Definition of MRD
A market requirements document (MRD) is used during the early stages of developing a product. It summarizes the research done about a future product, including information on competitors, prices, features and release dates. Once the MRD has been approved, the product then enters a beta stage in which it is assembled.
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What Does MRD Stand for?
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The MRD is written by a group of people meant to represent potential customers for a business or product. In the MRD, potential customers list various needs and wants that they'd like to see in the product or service. The product marketing manager often revises this list to contain the majority of the customer's desires for the product. Writing up the MRD can be thought of as the brainstorming portion of product development.
Who Writes the MRD?
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The MRD is often written by the product marketing manager who is the expert on the product's customers. In many cases the MRD will be written by a small group representing various customers, and then revised by the product marketing manager. The product marketing manager is responsible for drawing up the features for the product and explaining why each one is important to the product's success.
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Parts of a MRD
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There are various parts of a formal MRD, each part providing detailed information about the product. These parts include the executive summary, purpose, goals, delivery date, targeted audience, possible competition, customers needs and wants, systems and technical requirements, quality assurance and testing. These parts allow the product marketing manager to compile all the data about the product, costs and marketing information into one complete, organized document which can be presented to the rest of the company for approval.
What Happens to a Market Requirements Document?
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After a MRD is written up it will often go through many revisions before being approved. Depending on the businesses engineering capabilities, sales team and finances, the business might decide that certain qualities or features are simply unobtainable for the product or are going to cost more than the profits the product pulls in. Once the MRD has been approved it is handed off to a team of engineers who begin drawing up the technical blue prints.
Product Planning Cycle
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The MRD is often considered one step in the product planning cycle. The product planning cycle is a process that covers the initial research of the product from customers, past sales, engineers, tech support, marketing analysts and the competitive market---all the way to writing the final technical blue prints. The product planning cycle is a five-step process with various revisions and drafting stages between, and the drawing of an MRD as the fourth step.
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