Product Management 101-Lecture 4- Minimum Viable Product Video Lecture | Understand Product Management: A Complete Course

okay the minimum viable product this is
something I'm having every product
manager and everyone who works in an
Internet industry must definitely know
let's see why the MVP as it's popularly
called so critical the MVP in many ways
is an extension of the product market
fit launch your product of features that
are most relevant to your market or your
target audience that is what the MEP
really talks about now when you launch a
product there are two options you have
one is to build the product with the
most relevant features and learn from
the market and keep making incremental
releases the other thing is what is
called a Big Bang product a big bang
product is one where the whole product
has all the features possible now as a
product manager when you have the option
to come up with something new you will
have to make the choice between coming
out with an MVP or rolling out with a
big bang product have a lot there are
reasons why the MVP always rhymes over a
Big Bang product and let's see what
those reasons are it helps you to manage
resources you have to understand that
resources are always going to be
critical in an organization if you've
got a focus on a big bang product what
it essentially does is that you are
going to tie up a lot more of the
organization's resources into building
the problem and because the product is
going to take
it's fairly full-fledged in that sense
it's gonna take a lot more time the
second advantage look NEP actually
mitigates risk let's consider the
scenario where in which as a product
manager you decide to come out with a
big bang product and guess what it fails
and if it fails all the work the cube
done and what your organization has done
has gone down the drain on the other
hand if you work on the MVP Bobbitt
allows you to do worse because your
scale of the product is smaller you're
able to mitigate the risk that is
associated with failure because you can
start making improvements on it the
third thing it has a best return on
investment it has a great ROI because
you have coming up with a small of
garble and if you test it out to the
market and it is validated then nothing
beats it in the instance of a big bank
product the return investment is so huge
that very rarely is the effort worth the
result
keep in mind there are some instances
some really exceptional cases where a
big bank product may be required but as
a thumb rule you can be safe ain't
knowing that the MVP generally is the
best way to go about building a cop I'll
be taking you through an example of how
NDP has actually used in real life
instances