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MRD versus the Product Development Plan

A Market Requirements Document (MRD) is not a Product Development Plan (PDP).  The MRD represents what needs to be done to achieve your business objectives from a market perspective. An MRD seeks to answer the question, ‘Should we do it?” A PDP, on the other...

7 Attributes of Great Product Requirements

That high-quality product requirements in your Market Requirements Document (MRD) are necessary to ensure that engineering produces the intended product is obvious. What’s not so obvious is how to measure product-requirement quality. Without a standard for evaluating...

How to Ensure You Get the Intended Product

You followed the company process. You detailed every product specification. Your voice-of-the-customer validation confirmed that this is the product that the market needs. Management approved your Market Requirements Document (MRD) unanimously. You were on the path to...

The Anatomy of a Capital Equipment MRD

Your product roadmap describes the products that you intend to develop and bring to market over time.  Each product on the roadmap needs a Market Requirements Document (MRD) to define for whom the product exists, what it must do, and how well it must perform to...

Which Comes First – Market Share or Gross Margin?

I don’t think there’s a capital equipment sales or marketing professional that hasn’t argued, “We need to discount to break into this account, and once we’re in, the gross margin will go up.” This is usually rebuffed by the general managers and finance people who...

Product Management is an Executive Function

Chief executive officer, president, chief operating officer, and general manager are the job titles that you most often associate with the term “executive” in a company. They’re the guys accountable for profit and loss in their companies. They coordinate engineering,...

Market Strategy Part II: Select Segments and Define the Customer

Market strategy is the foundation upon which you will build your product strategy. You must segment your overall market, select the most attractive segments, and then clearly define your target buyers. In Market Strategy Part I, you learned how to segment your...

Market Strategy Part I: How to Segment

Your market strategy defines the target for your product strategy. If you don’t have a target, then you don’t know where to aim. If you don’t know where to aim, you can expect a lot of misses. Misses like Losing to a more focused competitor,Failure to achieve growth...

How to Lead without Authority

CEO’s, presidents, general managers, have a distinct advantage over product managers. The organizations that they lead report to them. As a product manager, you have no such luxury.  Your product team is made up of your functional peers. None of them report to...