time, money, advertising) on a product that no one really wants, needs, or likes. The catch to this development technique is that it assumes that early adopters can see the vision or promise of the final product and provide the valuable feedback needed to guide developers forward.
The whole focus is learning during product development by collecting information from customers that are validated already. Observing users as they utilize the product is much more reliable than trying to validate marketing hypotheses with questionnaires or forecasts. A common pitfall is to release a bare-bone product that is so much below the users' expectations that is not viable at all. In general, the MVP technique is particularly viable for technically-oriented products used by technical users who are often keen on providing practical insights on how to improve or update the product. The concept of MVP has, in fact, been widely adopted by many verticals in the informatics industry. For example, many video games today spend many months (sometimes years) as early access products and are slowly developed as the community grows. Some popular franchises, such as Farmville, fully leveraged the concept of MVP by implementing new gameplay features over time while progressively improving overall user experience.
Q. Which of the following best describes the meaning of a minimum viable product (MVP)?
  • a)
    An MVP is a product manufactured after incorporating valuable feedback.
  • b)
    A product with minimum features capable of improving based on customer feedback is an MVP.
  • c)
    A product that has the potential to provide significant cost advantages is called an MVP.
  • d)
    An MVP is a product that promises significant improvements to its consumers over time.
Correct answer is option 'B'. Can you explain this answer?
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Directions: Read the following information carefully and answer the g...
Certain characteristics that distinguish an MVP from other products is its bare nature, its capacity to improve and its ability to incorporate feedback. The only statement that accurately highlights all these features is option 2. All other statements are either partial in explanation or entirely non inferable.
Option 1 is incorrect because of the use of 'after' in the statement. An MVP is a product that is manufactured 'before' obtaining any kind of feedback such that after manufacturing such MVP, it is capable of getting feedback.
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Directions: Read the following information carefully and answer the given question.A minimum viable product (MVP) is a development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product's initial users. This technique helps them in making the final product much better. With the help of MVP concept, the research or the marketing team will come to know where the product is lacking and or what are its strengths or weaknesses.MVP has three distinct features. One is that it will have enough features for consumers to purchase the product (it becomes easier for the company to market it), the other is that it will have some sort of a feedback mechanism wherein users would be able to send their feedback about the product. And, lastly it should have enough future benefits for consumers who choose to adopt the product first (Google gave free upgrade of its OS to all Nexus users). The idea is to get feedback from the consumers which will in turn help in making the desired changes in the final product. MVP actually tests the usage scenario that is much more helpful for the company to make changes to the final product.The developing team of an MVP will not waste any time on anything beyond the bare minimum, and build every other feature over time as they assess the customers' wishes and preferences as they start using the product. The product may change even dramatically or even get abandoned as feedback from users may significantly diverge from the original project. However, the developing teams will not waste any resources (efforts, time, money, advertising) on a product that no one really wants, needs, or likes. The catch to this development technique is that it assumes that early adopters can see the vision or promise of the final product and provide the valuable feedback needed to guide developers forward.The whole focus is learning during product development by collecting information from customers that are validated already. Observing users as they utilize the product is much more reliable than trying to validate marketing hypotheses with questionnaires or forecasts. A common pitfall is to release a bare-bone product that is so much below the users' expectations that is not viable at all. In general, the MVP technique is particularly viable for technically-oriented products used by technical users who are often keen on providing practical insights on how to improve or update the product. The concept of MVP has, in fact, been widely adopted by many verticals in the informatics industry. For example, many video games today spend many months (sometimes years) as early access products and are slowly developed as the community grows. Some popular franchises, such as Farmville, fully leveraged the concept of MVP by implementing new gameplay features over time while progressively improving overall user experience.Q. Which of the following statements is true in context of the passage?

