Market requirements document template
Deeply understand the market you operate in so you can build a better product
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About the MRD template
Give the organization a clear understanding of your market, competitors, and prospective customers. Share insights about your market and capture high-level capabilities that your product should include to meet customer needs. This market requirements document (MRD) template can help you organize and share this foundational information in a lightweight, flexible format.
Included in the MRD template
This market requirements document template features capabilities like:
Structure to capture and organize key details such as product differentiation and market category
Quick-access to best practices
A rich text editor to format content clearly
Built-in AI writing assistant to help you research, write, and revise
Inline comments to gather feedback, questions, and ideas from teammates
How to use the MRD template
Use this MRD template to centralize and share information that will help your entire organization understand the market landscape. Document key data such as market size, target personas, and current alternatives. Outline capabilities that your product must include to solve customer needs, then indicate how you plan to measure success.
Product managers commonly use MRDs before launching a new product. But market trends shift and customer needs evolve, so review this content regularly and make updates when needed. Keeping your market requirements organized in a single document makes it easier to revisit, revise, and re-validate information.
Try this template in concert with our product requirements document (PRD) template to help you understand customers more deeply and build better solutions.
Best practices
Thinking through the market opportunity helps you lay a foundation for your product strategy. By articulating your MRD, you can clarify the problems you want to solve and focus the team around your target market.
Summarize objectives: Fill in your vision statement, key objectives, and product differentiation. This highlights the problem you are trying to solve and what makes your offering unique.
Consolidate market research: Capture key data to provide important context such as market category, size, target customer characteristics, and competitive landscape.
Define the solution: Identify high-level capabilities your product must deliver to effectively meet customer needs and gain an advantage over competing solutions.
Refine together: Invite teammates to lend their expertise. You can collaborate asynchronously or in real time to fill in gaps and make revisions. Refer to the MRD as you work with engineering to define product requirements.
Additional resources
What is a market requirements document? — Gain a deeper understanding of your market needs and how you will meet them.
How to manage your product requirements document — Explore the key differences between market (MRD) and product requirements documentation (PRD).
What is requirements management? — Get a broader look at different types of business and product requirements and how to manage them.
