Chapter One — 1.1 Background to the Study

Over the past decade, the relationship between minimum viable product (MVP) development and product success rate has become a subject of considerable debate among scholars and industry practitioners alike, particularly within the context of Selected Deposit Money Banks in Nigeria where operating conditions differ markedly from more developed markets.

Selected Deposit Money Banks in Nigeria presents a useful setting for examining this relationship precisely because the conditions there — structural, regulatory, and behavioural — differ from those typically assumed in the broader literature, most of which draws on evidence from more developed economies.

1.2 Statement of the Problem

Despite a growing body of literature on minimum viable product (MVP) development, there remains limited consensus on the precise nature of its relationship with product success rate, particularly within Selected Deposit Money Banks in Nigeria. Many organizations continue to make decisions about minimum viable product (MVP) development without a clear, evidence-based understanding of how those decisions ultimately affect product success rate. This gap between practice and empirical understanding is the central problem this study seeks to address.

1.3 Objectives of the Study

1. To examine the effect of Minimum Viable Product (MVP) Development on product success rate in Selected Deposit Money Banks in Nigeria.
2. To assess the extent to which minimum viable product (MVP) development influences product success rate within the study area.
3. To identify the challenges associated with minimum viable product (MVP) development in relation to product success rate.
4. To recommend strategies for optimizing minimum viable product (MVP) development in order to improve product success rate.

1.4 Research Questions

1. What is the effect of minimum viable product (MVP) development on product success rate in Selected Deposit Money Banks in Nigeria?
2. To what extent does minimum viable product (MVP) development influence product success rate within the study area?
3. What challenges are associated with minimum viable product (MVP) development in relation to product success rate?
4. What strategies can be adopted to optimize minimum viable product (MVP) development in order to improve product success rate?

1.5 Significance of the Study

Beyond its academic contribution to the field of product management, this study has practical value for management teams within Selected Deposit Money Banks in Nigeria seeking to understand how minimum viable product (MVP) development translates into measurable outcomes around product success rate. It is equally useful to students and future researchers looking for a localized empirical reference on this relationship.

1.6 Scope of the Study

In terms of scope, this MSc study confines itself to Selected Deposit Money Banks in Nigeria, focusing specifically on how minimum viable product (MVP) development relates to product success rate within that setting. Findings are interpreted within these boundaries rather than as universal claims applicable to every organization or market.