Directions: Analyse the following passage and provide appropriate answers "Whatever actions are done by an individual in different embodiments, [s]he reaps the fruit of those actions in those very bodies or embodiments (in future existences)".A belief in karma entails, among other things, a focus on long run consequences, i.e., a long term orientation. Such an orientation implies that people who believe in karma may be more honest with themselves in general and in setting expectations in particular-a hypothesis we examine here. This research is based on three simple premises. First, because lower expectations often lead to greater satisfaction, individuals in general, and especially those who are sensitive to the gap between performance and expectations, have the incentive to and actually do “strategically” lower their expectations. Second, individuals with a long term orientation are likely to be less inclined to lower expectations in the hope of temporarily feeling better. Third, long term orientation and the tendency to lower expectations are at least partially driven by cultural factors. In India, belief in karma, with its emphasis on a longer term orientation, will therefore to some extent counter-act the tendency to lower expectations. The empirical results support our logic; those who believe more strongly in karma are less influenced by disconfirmation sensitivity and therefore have higher expectations.Consumers make choices based on expectations of how alternative options will perform (i.e., expected utility). Expectations about the quality of a product also play a central role in subsequent satisfaction. These expectations may be based on a number of factors including the quality of a typical brand in a category, advertised quality, and disconfirmation sensitivity. Recent evidence suggests that consumers, who are more disconfirmation sensitive (i.e.,consumers who are more satisfied when products perform better than expected or more dissatisfied when products perform worse than expecte d) have lower expectations. However, there is little research concerning the role of culture-specific variables in expectation formation, particularly how they relate to the impact of disconfirmation Sensitivity on consumerRead the following statements carefully:1. Temporary feelings and law of karma are independent2. As per theory of karma, temporary feelings would not lower the expectation.3. Temporary feelings and law of karma are contradictory.Q. Which of the following combination of statements is consistent with the second premise?

Directions for Questions Analyse the following passage and provide appropriate answers "Whatever actions are done by an individual in different embodiments, [s]he reaps the fruit of those actions in those very bodies or embodiments (in future existences)". A belief in karma entails, among other things, a focus on long run consequences, i.e., a long term orientation. Such an orientation implies that people who believe in karma may be more honest with themselves in general and in setting expectations in particular-a hypothesis we examine here. This research is based on three simple premises. First, because lower expectations often lead to greater satisfaction, individuals in general, and especially those who are sensitive to the gap between performance and expectations, have the incentive to and actually do strategically lower their expectations. Second, individuals with a long term orientation are likely to be less inclined to lower expectations in the hope of temporarily feeling better. Third, long term orientation and the tendency to lower expectations are at least partially driven by cultural factors. In India, belief in karma, with its emphasis on a longer term orientation, will therefore to some extent counteract the tendency to lower expectations. The empirical results support our logic; those who believe more strongly in karma are less influenced by disconfirmation sensitivity and therefore have higher expectations. Consumers make choices based on expectations of how alternative options will perform (i.e., expected utility). Expectations about the quality of a product also play a central role in subsequent satisfaction. These expectations may be based on a number of factors including the quality of a typical brand in a category, advertised quality, and disconfirmation sensitivity. Recent evidence suggests that consumers, who are more disconfirmation sensitive (i.e.,consumers who are more satisfied when products perform better than expected or more dissatisfied when products perform worse than expecte d) have lower expectations. However, there is little research concerning the role of culture specific variables in expectation formation, particularly how they relate to the impact of disconfirmation Sensitivity on consumer Read the following statements carefully:1. Temporary feelings and law of karma are independent2. As per theory of karma, temporary feelings would not lower the expectation.3. Temporary feelings and law of karma are contradictory.Which of the following combinations of statements is consistent with the second premise?

Directions: Analyse the following passage and provide appropriate answers "Whatever actions are done by an individual in different embodiments, [s]he reaps the fruit of those actions in those very bodies or embodiments (in future existences)".A belief in karma entails, among other things, a focus on long run consequences, i.e., a long term orientation. Such an orientation implies that people who believe in karma may be more honest with themselves in general and in setting expectations in particular-a hypothesis we examine here. This research is based on three simple premises. First, because lower expectations often lead to greater satisfaction, individuals in general, and especially those who are sensitive to the gap between performance and expectations, have the incentive to and actually do “strategically” lower their expectations. Second, individuals with a long term orientation are likely to be less inclined to lower expectations in the hope of temporarily feeling better. Third, long term orientation and the tendency to lower expectations are at least partially driven by cultural factors. In India, belief in karma, with its emphasis on a longer term orientation, will therefore to some extent counter-act the tendency to lower expectations. The empirical results support our logic; those who believe more strongly in karma are less influenced by disconfirmation sensitivity and therefore have higher expectations.Consumers make choices based on expectations of how alternative options will perform (i.e., expected utility). Expectations about the quality of a product also play a central role in subsequent satisfaction. These expectations may be based on a number of factors including the quality of a typical brand in a category, advertised quality, and disconfirmation sensitivity. Recent evidence suggests that consumers, who are more disconfirmation sensitive (i.e.,consumers who are more satisfied when products perform better than expected or more dissatisfied when products perform worse than expecte d) have lower expectations. However, there is little research concerning the role of culture-specific variables in expectation formation, particularly how they relate to the impact of disconfirmation Sensitivity on consumerConsider the following assertion and conclusion: Assertion: The meaning of karma in the above passage (refer to first two lines of the paragraph in italics.)Conclusion: Belief that long term consequences are important.Now read the following statements carefully.1. The conclusion will always follow the assertion.2. The conclusion may follow the assertion.3. The conclusion may follow the assertion only if an individual lives long enough.4. The conclusion cannot follow the assertion.Q. Which of the following statement (s) is correct?

