market requirements document Archives - Actuation Consulting https://actuationconsulting.com/category/market-requirements-document/ A global leader in product management training and consulting Wed, 04 Mar 2020 18:00:18 +0000 en-US hourly 1 https://i0.wp.com/actuationconsulting.com/wp-content/uploads/cropped-iosicon_144.png?fit=32%2C32&ssl=1 market requirements document Archives - Actuation Consulting https://actuationconsulting.com/category/market-requirements-document/ 32 32 86760775 The Exceptional Product Requirements Document https://actuationconsulting.com/the-exceptional-product-requirements-document/ Wed, 04 Mar 2020 18:00:17 +0000 https://actuationconsulting.com/?p=8003 Last week we covered the basics of the Product Requirements Document (PRD). We considered what it is, its use, and what it must contain. This week I’ll lay out the ...

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Last week we covered the basics of the Product Requirements Document (PRD). We considered what it is, its use, and what it must contain. This week I’ll lay out the eight things that set a PRD apart as a highly useful document. Deliver these eight, and you’ll have a document that smoothes out development and leads to a positive outcome.

Deliver These Eight for an Exceptional Product Requirements Document

What does highly useful PRD look like?  It will be…

1 – Verifiable. The requirements are measurable, not subjective. You can test their validity.

2 – Clear and Concise. No rambling. No cleverness, just a clear and easily understood explanation that can only be interpreted one way.

3 – Complete. The document does not require the reader to fill in gaps. All the information is there in black and white. It covers the entire scope of the product or enhancement.

4 – Consistent. Requirements are aligned. They do not conflict. You do not duplicate requirements. You define terms and maintain a consistent use of those terms throughout.

5 – Traceable. Every requirement can be traced back to a market need it is fulfilling. The document is organized with a numbering or annotation system covering individual requirements. There is a hierarchical structure that breaks requirements into smaller units while also allowing them to be traced back to the higher requirement.  The PRD must track versions so that changes in requirements can be followed.

6 – Viable. Can the requirements actually be met? Are they feasible? The PRD must lay out a plan that can be delivered with existing technology, skills, and capabilities. It must adhere to a set schedule and budget.

7 – Necessary. If the product requirements were removed, there would be a noticeable deficiency in the system. Delivery on this item can lead to prioritization discussions.

8 – Free of Implementation. The requirements should define “what” not “how”. The how the requirements will be implemented should fall to the designers. The one exception to this is when the market insists that the product meet set standards.

When you’ve developed a PRD that can successfully deliver on these eight items, you can be confident your team will have what it needs to move forward.

Advancing the Profession of Product Management™
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What is a Market Requirements Document (MRD)? https://actuationconsulting.com/market-requirements-document-mrd/ Wed, 15 Aug 2018 16:45:52 +0000 https://actuationconsulting.com/?p=7754 Of all the documents you create while developing a new product or product extension the Market Requirements Document (MRD) is most important of all. First, the MRD defines the overall ...

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Of all the documents you create while developing a new product or product extension the Market Requirements Document (MRD) is most important of all. First, the MRD defines the overall target market. It also captures the market expectations for product attributes. Meeting these expectations is critical to increasing the odds of success in the marketplace.

What Does an MRD Look Like?

Your MRD can take many forms. It can be a simple document, a wiki, a spreadsheet, a unique software tool, or something else you devise to fulfill this important step in your process. The potential of the project will dictate the form your MRD should take.

The Core of the Market Requirements Document

There are essentially two things at the core of your MRD:

1 – A clear definition of your target market. This is basically a vivid picture of your potential buyer and user profiles. What are the key reasons someone would use the product?

2 – Defined problem scenarios – What are the main challenges your users face that will cause them to turn to your product. These likely will vary between buyers and end users. You’ll want to develop problem scenarios for each.

Functional and Non-Functional Requirements

Requirements that must be dealt with in the Market Requirements Document fall into two categories: function and non-functional. Here’s the difference.

Functional requirements cover capabilities that have interactivity with the user. They deal with specific high-level functions a user may want to perform.

Non-functional requirements are concerned with design restrictions and performance factors involved with the product. Performance factors cover how well a product must perform. Design restrictions revolve around how much a product must support.

Common Non-Functional Requirement Categories

There are many different categories of non-functional requirements including many that are industry specific. Here are some of the most common categories:

  • Physical requirement – Maximum and minimum dimensions, weight, packaging, sturdiness, etc.
  • Environmental requirements – the environment in which a product must be operated or stored.
  • Performance requirements – This category can include such things as expected speed for specific operations, what are the lifetime expectations for use, etc.
  • International requirements – where the product will be sold and used. What are the language, currency, power supply, and specific localized needs?
  • Compatibility Requirements – How does the product need to work with other products?
  • Documentation requirements – What are the types, formats, and delivery methods for documentation?
  • Support requirements – What must be available to customers to help them with installation, repairs, operation, payments, maintenance, and disposal of the product?
  • Legal, Regulatory, and Compliance requirements – What laws, rules, and government or agency-related requirements impact the product?
  • Distribution and Packaging – What is required to distribute the product and how does it need to be packaged?

What to Include in a Successful MRD

There are essentially six key elements of a successful MRD.

  1. As mentioned above: You must include a definition of your target market, a vivid picture of your potential buyer and user profiles.
  2. A comprehensive list of market requirements the solution will need to fulfill.
  3. Suggested quantitative measures of success for each requirement.
  4. A prioritized list of requirements from your market’s point of view.
  5. A clear focus on the market problem you are trying to solve, not on your planned solution.
  6. A timeframe for product introduction and a supporting rationale.

 

Advancing the Profession of Product Management™
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