3️⃣Product Requirements Document
A product requirements document (PRD) defines the requirements for a new product or a new release of an existing product.
Why PRD?
A PRD captures the vision, goals, target audience, key features, and functionality of the product.
By defining the product's features and requirements, a PRD allows you to estimate the effort, resources, and timeline required for development.
A PRD establishes the boundaries of the product's scope (again, a good product is a well-defined one!)
And of course, a PRD serves as the single source of truth for anyone involved in product development and execution.
A PRD is the "what" and "why" behind a product. Interviewers often want to assess your ability to define and communicate product requirements effectively.
Having a solid grasp of what goes into a PRD and how to structure one can showcase your skills in understanding user needs/goals, translating them into clear requirements, and aligning all stakeholders around a shared vision - which is at the heart of product management.
Problem Statement
Personal Financial Management for Young Adults
Assume you are a product manager at your favorite bank - we'll call it HOP Financial for now :)
Context: Young adults lack financial literacy, facing challenges with student loans, budgeting, saving, and investing. Traditional banking services often don't cater to their unique needs.
Need: A fintech solution that simplifies financial management for young adults, providing tailored guidance, tools for budgeting, debt management, saving, investing, and fostering financial literacy.
Solution: A mobile app acting as a personal financial assistant, offering customizable budgeting, student loan tracking, savings goals with automated recommendations, simplified investing options, and educational content.
Objective: Our primary objective is to empower young adults to effectively manage finances, achieve goals, build long-term financial health through this platform.
The product will aim to reduce financial stress among young adults and encourage a proactive approach to financial planning and investment.
Guidelines
Make sure to check out this article which explains using a real example:
Done reading? Check out Reforge's Checklist + Template for making PRDs:
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