Directions for Questions Analyse the following passage and provide appropriate answers "Whatever actions are done by an individual in different embodiments, [s]he reaps the fruit of those actions in those very bodies or embodiments (in future existences)". A belief in karma entails, among other things, a focus on long run consequences, i.e., a long term orientation. Such an orientation implies that people who believe in karma may be more honest with themselves in general and in setting expectations in particular-a hypothesis we examine here. This research is based on three simple premises. First, because lower expectations often lead to greater satisfaction, individuals in general, and especially those who are sensitive to the gap between performance and expectations, have the incentive to and actually do strategically lower their expectations. Second, individuals with a long term orientation are likely to be less inclined to lower expectations in the hope of temporarily feeling better. Third, long term orientation and the tendency to lower expectations are at least partially driven by cultural factors. In India, belief in karma, with its emphasis on a longer term orientation, will therefore to some extent counteract the tendency to lower expectations. The empirical results support our logic; those who believe more strongly in karma are less influenced by disconfirmation sensitivity and therefore have higher expectations. Consumers make choices based on expectations of how alternative options will perform (i.e., expected utility). Expectations about the quality of a product also play a central role in subsequent satisfaction. These expectations may be based on a number of factors including the quality of a typical brand in a category, advertised quality, and disconfirmation sensitivity. Recent evidence suggests that consumers, who are more disconfirmation sensitive (i.e.,consumers who are more satisfied when products perform better than expected or more dissatisfied when products perform worse than expecte d) have lower expectations. However, there is little research concerning the role of culture specific variables in expectation formation, particularly how they relate to the impact of disconfirmation Sensitivity on consumer Consider the following assertion and conclusion: Assertion: The meaning of karma in the above passage (refer to first two lines of the paragraph in italics.) Conclusion: Belief that long term consequences are important. Now read the following statements carefully.1. The conclusion will always follow the assertion.2. The conclusion may follow the assertion.3. The conclusion may follow the assertion only if an individual lives long enough.4. The conclusion cannot follow the assertion.Which of the following statement (s) is correct?

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Directions: Read the following information carefully and answer the given question.A minimum viable product (MVP) is a development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product's initial users. This technique helps them in making the final product much better. With the help of MVP concept, the research or the marketing team will come to know where the product is lacking and or what are its strengths or weaknesses.MVP has three distinct features. One is that it will have enough features for consumers to purchase the product (it becomes easier for the company to market it), the other is that it will have some sort of a feedback mechanism wherein users would be able to send their feedback about the product. And, lastly it should have enough future benefits for consumers who choose to adopt the product first (Google gave free upgrade of its OS to all Nexus users). The idea is to get feedback from the consumers which will in turn help in making the desired changes in the final product. MVP actually tests the usage scenario that is much more helpful for the company to make changes to the final product.The developing team of an MVP will not waste any time on anything beyond the bare minimum, and build every other feature over time as they assess the customers' wishes and preferences as they start using the product. The product may change even dramatically or even get abandoned as feedback from users may significantly diverge from the original project. However, the developing teams will not waste any resources (efforts, time, money, advertising) on a product that no one really wants, needs, or likes. The catch to this development technique is that it assumes that early adopters can see the vision or promise of the final product and provide the valuable feedback needed to guide developers forward.The whole focus is learning during product development by collecting information from customers that are validated already. Observing users as they utilize the product is much more reliable than trying to validate marketing hypotheses with questionnaires or forecasts. A common pitfall is to release a bare-bone product that is so much below the users' expectations that is not viable at all. In general, the MVP technique is particularly viable for technically-oriented products used by technical users who are often keen on providing practical insights on how to improve or update the product. The concept of MVP has, in fact, been widely adopted by many verticals in the informatics industry. For example, many video games today spend many months (sometimes years) as early access products and are slowly developed as the community grows. Some popular franchises, such as Farmville, fully leveraged the concept of MVP by implementing new gameplay features over time while progressively improving overall user experience.Q. Which of the following best describes the meaning of a minimum viable product (MVP)?a)An MVP is a product manufactured after incorporating valuable feedback.b)A product with minimum features capable of improving based on customer feedback is an MVP.c)A product that has the potential to provide significant cost advantages is called an MVP.d)An MVP is a product that promises significant improvements to its consumers over time.Correct answer is option 'B'. Can you explain this answer?
