The minimum viable product (MVP) enables organizations to promptly begin the learning process by integrating feedback. The concept of MVP has evolved over the years and its application is most often used in a start-up environment. The established organizations struggle to develop MVPs. The evolution of service models has come all the way from an on-premise service model to Software-as-a-Service (SaaS) model. The usage of on-premise or licensed software service is still around in this century considering flexibility to customize and data security within customer’s firewalls. With the risks involved, the on-premise model is not scalable in terms of security, loss of documentation, or domain knowledge. This is where the cloud computing service models help to document every feature of each version of the software which makes it easier for the team to hit the ground running. Much of the enterprise software is now moving to the cloud service models with the MVP approach to launch the key modules based on the market requirement. The purpose of this review is to provide a constructive model that is adaptive for managing products. Furthermore, the paper critically presents theoretical and practical implications linking the underlying business strategy. The details of this market validation approach are outlined in this article that supports organizations' understand of how the market validates value proposition and business model.