If you already have a big, successful product in the market and want to launch a new, not-so-perfect product, it may not be a great idea.
Launching a bare-bones product is more suitable for early-stage companies.
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If a product is being launched in the market that is new and does not have competition, then launching it with bare minimum features is the right way.
MVP (Minimum Viable Product) strategy does not work for a generic product.
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