Question Description
Directions: Read the following information carefully and answer the given question.A minimum viable product (MVP) is a development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product's initial users. This technique helps them in making the final product much better. With the help of MVP concept, the research or the marketing team will come to know where the product is lacking and or what are its strengths or weaknesses.MVP has three distinct features. One is that it will have enough features for consumers to purchase the product (it becomes easier for the company to market it), the other is that it will have some sort of a feedback mechanism wherein users would be able to send their feedback about the product. And, lastly it should have enough future benefits for consumers who choose to adopt the product first (Google gave free upgrade of its OS to all Nexus users). The idea is to get feedback from the consumers which will in turn help in making the desired changes in the final product. MVP actually tests the usage scenario that is much more helpful for the company to make changes to the final product.The developing team of an MVP will not waste any time on anything beyond the bare minimum, and build every other feature over time as they assess the customers' wishes and preferences as they start using the product. The product may change even dramatically or even get abandoned as feedback from users may significantly diverge from the original project. However, the developing teams will not waste any resources (efforts, time, money, advertising) on a product that no one really wants, needs, or likes. The catch to this development technique is that it assumes that early adopters can see the vision or promise of the final product and provide the valuable feedback needed to guide developers forward.The whole focus is learning during product development by collecting information from customers that are validated already. Observing users as they utilize the product is much more reliable than trying to validate marketing hypotheses with questionnaires or forecasts. A common pitfall is to release a bare-bone product that is so much below the users' expectations that is not viable at all. In general, the MVP technique is particularly viable for technically-oriented products used by technical users who are often keen on providing practical insights on how to improve or update the product. The concept of MVP has, in fact, been widely adopted by many verticals in the informatics industry. For example, many video games today spend many months (sometimes years) as early access products and are slowly developed as the community grows. Some popular franchises, such as Farmville, fully leveraged the concept of MVP by implementing new gameplay features over time while progressively improving overall user experience.Q. Which of the following best describes the meaning of a minimum viable product (MVP)?a)An MVP is a product manufactured after incorporating valuable feedback.b)A product with minimum features capable of improving based on customer feedback is an MVP.c)A product that has the potential to provide significant cost advantages is called an MVP.d)An MVP is a product that promises significant improvements to its consumers over time.Correct answer is option 'B'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about Directions: Read the following information carefully and answer the given question.A minimum viable product (MVP) is a development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product's initial users. This technique helps them in making the final product much better. With the help of MVP concept, the research or the marketing team will come to know where the product is lacking and or what are its strengths or weaknesses.MVP has three distinct features. One is that it will have enough features for consumers to purchase the product (it becomes easier for the company to market it), the other is that it will have some sort of a feedback mechanism wherein users would be able to send their feedback about the product. And, lastly it should have enough future benefits for consumers who choose to adopt the product first (Google gave free upgrade of its OS to all Nexus users). The idea is to get feedback from the consumers which will in turn help in making the desired changes in the final product. MVP actually tests the usage scenario that is much more helpful for the company to make changes to the final product.The developing team of an MVP will not waste any time on anything beyond the bare minimum, and build every other feature over time as they assess the customers' wishes and preferences as they start using the product. The product may change even dramatically or even get abandoned as feedback from users may significantly diverge from the original project. However, the developing teams will not waste any resources (efforts, time, money, advertising) on a product that no one really wants, needs, or likes. The catch to