Differentiating Market vs. Product Requirement document
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The document discusses differentiating between market requirements and product requirements. It explains that a Market Requirement Document (MRD) articulates market problems, opportunities, and requirements from the user perspective. A Product Requirement Document (PRD) then documents the product features from the solution perspective to address the needs defined in the MRD. Developing both documents is important to avoid underestimating the market and ensuring user needs are met.
Differentiating Market vs. Product Requirement document
- 1. Confianzys Consulting Ltd Differentiating Market vs. Product Requirement document Copyright © 2013 Confianzys. Portions Copyright © 2013 Blackblot. Used by permission. All rights reserved.
- 2. Product Marketer: I see great potential for a product. But I need to validate the Market opportunity first. Copyright © 2013 Confianzys. Portions Copyright © 2013 Blackblot. Used by permission. All rights reserved.
- 3. Product Marketer: Here is the Business Case. Product Planner: Sure, thank you. Let me do a VOC and an MR for this. Copyright © 2013 Confianzys. Portions Copyright © 2013 Blackblot. Used by permission. All rights reserved.
- 4. Product Planner: I am a Market expert, I will articulate the Market Problems, Opportunities & Requirements in an MRD Copyright © 2013 Confianzys. Portions Copyright © 2013 Blackblot. Used by permission. All rights reserved.
- 5. Market Requirement Document is a written representation of the overall functionality that users seek in order to address a “market problem” Copyright © 2013 Confianzys. Portions Copyright © 2013 Blackblot. Used by permission. All rights reserved.
- 6. Constraints Rationales •Limitations on •Logic to support the solution market requirement Components of an MRD Copyright © 2013 Confianzys. Portions Copyright © 2013 Blackblot. Used by permission. All rights reserved.
- 7. Sample MRD Copyright © 2013 Confianzys. Portions Copyright © 2013 Blackblot. Used by permission. All rights reserved.
- 8. Copyright © 2013 Confianzys. Portions Copyright © 2013 Blackblot. Used by permission. All rights reserved.
- 9. Copyright © 2013 Confianzys. Portions Copyright © 2013 Blackblot. Used by permission. All rights reserved.
- 10. Product Architect: Thanks, I am the Product Product Planner: Here is Expert. I will document the MRD the features in a PRD Copyright © 2013 Confianzys. Portions Copyright © 2013 Blackblot. Used by permission. All rights reserved.
- 11. Product Requirement Document is the subsequent document in which the solution product & its features are documented. Copyright © 2013 Confianzys. Portions Copyright © 2013 Blackblot. Used by permission. All rights reserved.
- 12. Intended Address use of the Market Product Problem Description of the Satisfies Product Market need Product Architect Copyright © 2013 Confianzys. Portions Copyright © 2013 Blackblot. Used by permission. All rights reserved.
- 13. Need for: MRD: PRD: • Market focused product • The product architect planning requires a clear defines functional solution understanding of Market to the problem defined in problems MRD • MRD is the user view of the • PRD is the product view of market problem the solution Copyright © 2013 Confianzys. Portions Copyright © 2013 Blackblot. Used by permission. All rights reserved.
- 14. • Without an MRD & PRD chances of product failure increases • Benchmarking progress is difficult • Underestimating Market opportunity & Market share • Miscalculating Market size • User & Buyer’s perspective are not considered Copyright © 2013 Confianzys. Portions Copyright © 2013 Blackblot. Used by permission. All rights reserved.
- 15. Queries? Please direct any queries/ details you may require to engage@confianzys.com or call us on 91 80 4084 7500 Other links to explore: http://www.confianzys.com/thought_papers.asp http://www.confianzys.com/blog/ http://www.linkedin.com/company/confianzys-consulting-pvt-ltd http://www.youtube.com/user/confianzysconsulting http://twitter.com/confianzys http://www.facebook.com/Confianzys *Content abridged from The Product Manager’s Toolkit from BlackblotTM. Copyright © 2013 Confianzys. Portions Copyright © 2013 Blackblot. Used by permission. All rights reserved.
- 16. References • http://www.freedigitalphotos.net/images/Business_People_g201-An_Architect_Engineers_p46904.html • http://www.freedigitalphotos.net/images/Business_People_g201- Business_People_Shaking_Hands_p76360.html • http://www.freedigitalphotos.net/images/Other_Metaphors_and__g307-Risk_Blocks_p53072.html • http://www.freedigitalphotos.net/images/Reading_and_Writing_g344- Old_Notebook_With_Pencil_p57451.html • http://www.freedigitalphotos.net/images/Ideas_and_Decision_M_g409- Business_Man_Hand_Drawing_Bulb_p46033.html • http://www.freedigitalphotos.net/images/Business_People_g201- Businessman_Writing_On_Clipboard_p81400.html • http://www.freedigitalphotos.net/images/Business_People_g201- Business_Women_Explaining_p40967.html Copyright © 2013 Confianzys. Portions Copyright © 2013 Blackblot. Used by permission. All rights reserved.