HKSM

A market study is a research artifact that summarizes customer needs, segments, demand, competition, and trends to guide product decisions. In SBOK-based Scrum, it is an input to create the product vision, develop epics, and prioritize the product backlog, and it can be refined as an output when new learning emerges.

Key Points

• Research-based summary of customer needs, segments, demand, and competitors.
• Typically prepared or curated by the Product Owner with stakeholder and SME input.
• Used as an input for Create Project Vision, Develop Epic(s), and Create Prioritized Product Backlog.
• Supports value-based prioritization, pricing assumptions, and release planning decisions.
• Iteratively updated as new evidence arrives from Sprint Reviews and market feedback.
• Improves business justification and reduces uncertainty in early product decisions.

Purpose

The market study helps the team understand who the product is for, what problems matter most, and how the product can differentiate. It anchors value hypotheses, informs the business case, and provides a clear basis for epic and user story selection.

By making assumptions explicit, it enables the Product Owner to prioritize the product backlog based on expected benefits, urgency, and risk, and to plan releases that align with market windows.

Key Terms & Clauses

• Segments and personas: target groups, needs, and behaviors.
• Problem and job statements: what users are trying to achieve and pain points.
• Value and pricing assumptions: willingness to pay, benefits, and outcomes.
• Competitive landscape: alternatives, positioning, and gaps.
• Regulatory and market constraints: compliance, access, and timing factors.
• Assumptions and confidence: what is known, unknown, and the evidence strength.

How to Develop/Evaluate

• Plan the research: define goals, segments, and key questions with stakeholders.
• Collect data: combine qualitative interviews and surveys with secondary research and analytics.
• Synthesize insights: highlight top problems, segments, and success metrics; separate facts from assumptions.
• Validate early: review with customers, sponsors, and the Scrum Team; adjust based on feedback.
• Document lean: one to three pages with clear findings, assumptions, and implications for epics.
• Evaluate quality: relevance to scope, recency, triangulation of sources, and actionable guidance for backlog items.

How to Use

• Create Project Vision: transform insights into a concise vision and value proposition.
• Develop Epic(s): derive epics from the highest-value problems and target segments identified.
• Create Prioritized Product Backlog: apply value scores and urgency based on market demand and risks.
• Conduct Release Planning: choose themes and timing aligned with market windows and competitive moves.
• Refine Prioritized Product Backlog: update priorities as new evidence arrives from Sprint Reviews and metrics.
• Stakeholder engagement: use the study to align sponsors, sales, marketing, and delivery on what matters.

Example Snippet

Summary: Primary buyers are mid-size companies seeking to reduce manual effort in a key workflow. Top problems are long cycle times and error rates. Willingness to pay indicates ROI-driven adoption if setup time is low.

Implications: Prioritize epics that automate data entry and provide audit trails. Early release should target the most common workflow and a simple onboarding path.

Risks & Tips

• Risk of outdated data: time-box reviews and refresh before major decisions.
• Confirmation bias: include dissenting data and clearly list assumptions with confidence levels.
• Over-documentation: keep it lean and focused on decisions that affect epics and backlog priority.
• Copying competitors: differentiate based on validated customer outcomes, not feature parity.
• Ignoring constraints: account for regulation, channel limits, and adoption barriers early.
• Not linking to metrics: connect findings to measurable outcomes used in Sprint Review discussions.

PMP/SCRUM Example Question

A Product Owner is about to develop epics and prioritize the initial product backlog. Which artifact is the most appropriate input to ensure alignment with customer segments, demand, and competitive positioning?

1. Product Vision Statement.
2. Market Study.
3. Sprint Burndown Chart.
4. Definition of Done.

Correct Answer: B — Market Study

Explanation: The market study provides research-backed insight into customers, demand, and competition to shape epics and prioritization. The vision, burndown, and DoD are useful but do not supply market evidence for backlog ordering.