A specific market is being shared by a lot of businesses and companies. A portion of the market share that a company gets varies differently depending on the factors that affect the sales of their products and services. External factors like competitors, opportunities that are either grabbed or not, and the continuing threats can affect the fullest potential of market penetration of a specific company.
Though there are external factors that must be considered, the main product that is being offered must also be examined first. A product undergoes different processes before it is actually released for public consumption. People who are involved in the creation of such product uses product analysis procedures in almost all the stages that the product goes into to assure that they can provide great sales results to the business. We have an Analysis Template from our website that you may download and use for this purpose.
Competitive Product Analysis Template
New Product Analysis Template
Software Product Analysis Template
Food Product Analysis Template
Marketing Product Analysis Template
Why Product Analysis Is Important
A product analysis usually is used to know the strengths and weaknesses of a specific product. It can be examined through the following methods:
- Professional examination and analysis can be done to assure the quality of the product and its chances to be bought by the specific target market and other people. People who have proper education and experiences in terms of the product being provided can do studies that will allow the product to achieve its fullest potentials. Having the knowledge of how a product is made of and how it can improve the functions of the consumers will give it more chances of getting a bigger market share.
- Once the product has already been released, consumers can actually make their product analysis and data can be gathered by companies through surveying and target market interviews. These people also have the right to say what their perception about the product is as they are the ones who will actually buy the product, should they be satisfied with other consumer’s reviews and analysis of the product’s effectiveness and efficient use.
You may take a look at our Budget Analysis Template and Market Gap Analysis Template samples from our website for other analysis samples that may be of help to you.
Product Profitability Analysis Template
Product Pricing Analysis Template
Bank Products Analysis Template
A product analysis can be of great help to the company for the following reasons:
- Just in the stage of the product design, businesses who have used product analysis can already change the items that the analysis suggested are the weak points of the product. This means that the product is more polished once it is already out in the market and have higher chances of being bought. Being able to know the quality of the product before it is even offered to the general public can boost the confidence of business regarding a specific product’s sales potential
- Through product analysis, companies will know why their product perform the way it does in terms of market shares. Through the help of the buying public, they will be able to know how the product is viewed compared to its competitors.
- Analysis of the product will also show areas of improvement that a certain product needs to work on to be more appealing to the target market. It can be the quality of the product or even just the product design.
Aside from product analysis templates, we have downloadable Product Gap Analysis Template samples on our website free to download and you could utilize per your business need.