In product development, a product is built only to the point in which it can be tested.
Two types of tests include the following:
Minimum Viable Product
- Building a product that solves the core problems of customers to allow for feedback to guide product development
- Usually centered around business perspective, which varies across different companies
- E.g. Profitable social network with poor user churn rate
Minimum Desirable Product
- Focusing on outputting a high-value product experience for customers
- E.g. Magic box that spits out money whenever a button is pressed
In the short run, desirability trumps viabilities as startups seek to achieve product/market fit.
There are some markets, like pharmaceutical drugs, where the engineering aspect is prioritized, leading to Minimum Feasible Product.