Market requirements document

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The Market Requirements Document (also known as the MRD) is a written representation of the overall functionality that users seek in order to address a particular market problem. Therefore, the MRD represents or describes the “user view” of a solution to the market problem.

The MRD only describes desired functionality. It does not describe the specific features and attributes that the solution should have to solve a particular market problem. The solution to the problem and its features are documented in a subsequent document called the Product Requirements Document (also known as the PRD).

The MRD is intended for all those in the company or outside of it, who contribute to the product delivery program, including executive management, usability specialists, product marketers, documentation writers, engineers, and testers.

The MRD captures the essential information that is required as input to devise a functional solution to a specific market problem. In general, the goal when writing an MRD is to present as much information as clearly and concisely as possible within a consistently organized format so that engineers can first determine if a product concept can be developed, and then describe a suggested solution (product) and its features.

The product planner is the in-house market expert, and has a deep understanding of the most acute market problems that are dealt with by the company. With the support of the product management team and paired with the help of outside research and consulting talent, the product planner produces one of the key product management reference documents – the “Market Requirements Document”.

Since the market constantly changes and evolves, so does the product planner’s understanding of the market problems that exist. As such, the MRD becomes a living document that reflects market change via the revised functionality the solution must hold.