What is MRD?
An MRD or Market Requirements Document, is a document outlining the needs of customers and helps you create a plan to meet those needs. Developing a Market Requirements Document involves collecting information that gives the context of a problem, who experiences that problem, and when that problem occurs. The Market Requirements Document has three key components as context, along with a final statement of what the customer needs – their “market need.”
> (Context) Personas, problem scenarios, Customer journey/workflows
> (Need) Market needs statements
What is MRD?
An MRD or Market Requirements Document, is a document outlining the needs of customers and helps you create a plan to meet those needs. Developing a Market Requirements Document involves collecting information that gives the context of a problem, who experiences that problem, and when that problem occurs. The Market Requirements Document has three key components as context, along with a final statement of what the customer needs – their “market need.”
> (Context) Personas, problem scenarios, Customer journey/workflows
> (Need) Market needs statements
Create a Market Requirements Document ( MRD )
Create a Market Requirements Document
( MRD )
Factor 1
Executive Summary
The problem you are trying to solve.
Factor 2
Vision
What is the core objective of your product, what is unique in it, and what do you aim
to achieve with the product.
Factor 3
Target market
The people for whom you are launching your product, whose problems will be solved.
Factor 4
Personas
The problem you are trying to solve.
Factor 5
Competitor analysis
What different approaches do they follow, how much hold they have on the market, and how can you outperform them.
Factor 6
High-level capabilities
These are the capabilities of your product service. It has to be better than the competitor and more fulfilling
Factor 7
Strategy for metrics