Definition
A Minimum Marketable Product (MMP), is a product with minimum functionality that meets the selected customer needs.
This is an idea of delivering small set of features quickly and enhancing the product incrementally which is considered to be an evolutionary delivery method as mentioned by Tom Gilb in 1998. Creating minimal product provides us with a number of advantages. The product is launched more quickly and time to market is reduced; functionality is released in a more timely manner. The product is developed at a lower cost and generates a higher return of investment. Improves the cash flow as payments are received earlier. Learning is accelerated, as we are able to listen and respond to the marketplace more frequently. MMP also improves risk mitigation, less money is lost if product underperforms and has to be withdrawn from the market early.
Further Reading
BOOK: Software by Numbers by Mark Denne and Jane Cleland-Huang
Agile Product Management with Scrum by Roman Pichler