Minimum Lovable Product (MLP) is a product development concept that involves creating the minimum set of features and functionality needed to make a product lovable by its users. The goal of MLP is to get a product to market quickly and gather early feedback from users, which can then be used to guide further development and iteration. MLP is a useful approach for product teams because it allows them to focus on creating a core set of valuable features, rather than trying to build a complete product all at once.