Market requirements document (MRD)
Deeply understand the market you operate in so you can build a better product.Use template
About the MRD template
You want to provide clarity and direction for the entire organization — offering insights on the market, competitors, and prospective customers. And you want to do it in a lightweight and flexible way, so you can cycle in fresh learnings.
Help the team understand your market landscape with this MRD template. It includes key data such as market size, target personas, and the alternatives that currently exist. Document the high-level capabilities that must be included to solve customer needs and how you will measure success.
While MRDs are typically created when initially launching a product, a template like this makes it easy to revisit periodically and validate the information. Consider trying this template before our product requirements document (PRD) template. You can use both in concert to understand your customers and build meaningful solutions for them.
Think of your MRD as laying a foundation for your product strategy. It compels you to stay focused on your target market and solve the right problems.
Summarize your objectives
Start by filling in your vision statement, key objectives, and product differentiation to establish the problem you are trying to solve and what makes your offering unique.
Consolidate your market research
Capture key data about your target market such as the category, size, target customer characteristics, and the competitive landscape — providing vital context about what is happening in the market.
Define the solution
Identify the high-level capabilities your product needs to provide to effectively meet the needs of your customers and gain an advantage over other solutions in the marketplace.
Refine the details
Invite teammates to lend their expertise. Collaborate asynchronously or in real time to fill in any gaps and make revisions. Keep your MRD handy as you work with engineering to define product requirements.
- What is a business model?
- What is customer experience?
- What is the Complete Product Experience (CPE)?
- What is a customer journey map?
- What is product-led growth?
- What are the types of business transformation?
- What is enterprise transformation?
- What is digital transformation?
- What is the role of product management in enterprise transformation?
- What is a Minimum Viable Product (MVP)?
- What is a Minimum Lovable Product (MLP)?
- What is product vision?
- How to set product strategy
- What is product-market fit?
- What is product differentiation?
- How to position your product
- How to price your product
- What are product goals and initiatives?
- How to set product goals
- How to set product initiatives
- What is product value?
- What is value-based product development?
- 10Ps marketing matrix
- 2x2 prioritization matrix
- Business model
- Customer journey map
- Lean canvas
- Porter's 5 forces
- Segment profile
- Strategic roadmap
- SWOT analysis
- Collections: Business model
- Collections: SWOT
- Collections: Objectives and key results (OKR)
- Collections: Product positioning
- Collections: Market positioning
- Collections: Marketing strategy
- 2x2 prioritization matrix
- Kanban board
- Feature requirement
- Market requirements document (MRD)
- PI board
- Pros and cons
- Release roadmap
- ROAM board
- User story map
- Collections: Product development process
- Collections: MRD
- Collections: PRD
- Collections: Gantt chart
- Collections: User story and mapping
- Collections: Feature definition checklist
- Common product development methodologies
- Common agile development methodologies
- What is agile product management?
- What is agile software development?
- What is waterfall product management?
- What is agile transformation?
- Agile vs. lean
- Agile vs. waterfall
- What is an agile roadmap?
- What is an agile retrospective?
- Best practices of agile development teams
- What is a burndown chart?
- What is issue tracking?
- Introduction to agile metrics
- Agile glossary
- What is scrum?
- What are scrum roles?
- What is a scrum master?
- What is the role of a product manager in scrum?
- What is a sprint?
- What is a sprint planning meeting?
- What is a daily standup?
- What is a sprint review?
- Product release vs. sprint in scrum
- Themes, epics, stories, and tasks
- How to implement scrum
- How to choose a scrum certification
- What is a product?
- What is product development?
- What is product management?
- What is portfolio product management?
- What is product operations?
- What are the stages of product development?
- What is the product lifecycle?
- What is a product management maturity model?
- What is product development software?
- Why product teams need virtual whiteboarding software
- Introduction to marketing
- What are some marketing job titles?
- What is the role of a marketing manager?
- What is the role of a product marketing manager?
- How are marketing teams organized?
- Which tools do marketers use?
- Interview questions for marketing managers
- Typical salary for marketing managers
- How to make a career switch into marketing