this development technique is that it assumes that early adopters can see the vision or promise of the final product and provide the valuable feedback needed to guide developers forward.The whole focus is learning during product development by collecting information from customers that are validated already. Observing users as they utilize the product is much more reliable than trying to validate marketing hypotheses with questionnaires or forecasts. A common pitfall is to release a bare-bone product that is so much below the users' expectations that is not viable at all. In general, the MVP technique is particularly viable for technically-oriented products used by technical users who are often keen on providing practical insights on how to improve or update the product. The concept of MVP has, in fact, been widely adopted by many verticals in the informatics industry. For example, many video games today spend many months (sometimes years) as early access products and are slowly developed as the community grows. Some popular franchises, such as Farmville, fully leveraged the concept of MVP by implementing new gameplay features over time while progressively improving overall user experience.Q. Which of the following best describes the meaning of a minimum viable product (MVP)?a)An MVP is a product manufactured after incorporating valuable feedback.b)A product with minimum features capable of improving based on customer feedback is an MVP.c)A product that has the potential to provide significant cost advantages is called an MVP.d)An MVP is a product that promises significant improvements to its consumers over time.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Directions: Read the following information carefully and answer the given question.A minimum viable product (MVP) is a development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product's initial users. This technique helps them in making the final product much better. With the help of MVP concept, the research or the marketing team will come to know where the product is lacking and or what are its strengths or weaknesses.MVP has three distinct features. One is that it will have enough features for consumers to purchase the product (it becomes easier for the company to market it), the other is that it will have some sort of a feedback mechanism wherein users would be able to send their feedback about the product. And, lastly it should have enough future benefits for consumers who choose to adopt the product first (Google gave free upgrade of its OS to all Nexus users). The idea is to get feedback from the consumers which will in turn help in making the desired changes in the final product. MVP actually tests the usage scenario that is much more helpful for the company to make changes to the final product.The developing team of an MVP will not waste any time on anything beyond the bare minimum, and build every other feature over time as they assess the customers' wishes and preferences as they start using the product. The product may change even dramatically or even get abandoned as feedback from users may significantly diverge from the original project. However, the developing teams will not waste any resources (efforts, time, money, advertising) on a product that no one really wants, needs, or likes. The catch to this development technique is that it assumes that early adopters can see the vision or promise of the final product and provide the valuable feedback needed to guide developers forward.The whole focus is learning during product development by collecting information from customers that are validated already. Observing users as they utilize the product is much more reliable than trying to validate marketing hypotheses with questionnaires or forecasts. A common pitfall is to release a bare-bone product that is so much below the users' expectations that is not viable at all. In general, the MVP technique is particularly viable for technically-oriented products used by technical users who are often keen on providing practical insights on how to improve or update the product. The concept of MVP has, in fact, been widely adopted by many verticals in the informatics industry. For example, many video games today spend many months (sometimes years) as early access products and are slowly developed as the community grows. Some popular franchises, such as Farmville, fully leveraged the concept of MVP by implementing new gameplay features over time while progressively improving overall user experience.Q. Which of the following best describes the meaning of a minimum viable product (MVP)?a)An MVP is a product manufactured after incorporating valuable feedback.b)A product with minimum features capable of improving based on customer feedback is an MVP.c)A product that has the potential to provide significant cost advantages is called an MVP.d)An MVP is a product that promises significant improvements to its consumers over time.Correct answer is option 'B'. Can you explain this answer?.
