A template that summarizes market needs and the opportunity to develop a new product.
Market Requirements Document
Resource Overview
Related Resources
Your Problem
You need to get approval to develop a new product or to update an existing product. You are required to justify the development of a new product, which necessitates that you to have a clear understanding of market opportunities, as well as possible product features and product requirements. This can be difficult without an understanding of how to draft a market requirements document.
Our Solution
Our Market Requirements Document summarizes market needs and the opportunity to develop a new product. Sections of the template include:
- Executive Summary
- Market Opportunity (market segments, sizing, competitive offerings, risks & key success factors)
- Market Requirements (user personas, problems, & goals, potential requirements, use cases, specifications, prioritized list of requirements, out of scope requirements).
This Microsoft Word document allows the product development process to be more organized by providing the top 5 requirements that will be implemented as features in the new product. Additionally, you can identify out-of-scope requirements and disregard elements that will not be included in the project. This understanding will help you prioritize market-driven requirements.
The Market Requirements Document is targeted at product management and engineering teams. Download our free Product Development Strategy Methodology to see how this tool functions as part of a product development process.
Key Benefits
- structured reporting template
- provides insights into market needs
- support for product development
- save 2 hours on formatting
- more credibility for product manager