Minimum Viable Product (MVP) VS Product Market Fit (PMF)

Minimum Viable Product (MVP) and Product Market Fit (PMF) are two important concepts in the area of product and business model development. Together, they form the core process for bringing a successful product to market. MVP is the first step and PMF is the ultimate goal.
MVP is the fundamental concept of developing the minimum set of features and functionality that a product must have in order to be valuable, usable, feasible and profitable.

"As good management consultants do, I'll just invent a new acronym here"
Let's call it the: PUFV method💥, which stands for 🤑Profitable, ❤️Usable, 💪Feasable and 📈Valuable. It is important that the MVP meets these criteria to ensure that it meets the needs of customers and is profitable for the company.
To achieve the right scope for the MVP, companies need to go through various learning cycles and validate assumptions to ensure it is successful in all four categories.

These include but are surely not limited to: The creation of user prototypes, Live data prototypes , Face-to-face interviews, A/B tests, etc.
Through continuous learning, companies need to prove quickly and efficiently that their MVP is viable and has potential.
Once the MVP has been developed and all four categories have been met, it is time to focus on PMF (Product-Market-Fit). The PMF phase is the process by which companies find the best sales and go-to-market strategy to successfully bring the product to market.
This process often requires a lot of testing and experimentation to find the best strategy. B2B or B2C? Direct user approach or rather customer approach? Who are our target groups in sales? Where is our point of sale? etc.
Similar to the PUFV method, the development of product-market fit is about carrying out tests and, as Marty Cagan says, collecting "evidence" in order to be able to scale safely. One way to back this up with figures would be something like monthly recurring revenue (MRR).
Overall, developing an MVP and achieving PMF is a constant learning cycle where companies need to constantly prove and adjust their assumptions. I like to call the phase leading up to Product Market Fit "Discovery", and it leads into the "Delivery" phase, where companies need to build their marketing and sales strategies and successfully bring the product to market. But more on this in another article.