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What is a Market Requirements Document (MRD)?
Market requirements document (MRD) contains information about the potential customers, their needs, problems related to the product and competition in the market. It helps in outlining and planning the market strategy. It is basically a document that states the market requirements.
The market requirements document revolves around the following necessary questions:
What is the product?
What is the target market?
What are the competitor products?
What’s unique about our product?
How to create a market requirements document
To create an MRD the following factors should be considered:
- Executive Summary: The problem that you are trying to solve.
- Vision: What is the core objective of your product, what is unique in it and what do you aim to achieve with the product.
- Target market: The market size.
- Personas: The people for whom you are launching your product, whose problems are to be solved.
- Competitor analysis: What different approach do they follow, how much hold do they have on the market and how can you outperform them.
- High level capabilities: Capabilities of your product service. It has to be better than the competitor and more fulfilling.
- Strategy for metrics: Metrics help in measuring the impact of your efforts.
Q: What is the importance of an MRD?
A: Preparing an MRD at the initial stage of product development helps in time and resource management and provides some ease to the later stages of development. It helps in business as it focuses on gaining market and consumer insights.
Q: Who prepares the MRD?
A: It is a collaboration of the product manager with the product marketing team with the manager having the major responsibilities.
Q: How do you write an MRD?
A: For an MRD you need to document these necessary points:
• Understanding the problem that the customer is facing.
• Competitor analysis
• Conveying the vision of your product
• Identify the persona, that is the people for whom you are launching the product.
• Document the target market.
• Capabilities and capacity of your product.
• Make a metrics strategy.