Solutions for Directions: Read the following information carefully and answer the given question.A minimum viable product (MVP) is a development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product's initial users. This technique helps them in making the final product much better. With the help of MVP concept, the research or the marketing team will come to know where the product is lacking and or what are its strengths or weaknesses.MVP has three distinct features. One is that it will have enough features for consumers to purchase the product (it becomes easier for the company to market it), the other is that it will have some sort of a feedback mechanism wherein users would be able to send their feedback about the product. And, lastly it should have enough future benefits for consumers who choose to adopt the product first (Google gave free upgrade of its OS to all Nexus users). The idea is to get feedback from the consumers which will in turn help in making the desired changes in the final product. MVP actually tests the usage scenario that is much more helpful for the company to make changes to the final product.The developing team of an MVP will not waste any time on anything beyond the bare minimum, and build every other feature over time as they assess the customers' wishes and preferences as they start using the product. The product may change even dramatically or even get abandoned as feedback from users may significantly diverge from the original project. However, the developing teams will not waste any resources (efforts, time, money, advertising) on a product that no one really wants, needs, or likes. The catch to this development technique is that it assumes that early adopters can see the vision or promise of the final product and provide the valuable feedback needed to guide developers forward.The whole focus is learning during product development by collecting information from customers that are validated already. Observing users as they utilize the product is much more reliable than trying to validate marketing hypotheses with questionnaires or forecasts. A common pitfall is to release a bare-bone product that is so much below the users' expectations that is not viable at all. In general, the MVP technique is particularly viable for technically-oriented products used by technical users who are often keen on providing practical insights on how to improve or update the product. The concept of MVP has, in fact, been widely adopted by many verticals in the informatics industry. For example, many video games today spend many months (sometimes years) as early access products and are slowly developed as the community grows. Some popular franchises, such as Farmville, fully leveraged the concept of MVP by implementing new gameplay features over time while progressively improving overall user experience.Q. Which of the following best describes the meaning of a minimum viable product (MVP)?a)An MVP is a product manufactured after incorporating valuable feedback.b)A product with minimum features capable of improving based on customer feedback is an MVP.c)A product that has the potential to provide significant cost advantages is called an MVP.d)An MVP is a product that promises significant improvements to its consumers over time.Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for CAT. Download more important topics, notes, lectures and mock test series for CAT Exam by signing up for free.
Here you can find the meaning of Directions: Read the following information carefully and answer the given question.A minimum viable product (MVP) is a development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product's initial users. This technique helps them in making the final product much better. With the help of MVP concept, the research or the marketing team will come to know where the product is lacking and or what are its strengths or weaknesses.MVP has three distinct features. One is that it will have enough features for consumers to purchase the product (it becomes easier for the company to market it), the other is that it will have some sort of a feedback mechanism wherein users would be able to send their feedback about the product. And, lastly it should have enough future benefits for consumers who choose to adopt the product first (Google gave free upgrade of its OS to all Nexus users). The idea is to get feedback from the consumers which will in turn help in making the desired changes in the final product. MVP actually tests the usage scenario that is much more helpful for the company to make changes to the final product.The developing team of an MVP will not waste any time on anything beyond the bare minimum, and build every other feature over time as they assess the customers' wishes and preferences as they start using the product. The product may change even dramatically or even get abandoned as feedback from users may significantly diverge from the original project. However, the developing teams will not waste any resources (efforts, time, money, advertising) on a product that no one really wants, needs, or likes. The catch to this development technique is that it assumes that early adopters can see the vision or promise of the final product and provide the valuable feedback needed to guide developers forward.The whole focus is learning during product development by collecting information from customers that are validated already. Observing users as they utilize the product is much more reliable than trying to validate marketing hypotheses with questionnaires or forecasts. A common pitfall is to release a bare-bone product that is so much below the users' expectations that is not viable at all. In general, the MVP technique is particularly viable for technically-oriented products used by technical users who are often keen on providing practical insights on how to improve or update the product. The concept of MVP has, in fact, been widely adopted by many verticals in the informatics industry. For example, many video games today spend many months (sometimes years) as early access products and are slowly developed as the community grows. Some popular franchises, such as Farmville, fully leveraged the concept of MVP by implementing new gameplay features over time while progressively improving overall user experience.Q. Which of the following best describes the meaning of a minimum viable product (MVP)?a)An MVP is a product manufactured after incorporating valuable feedback.b)A product with minimum features capable of improving based on customer feedback is an MVP.c)A product that has the potential to provide significant cost advantages is called an MVP.d)An MVP is a product that promises significant improvements to its