Defining a Minimum Viable Product (MVP) involves identifying the core features necessary to solve a specific problem or meet a target audience's primary needs https://www.ypchina.org/essential-functionality-prioritization/. The goal is to build a functional product with minimal resources, allowing for quick validation of ideas through user feedback. This process focuses on prioritizing essential functionalities, ensuring the MVP delivers value while providing a foundation for iterative development based on real-world insights.