MVP 

The minimum viable product (MVP), as formerly defined by Eric Ries, allows testing an IDEA by exhibiting an initial version of the product to the target users and customers, collecting the appropriate data, and learning from it.  

For instance, to examine the VIABILITY of USING an Artificial intelligent Paywall product as the major revenue source, an early product version can be released to measure if and how often people use the product. We can view the MVP as a risk reduction tool as it will provide data of consumer behaviour using which it can be enhanced to have a full-proof product. MVP is about learning, and it’s no surprise that it plays a key part in Lean Start-up's build-measure-learn cycle.

MMP 
The Minimal Marketable Product encourages CREATING a minimal offering of the product in the market. It includes the smallest possible FEATURE set that meets the needs of the initial users. The MMP is a tool to lessen time-to-market launch. Designing a product with just the right amount of features sounds like common sense.  

An example of an MMP is Apple’s original iPhone launched in 2007. The first iPhone was a complex product and the phone did provide just a few features. To determine the right features, the aforementioned MVP is a fantastic tool.