consumers over time.Correct answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Directions: Read the following information carefully and answer the given question.A minimum viable product (MVP) is a development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product's initial users. This technique helps them in making the final product much better. With the help of MVP concept, the research or the marketing team will come to know where the product is lacking and or what are its strengths or weaknesses.MVP has three distinct features. One is that it will have enough features for consumers to purchase the product (it becomes easier for the company to market it), the other is that it will have some sort of a feedback mechanism wherein users would be able to send their feedback about the product. And, lastly it should have enough future benefits for consumers who choose to adopt the product first (Google gave free upgrade of its OS to all Nexus users). The idea is to get feedback from the consumers which will in turn help in making the desired changes in the final product. MVP actually tests the usage scenario that is much more helpful for the company to make changes to the final product.The developing team of an MVP will not waste any time on anything beyond the bare minimum, and build every other feature over time as they assess the customers' wishes and preferences as they start using the product. The product may change even dramatically or even get abandoned as feedback from users may significantly diverge from the original project. However, the developing teams will not waste any resources (efforts, time, money, advertising) on a product that no one really wants, needs, or likes. The catch to this development technique is that it assumes that early adopters can see the vision or promise of the final product and provide the valuable feedback needed to guide developers forward.The whole focus is learning during product development by collecting information from customers that are validated already. Observing users as they utilize the product is much more reliable than trying to validate marketing hypotheses with questionnaires or forecasts. A common pitfall is to release a bare-bone product that is so much below the users' expectations that is not viable at all. In general, the MVP technique is particularly viable for technically-oriented products used by technical users who are often keen on providing practical insights on how to improve or update the product. The concept of MVP has, in fact, been widely adopted by many verticals in the informatics industry. For example, many video games today spend many months (sometimes years) as early access products and are slowly developed as the community grows. Some popular franchises, such as Farmville, fully leveraged the concept of MVP by implementing new gameplay features over time while progressively improving overall user experience.Q. Which of the following best describes the meaning of a minimum viable product (MVP)?a)An MVP is a product manufactured after incorporating valuable feedback.b)A product with minimum features capable of improving based on customer feedback is an MVP.c)A product that has the potential to provide significant cost advantages is called an MVP.d)An MVP is a product that promises significant improvements to its consumers over time.Correct answer is option 'B'. Can you explain this answer?, a detailed solution for Directions: Read the following information carefully and answer the given question.A minimum viable product (MVP) is a development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product's initial users. This technique helps them in making the final product much better. With the help of MVP concept, the research or the marketing team will come to know where the product is lacking and or what are its strengths or weaknesses.MVP has three distinct features. One is that it will have enough features for consumers to purchase the product (it becomes easier for the company to market it), the other is that it will have some sort of a feedback mechanism wherein users would be able to send their feedback about the product. And, lastly it should have enough future benefits for consumers who choose to adopt the product first (Google gave free upgrade of its OS to all Nexus users). The idea is to get feedback from the consumers which will in turn help in making the desired changes in the final product. MVP actually tests the usage scenario that is much more helpful for the company to make changes to the final product.The developing team of an MVP will not waste any time on anything beyond the bare minimum, and build every other feature over time as they assess the customers' wishes and preferences as they start using the product. The product may change even dramatically or even get abandoned as feedback from users may significantly diverge from the original project. However, the developing teams will not waste any resources (efforts, time, money, advertising) on a product that no one really wants, needs, or likes. The catch to this development technique is that it assumes that early adopters can see the vision or promise of the final product and provide the valuable feedback needed to guide developers forward.The whole focus is learning during product development by collecting information from customers that are validated already. Observing users as they utilize the product is much more reliable than trying to validate marketing hypotheses with questionnaires or forecasts. A common pitfall is to release a bare-bone product that is so much below the users' expectations that is not viable at all. In general, the MVP technique is particularly viable for technically-oriented products used by technical users who are often keen on providing practical insights on how to improve or update the product. The concept of MVP has, in fact, been widely adopted by many verticals in the informatics industry. For example, many video games today spend many months (sometimes years) as early access products and are slowly developed as the community grows. Some popular franchises, such as Farmville, fully leveraged the concept of MVP by implementing new gameplay features over time while progressively improving overall user experience.Q. Which of the following best describes the meaning of a minimum viable product (MVP)?a)An MVP is a product manufactured after incorporating valuable feedback.b)A product with minimum features capable of improving based on customer feedback is an MVP.c)A product that has the potential to provide significant cost advantages is called an MVP.d)An MVP is a product that promises significant improvements to its consumers over time.Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of Directions: Read the following information carefully and answer the given question.A minimum viable product (MVP) is a development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product's initial users. This technique helps them in making the final product much better. With the help of MVP concept, the research or the marketing team will come to know where the product is lacking and or what are its strengths or weaknesses.MVP has three distinct features. One is that it will have enough features for consumers to purchase the product (it becomes easier for the company to market it), the other is that it will have some sort of a feedback mechanism wherein users would be able to send their feedback about the product. And, lastly it should have enough future benefits for consumers who choose to adopt the product first (Google gave free upgrade of its OS to all Nexus users). The idea is to get feedback from the consumers which will in turn help in making the desired changes in the final product. MVP actually tests the usage scenario that is much more helpful for the company to make changes to the final product.The developing team of an MVP will not waste any time on anything beyond the bare minimum, and build every other feature over time as they assess the customers' wishes and preferences as they start using the product. The product may change even dramatically or even get abandoned as feedback from users may significantly diverge from the original project. However, the developing teams will not waste any resources (efforts, time, money, advertising) on a product that no one really wants, needs, or likes. The catch to this development technique is that it assumes that early adopters can see the vision or promise of the final product and provide the valuable feedback needed to guide developers forward.The whole focus is learning during product development by collecting information from customers that are validated already. Observing users as they utilize the product is much more reliable than trying to validate marketing hypotheses with questionnaires or forecasts. A common pitfall is to release a bare-bone product that is so much below the users' expectations that is not viable at all. In general, the MVP technique is particularly viable for technically-oriented products used by technical users who are often keen on providing practical insights on how to improve or update the product. The concept of MVP has, in fact, been widely adopted by many verticals in the informatics industry. For example, many video games today spend many months (sometimes years) as early access products and are slowly developed as the community grows. Some popular franchises, such as Farmville, fully leveraged the concept of MVP by implementing new gameplay features over time while progressively improving overall user experience.Q. Which of the following best describes the meaning of a minimum viable product (MVP)?a)An MVP is a product manufactured after incorporating valuable feedback.b)A product with minimum features capable of improving based on customer feedback is an MVP.c)A product that has the potential to provide significant cost advantages is called an MVP.d)An MVP is a product that promises significant improvements to its consumers over time.Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Directions: Read the following information carefully and answer the given question.A minimum viable product (MVP) is a development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product's initial users. This technique helps them in making the final product much better. With the help of MVP concept, the research or the marketing team will come to know where the product is lacking and or what are its strengths or weaknesses.MVP has three distinct features. One is that it will have enough features for consumers to purchase the product (it becomes easier for the company to market it), the other is that it will have some sort of a feedback mechanism wherein users would be able to send their feedback about the product. And, lastly it should have enough future benefits for consumers who choose to adopt the product first (Google gave free upgrade of its OS to all Nexus users). The idea is to get feedback from the consumers which will in turn help in making the desired changes in the final product. MVP actually tests the usage scenario that is much more helpful for the company to make changes to the final product.The developing team of an MVP will not waste any time on anything beyond the bare minimum, and build every other feature over time as they assess the customers' wishes and preferences as they start using the product. The product may change even dramatically or even get abandoned as feedback from users may significantly diverge from the original project. However, the developing teams will not waste any resources (efforts, time, money, advertising) on a product that no one really wants, needs, or likes. The catch to this development technique is that it assumes that early adopters can see the vision or promise of the final product and provide the valuable feedback needed to guide developers forward.The whole focus is learning during product development by collecting information from customers that are validated already. Observing users as they utilize the product is much more reliable than trying to validate marketing hypotheses with questionnaires or forecasts. A common pitfall is to release a bare-bone product that is so much below the users' expectations that is not viable at all. In general, the MVP technique is particularly viable for technically-oriented products used by technical users who are often keen on providing practical insights on how to improve or update the product. The concept of MVP has, in fact, been widely adopted by many verticals in the informatics industry. For example, many video games today spend many months (sometimes years) as early access products and are slowly developed as the community grows. Some popular franchises, such as Farmville, fully leveraged the concept of MVP by implementing new gameplay features over time while progressively improving overall user experience.Q. Which of the following best describes the meaning of a minimum viable product (MVP)?a)An MVP is a product manufactured after incorporating valuable feedback.b)A product with minimum features capable of improving based on customer feedback is an MVP.c)A product that has the potential to provide significant cost advantages is called an MVP.d)An MVP is a product that promises significant improvements to its consumers over time.Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice CAT tests.
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