Examples of minimum viable product in the following topics:
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- Organizations assess the current market for new product opportunities and, when potentially profitable, develop new product prototypes to test feasibility of production.
- New product pricing – Once the product has been on the shelves for a some time, sufficient data can be collected to identify the financial impacts of this new product.
- Another useful concept to learn in regards to product development is referred to as the minimum viable product (MVP).
- A minimum viable product is the least investment of time and resources required to bring the product to market for testing.
- Refining production for a new product requires consideration of a variety of factors, including productivity, quality, economics, flexibility, and sustainability.
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- The birth of Zappos provides an example of how an organization can release the smallest amount of the product possible to collect the maximum amount of validated learning about customers with the least amount of effort (a minimum valuable product).
- The term "product" refers to both goods and services.
- A product is anything that can be offered to a market to satisfy a want or need.
- A minimum viable product (MVP) is the "version of a new product which allows a team to collect the maximum amount of validated learning about customers with the least effort. " The goal of an MVP is to test fundamental business hypotheses (or leap-of-faith assumptions) and to help entrepreneurs begin the learning process as quickly as possible.
- Distinguish between minimum viable product, continuous deployment, split testing, vanity metrics, laboratory tests, expert evaluations and customer evaluations
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- What products will be offered (i.e., the breadth and depth of the product line)?
- How will the products reach those (i.e., the distribution channel and are there viable possibilities that create a solid business model)?
- You may also hear the product line breadth referred to as the product width, product assortment width, and merchandize breadth.
- The product mix (sometimes called "product assortment") is made up of both product lines and individual products.
- An individual product is a particular product within a product line.
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- A price floor is a price control that limits how low a price can be charged for a product or service.
- By establishing a minimum price, a government seeks to promote the production of the good or service and ensure that the producers have sufficient resources to go about their work.
- An example of a price floor is the federal minimum wage.
- History of the federal minimum wage in real and nominal dollars.
- The federal minimum wage is one example of a price floor.
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- However, sometimes the pairs separate and the end cell product has too many or too few individual chromosomes in a condition called aneuploidy .
- The other form of polyploidy occurs when individuals of two different species reproduce to form a viable offspring called an allopolyploid.
- Notice how it takes two generations, or two reproductive acts, before the viable fertile hybrid results.
- Alloploidy results when two species mate to produce viable offspring.
- Two matings are necessary to produce viable offspring.
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- It is important for businesses to continually devise new products, as products do not last forever.
- While there are millions of products available to consumers, many more products do not make it to market at all.
- As it is expensive to bring a product to market, products go through a product development process where they are evaluated at every stage before they are brought to commercialization.
- Two problems that may arise during the screening stage are the acceptance of a poor product idea, and the rejection of a viable product idea.
- Both involve the comparison of a potential product idea against the criteria for acceptable new products.
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- The MBC (minimum bactericidal concentration) is the minimum concentration of drug which can kill 99.99% of the population.
- Bacteriostatic antibiotics limit the growth of bacteria by interfering with bacterial protein production, DNA replication, or other aspects of bacterial cellular metabolism.
- The MIC (minimum inhibitory concentration) is the minimum concentration of drug which can inhibit the growth of the microorganism.
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- Break-even analysis can determine the minimum amount a company needs to sell in order to cover its costs with no gains or losses.
- Break-even analysis determines the minimum quantity a company needs to sell in order to cover its minimum costs, including rent, building expenses, utilities, and the operational costs of running day-to-day operations.
- As long as a business can cover its minimum costs, it is "breaking even" and can remain in business even if it is not turning a profit.
- Break-even analysis lets companies compare their production or sales with the minimum point (the break-even point) they need to achieve in order to stay in business.
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- The first shows the TP or short-run production function.
- The second is the marginal (MP) and average (AP) product functions associated with the short-run production function.
- This maximum of the MP function is associated with the minimum of the MC:
- At this level of input use the output (QH) has a minimum of the average variable cost (AVC).
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- Porter identifies two competencies as most important: product differentiation and product cost (efficiency).
- That is, the category scheme was displayed as a 3x3x3 cube; however, most of the twenty-seven combinations were not viable.
- This strategy can include creating a powerful brand image, which allows the organization to sell its products or services at a premium.
- Coach handbags are a good example of differentiation; the company's margins are high due to the markup on each bag (which mostly covers marketing costs, not production).
- Firms in the middle are less profitable because of the lack of a viable generic strategy.