Entrepreneurship and Small Business (ESB) Certification Practice Exam

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What does the design team create as multiple inexpensive versions of a product?

Final prototypes
Minimum Viable Products
Standard models
Working prototypes

The correct answer is: Minimum Viable Products

The design team creates Minimum Viable Products (MVPs) as multiple inexpensive versions of a product to test their ideas and assumptions in the market at minimal cost. An MVP typically includes just enough features to satisfy early adopters and gather feedback for future iterations. This approach allows entrepreneurs and businesses to validate their product concepts and make necessary adjustments based on real user experiences, ultimately leading to a more successful final product. In contrast, final prototypes are fully developed iterations that are usually the last step before mass production, while standard models refer to variations of a product that have been established and accepted in the market. Working prototypes, on the other hand, are functional versions of a product used for testing purposes, but they may not emphasize the cost-effectiveness and customer feedback focus that MVPs do.