A business must always know about the products that it serves to its target audience. To ensure that you are aware of your business’s product’s quality and whether or not they’re selling well, then you will need to do a product analysis. This article will teach you all that you need to know in order to properly conduct it.
5 Steps for Conducting a Product Analysis
Step 1: Know the reason for the analysis.
Before you get started, you are going to have to know exactly why you need to conduct the analysis in the first place. Is it to see how well it’s doing in the market? Or maybe it’s to assess the success of the competitor’s products? Understand the purpose so that you’ll know what information you’ll have to work with.
Step 2: Gather the details on your products.
You will need to learn as much as you can about the product you are going to analyze. This means that you are going to have to look into everything from what kind of benefits it has to how well it can provide users with those benefits.
Step 3: Know the costs for manufacturing these products.
It is important for you to look into the costs of the materials and equipment it will take to manufacture whatever product you are analyzing. Take note of all the different things that are needed and list them down along with their exact price.
Step 4: Compare it with the competition.
Next is for you to compare your products to that of your competition’s. This means that you are also going to have to analyze how well your competitors are doing in terms of marketing their product and their product sales. Doing this allows you to see if there are things that you need to change or improve to gain a competitive edge.
Step 5: Point out what actions should be done.
Lastly, you will have to point out exactly what it is that needs to be done based on the results of the analysis. For every action that you write down, be sure that they have detailed descriptions so that those who will be doing it will be able to do so well.
8+ Product Analysis Templates
1. Product Market Analysis Template
The market will consist of many different types of products. There will no doubt be those that will be competing with yours when it comes to attracting a particular target audience. To better understand your business’s products and its situation in the market, then you will have to conduct a market analysis. Download this template now so that you when you have the information you need, you can create the document that you can place it all in.
2. Product Cost Analysis Template
When deciding as to whether or not your business should continue selling a particular product, one thing that can affect the decisions would be its cost. By downloading this template, you should be able to conduct a cost analysis that should tell you exactly how much your business needs to spend to continue manufacturing a particular product.
3. Product Analysis Template
In the event that you are required to conduct a product analysis, then this is the template for you. With it, you can easily create the document that can hold all the information you’ve managed to gather regarding the products that your business or that of your competitors have to offer. Make sure to use either Microsoft Word, Apple Pages or Google Docs so that you may properly open and edit the template.
4. Product Analysis Report Template
Let’s say that you were given the task of analyzing your business’s products as well as provide a report based on whatever it is that you have managed to find. By downloading this template, you should be able to create a document where you can place the results of your product analysis.
5. Product Competitive Analysis Template
There is no doubt that there will always be rivaling businesses that have their own sets of products that could end up being your competition. To make sure that you are able to keep or gain a competitive edge, you will need to obtain information on your business’s products and that of your competitors. Download this template now so that you can conduct that competitive analysis that will tell you the exact situation your business products are in and whether there are things that can be improved or fixed.
6. Sample Product Analysis Report Template
Those who have tasked you with conducting a product analysis will definitely need something that outlines all of the things that you have managed to uncover. By downloading this template, you can create a report that can share everything from how the product is being marketed to whether or not it’s being marketed successfully.
7. Sample Product Cost Analysis Template
Knowing the costs of a particular product that your business can be very helpful as it can help you find alternatives that may reduce the overall costs. But before you can do that, you’ll need to learn just what’s needed and how needs to be spent to make the products your business offers. Download this template now so that you can conduct a cost analysis that will help you acquire all of that information.
8. Product Analysis Example Template
If you are looking for a template that can help you in conducting effective product analysis, then this is the one for you. Get it so that you can use it to see what it is that your business’s products have or lack that affects its success in the market.
9. Food Product Analysis Templates
There are some businesses that mainly focus on selling food products to its customers. If that’s the type of business that you are running, then you will find this particular template to be very useful. Downloading it means that can make a document where you can place what it is that you have managed to find regarding your business’s food products and use the information to make important decisions.