Market Requirements is the milestone concerned with the translation of customers’ interview data into concise statements of customer needs. At this stage, the details of Customer Discovery have been laid out in written form as validated problems and their proposed solutions in the Market Requirements Document (MRD). The MRD ensures that all future product development activity is based on customer desires, to create a technology they see value in. The MRD outlines the goal of the product or enhancement, who makes up the target and addressable markets, how the innovation fits into the workflow of users, and potential risks to successful implementation and adoption of the product. The MRD articulates what the customer wants in the areas of key product capabilities, performance metrics, distribution, documentation and geographic requirements.
Commercialization Process: Market Requirements
How this Milestone Reduces Project Risk
Defining Market Requirements reduces risk toward the project in two significant ways; 1) it focuses product development on features and benefits that the customers find value in, 2) it ensures that capital and resources are focused on developing features and benefits that are directly related to identified customer value instead of features and benefits that customers will not appreciate or value. With development focused in this way, the end product should be something customers are willing to buy.
What to consider at this time
Summarize insights learned from market research, stakeholders, competitive analysis and market risks into communicable requirements and value propositions.
READY TO START?
In the Market Requirements module you will learn how to:
- Translate interview data into concise statements of customer needs
- Team alignment of customer desires
- Consistent documentation
This document is the crown jewel of the MR module. You will find this template to be the key to understanding your market and providing your business with the clarity it needs.
Market and Marketing for medical devices are explained. If you do not understand your market, you cannot find the path to success.
A good introduction to Market Requirements.