Product Requirements

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					This Product Requirements template sets forth a detailed description of a company's
product, the business drivers behind the product, and how the product meets particular
customer needs. This document enables the company's business and technical leaders
to mitigate the risk of creating products with no business value. It contains helpful
information and guidance for a company to create an individualized products
requirements document. This document should be utilized by the business, technology,
finance and marketing teams within a product manufacturing company.
Product Requirements Document




[Product Name]


[Product Design Manager Name]




[Product requirements are a detailed description of the product, the business drivers behind the
product, and how the product meets particular customer needs. Creating a Product Requirements
document enables the business and technical leaders within your organization to mitigate the risk
of creating products with no business value. Creation of a Product Requirements document
should be a joint effort between business, technology, finance and marketing teams, to ensure a
complete understanding of the business value of any new product.]




© Copyright 2013 Docstoc Inc.                                                           2
Business Summary
Introduction to the Business
[The business summary is a summary of your entire business, or organization depending on the
size of your company. This is where a mission can be restated or brief summary of who your
customers are. The value of this section is to focus the team and the reader on why a new
product is required, and how the new product will add value to your company.]

Market Potential/Target Demographics
[This information may initially be anecdotal data, such as “a customer requested this” or “this
would be valued by the customer”. Eventually this section should be quantified with customer
surveys, market research, and other specific data. This section requires a lot of research, and
may be better accomplished by a non-technical person, such as a Consultant, Intern, or Analyst.]

Financial Projections/Pricing
[Financial projections are about how well you know your business, the industry, and the market.
They are extremely important for making financial projections that are designed to attract
investors. They also offer guidance when making decisions about the future outlook for your
business. Start developing your financial projection by:

Breaking your sales down into manageable parts by developing an outline of your products and
services.
     The unit price for each item.
     Anticipated inventory.
     Projected sales for each item.

Use this same method to work out expenses, or to calculate start up costs if you are launching a
new business. The sample on the following page can be used as a template.]

Sample Financial Projection Worksheet




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Sample Financial Projection Worksheet
                                                      Beginning    Projected
                                                      as of:       as of:
                                                      mm/dd/yyyy   mm/dd/yyyy
 Assets
 Current Assets
          Cash in bank                                $            $
          Accounts receivable
          Inventory
          Prepaid expenses
          Other current assets
 Total Current Assets                                 $            $

 Fixed Assets
          Machinery and equipment                     $            $
          Furniture and fixtures
          Leasehold improvements
          Land and buildings
          Other fixed assets
        (LESS accumulated depreciation on all fixed
        assets)
 Total Fixed Assets (net of depreciation)             $            $

 Other Assets
          Intangibles                                 $            $
          Deposits
          Goodwill
          Other
 Total Other Assets                                   $            $

 Total Assets




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                                                   Beginning    Projected
                                                   as of:       as of: mm/dd/yyyy
                                                   mm/dd/yyyy
 Liabilities and Equity
 Current Liabilities
        Accounts payable                           $            $
        Interest payable
        Taxes payable
        Notes, short-term (due within 12 months)
        Current part, long-term debt
        Other current liabilities
 Total Current Liabilities                         $            $

 Long-term Debt
        Bank loans payable                         $            $
        Notes payable to stockholders
        LESS: Short-term portion
        Other long-term debt
 Total Long-term Debt                              $            $

 Total Liabilities

 Owner’s Equity
        Invested capital                           $            $
        Retained earnings - beginning
        Retained earnings - current
 Total Owner’s Equity

 Total Liabilities & Equity




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Market Strategy Overview
[Marketing strategies will vary based on the unique circumstances of each individual
business. Developing an organization based on the profitable satisfaction of consumer
needs and a well-developed marketing strategy is crucial to success in competitive
markets. It is important to include in this section the anticipated moves of your
competitors in the market. Frame your marketing strategy as:
    Advertising
    Good customer relations
    Good promotion of the business to customers
    Market research
    Products or services that are in demand
    The right pricing]

Sales Strategy Overview
[Sales strategies are a description of how your new product will be communicated to your
customers. This is not just awareness, but also a communication of the value of the
product to customers. It is important to understand what the best sales strategy is too,
including a mix of branding, print, sales calls, and sales to an existing customer base.
This section may remain a strategy overview, as your Sales Strategy may be part of a
larger, separate document. ]

Requirements for a New Product, Software or Service
Product Overview
[This is a brief summary of the new product. What is it, is it distinct or a take-off of a
current product. Discuss how the product will be used by the customer. This is a
technical discussion, not so much focused on the business of the sales of the new
product.]

Technical Requirements
[The technical requirements are the specifics of every aspect of the product. This may be
broken down into two subsequent documents, High Level Technical Requirements and
Detailed Technical Requirements.]

High Level Technical Requirements
A High Level Technical Requirements are initial requirements from a user’s perspective.
What are they looking for regarding a product, software or service, and what is the user
experience. This document may be narrative, discuss as a “Use Case” (a story how the
product, software or service will be used) or as a list.]

