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Market requirements document

Deeply understand the market you operate in so you can build a better product

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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.

How to use

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.

  1. 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.

  2. 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.

  3. 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.

  4. 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.

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