Definition of a Market Requirements Document (MRD)
An MRD is typically written by the product manager or marketing personnel. Its definition can be described as an instrument by which to gauge the market demand for a given product. It is strategic in nature and attempts to anticipate the consumer’s desires or needs. The MRD can also be used to identify an opportunity in the marketplace to enhance or revise an existing or established product.
What is in an MRD?
The MRD might include a variety of information such as the overall vision of the product, competition within the marketplace, analytics, opportunities and pitfalls, and even specific consumer target profiles.
How do you write a marketing requirement document?
When writing a marketing requirement document, include an in-depth description of the product or new feature needed, information on the target customers/users, and insights into competitors and their products. The document should contain research on the product required and its differences to similar products, too.
How do you define product requirements?
Product requirements are all of the features and functions needed for a product to satisfy the user’s needs and expectations. Product teams can define their product’s specific requirements by gathering, and analyzing, feedback from users. Other stakeholders are also likely to have their own views on which features and functions should be included.
Who creates the MRD?
A product manager may create a marketing requirement document, in collaboration with the product marketing team. Members of the product team may help to write the document, but only with the requirements provided by the manager. It’s important to ensure the MRD is accurate and aligns with research data throughout its creation.
Why is the market requirements document important?
Creating a market requirements document helps to reduce the risk of wasting money, resources, and time. It helps teams to understand the market and customers/users they’re targeting more effectively. The document explains which problems need to be solved and how to do so, increasing the product’s potential for success.