Purpose: The purpose of this post is to explain one of the reason for which MM package deployment fails.
Issue: I experienced myself when I was migrating database configuration attributes through MM package. MM package failed during deployment and we were getting an error "Required Fields are Blank". Initially, I couldn't find out the root cause but after some struggle, I found out that few fields in Database configuration are "Required=1" and "Default Value" is blank.
Work Around: Entered some dummy values in "Default Value" and again created the package and was able to successfully deploy the package in Target sever. After successful deployment removed the dummy default values.
The above procedure will be helpful, if you have few custom fields but this will not help if you have many custom fields.
Hence, I recommended it is very important to plan the migration procedure during planning phase.