Resource Overview

A template that summarizes market needs and the opportunity to develop a new product.

Market Requirements Document

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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

 

Microsoft Word Document

Estimated Time Required: 2 Hours

Skills Required: Business Writing