“Requirements” are desired characteristics of a product (or service) being developed. They are usually in the form of a formal statement of a function to be performed, or an attribute to be possessed by the product (or service).

Product Management, Product Marketing, Engineering, Project Management and related teams usually get these “requirements” in the form of enhancement requests, feature requests, product feedback and data from:

• External stakeholders – such as customers and partners
• Internal stakeholders – such as sales and support teams in their organization
• Their own market research, user research, and competitive research

“Requirements Management” refers to the collection of activities undertaken by the product managers, project managers, business analysts, engineering leads, et al in order to gather, store, track, prioritize and implement requirements.