A company is developing a new product. During execution, the team learns a competitor has launched a similar product priced lower. What should have been done differently to avoid this scenario?

Releasing a Minimum Viable Product (MVP) allows for early market feedback and validation of the product concept and value proposition. This proactive approach helps identify competitive threats or market shifts before significant investment is made in a full-featured product. If an MVP had been released, the company might have learned about the competitor's offering sooner and adjusted its strategy, features, or pricing accordingly. Holding more backlog-refinement meetings, using the Kanban method, or adopting an iterative life cycle are all valuable practices for managing work and adapting to change, but they don't directly address the core issue of understanding market dynamics and competitive landscape early enough to prevent being blindsided by a competitor's launch. An MVP specifically targets early market validation.