ITIL 4 Foundation Practice Exam

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Study for the ITIL 4 Foundation Exam. Utilize flashcards and multiple-choice questions, each with hints and explanations. Prepare thoroughly for your certification exam!

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What characterizes a minimum viable product (MVP)?

A fully featured product ready for market
A product with enough features for early customer satisfaction
A prototype that does not serve customer needs
A complete product without feedback mechanisms

The correct answer is: A product with enough features for early customer satisfaction

A minimum viable product (MVP) is defined as a product that includes just the essential features necessary to satisfy early adopters and gather validated learning on future developments. The focus of an MVP is to provide enough functionality to meet the needs of users while allowing for the collection of feedback, which can then inform subsequent iterations and improvements. By concentrating on the core features that are most vital to delivering value, organizations can test assumptions about their product and market demand without expending excessive resources. This approach enables teams to validate their product ideas and adapt quickly based on user feedback, ensuring that further enhancements align with customer needs. In contrast, a fully featured product ready for market, a prototype that does not serve customer needs, and a complete product without feedback mechanisms do not encapsulate the essence of an MVP. These alternatives either overcomplicate the initial offering, ignore customer feedback, or miss the iterative aspect that is crucial for the MVP approach. This highlights the importance of market-driven development and responsiveness to users in creating successful products.