Reference no: EM132305777

How do you feel about my Minimum Viable Product Approach Development. Minimum Viable Product Approach is development technique in which an emerging product or website is produced with enough features to address early adopters. Once completed a product can be modified with new design/development with feedback is considered from its users. The three main characteristics of MVP are: The product has proven to have enough value in the market that users are willing to buy it. The product shows the benefit to retain early adopters. The product provides a potential loop for future development. (Techopedia, 2019) Once the product is launched to its consumers and its relevance in the market has become validated, the next step is to improve on the product by adding on more features and ultimately upgrading the product development. The hope is when the features are added to the product more users will want to upgrade like with cell phones lately for example. (Gladstone, 2014) Therefore, by obtaining the insight from a Minimum Viable Product it is much more cost efficient than if someone develops a product full of features from the beginning causing an increase of cost and risk of a product failing. This term was coined and defined by Frank Robinson, but brought to light by Steve Blank and Eric Ries. (Wikipedia, 2019) Now in relation to my current business (Route 1 Guitars, LLC.), I would say that we can expand on the type of lesson packages we offer or start to run a summer camp if we can obtain enough students. Also, maybe by adding in a free seminar and lesson with each purchase that will help too. Sometimes I add in more features to our setups and repair packages too. Honestly, it is hard to expand on the aspect of a service. Now, referring to our products we sell such as guitars or basses we can bring in more upgraded models in all different levels which is what we do already. I am always looking for what the latest and greatest is so my customers want to upgrade. Regarding my future business I plan to start with a regular low to mid-level dress line and once off the ground I will add on a couture line. Also, I can start with some basic vacation or honeymoon packages and upgrade them to include as many features as we can offer to gain the biggest profit off of each sale. Additionally, I can start with my average planning package tiers and customize the wedding planning packages to include more aspects such as higher end venues, invitations, transportation, and more. The sky is the limit when planning the day of a bride and groom’s dreams. Many planners who are savvy know that you need to understand that raising prices on a regular basis is crucial to long-term success. This can help to increase my salary in the early years up and over 150K if I plan the packages and the features right. (The Planners Lounge, 2019)