What is a market requirements document (MRD)? An MRD is a document that product managers compose to communicate the requirements for a product based on market research. At a minimum, it should describe the stakeholders, the problems they face, and the functional and nonfunctional requirements that the product must satisfy to solve the problems.
Consistent with the agile product management services we provide at Cauvin, Inc., we encourage our clients to help us develop MRDs iteratively. By iterating on the requirements, we help clients avoid unexpected discoveries late in the product development cycle. Such unexpected discoveries often lead to product failure.