Short time to market is a key for success. Information management in product development is one factor for it’s influence. In this paper, the need for a methodology and an IT support for the collection and management of product requirements from identification of customer demands up to the preparation of the final design documents is highlighted. For this, triggers for time consuming iterations are identified and the basic reasons for iterations determined. The lacks of existing approaches in the U.S. and Germany for collecting and handling requirements are discussed, and an integrated concept for requirements management and an appropriate IT support for it are presented.