Detailed Technical Requirements
Detailed Technical Requirements break down the high level technical requirements into
typically a spreadsheet of specific requirements. To support these effort there are many
techniques for effectively documenting requirements, which cannot be all summarized in
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this document. Look online for requirements documentation techniques. They are
typically specific to whether a new product, software or service is being developed.]

Look and Feel Requirements
[When designing the product, make sure you include the user experience of the product.
Consider where logos can be applied, or a consistent look and feel across all of your
products, software or services can be applied.]

Drawings, Workflows, Technical Illustrations
[Include any pictures, drawings, workflow diagrams, or other graphics. This may be as
simple as a “back of the napkin” drawing, or a production CAD design.]

Material Requirements
[What are the inputs necessary for production, from personnel resources, to material
resources?]

Production Requirements
[Technical requirements are the starting point for the next activity of design, development
and/or service creation. Whatever your business, you need to consider the production
requirements. Initially, what is the cost of production, delivery, or service? If building a
new product, what’s the best way to design the product? Will production be a continuous
or batch process? Can the product be simplified to minimize the number of steps for
assembly, and consider where production automation can be leveraged? If the product is
software, considerations need to include distribution and rights management to mitigate
software piracy. If a service, then include training and quality assurance to ensure a
consistent customer experience.]

Support Requirements
[Designing a new product is the exciting part of new business; however product
managers need to remember the ongoing cost of supporting the product. How will the
product be supported? Does your organization have the resources to support the product,
and does support fall within your existing support processes? If the product cannot fit
within the existing support processes, or will put a significant strain on your current
support processes, then those costs need to be budgeted into the product too.]

Document Change Log
[Include a table of changes that track version number, single line summary of changes,
date of latest version, and who made the changes. This document is a live document that
will continue to change up through production. As the document will guide the
development process, it is important to track the latest version and understand why
changes were made.]
      Ver.                           Summary                          Date        Owner
                                                                                 (initials)



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Approvals and Signatures
[Copy and paste signature blocks as necessary]
Senior Management Approval to Proceed
      Signature:                                 Date:
      Print Name:
      Title:
      Role:

[Product Line Manager Approval]
      Signature:                                 Date:
      Print Name:
      Title:
      Role:

Support Manager Approval
     Signature:                                  Date:
     Print Name:
     Title:
     Role:




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                                                                                                                                                         6/29/2009




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1.3    Sub Task              6/22/09       9/10/09      19                 95%          15             18               3
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2      Task Category 2        8/3/09       10/15/09     55                 45%          45              2              43
2.1    Sub Task               8/3/09       11/30/09     60                 55%          43              2              41
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Budget
Your budget is one of the most essential components of your business. It is used by all
departments throughout the company. Developers will use it to find out how much time they
should spend on specific areas of the application. The project manager will use it as the baseline
for determining if a project is on the right path. Sales personnel and the consumers will use to
directly measure their success in the effort.
When developing a budget, one of the largest issues is interpretation. Making sure that everyone
understands the basics of budget is important. To ensure an accurate projection of the amount of
money required to deliver a solution, use the sample budget guideline on the next page to help
you create a consistent and justifiable budget that is realistic.




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                                                       Sa mple B udg et
MONTH                         YEAR                     From (dates):      to:              By:

                          INCOME                                                 EXPENSES
                                                               Week 1
                Description                         Amount                Description                    Amount




                                       Total                                                Total
                                                               Week 2




                                       Total                                                Total
                                                               Week 3




                                       Total                                                Total
                                                               Week 4




                                       Total                                                Total
Income Total                                  Expense Total                     Ending Balance




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Signatures
Signature records are important in this process as well. Signatures denote the review pathway.
They are a formalized record of reviews and approvals from upper level managers, executive
staff, and board members. Enter the official name and title of all individuals who will be required
to sign off as approving the document, and leave spaces for them to sign and date the document.

Review/Approval required                             Title                Signature         Signature
from: (Typed name/title)                                                                      Date

Tom Sizemore                      Operations Manager

John Anderson                     Chief Financial Officer

Susan K. Anderson                 Chief Operations Officer

Graham Cracker Crust Chairman of the Board




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                  Chief Financial Officer

Susan K. Anderson                 Chief Operations Officer

Graham Cracker Crust Chairman of the Board




© Copyright 2010 Docstoc Inc. registered document proprietary, copy not                14
				
DOCUMENT INFO
Description: This Product Requirements template sets forth a detailed description of a company's product, the business drivers behind the product, and how the product meets particular customer needs. This document enables the company's business and technical leaders to mitigate the risk of creating products with no business value. It contains helpful information and guidance for a company to create an individualized products requirements document. This document should be utilized by the business, technology, finance and marketing teams within a product manufacturing company.
This document is also part of a package Project Management Starter Kit 18 Documents Included