8+ Product Evaluation Templates

A product is used to describe any item that has been manufactured to be helpful to you. Product evaluation implies that it has been verified for suitability and is safe to use by customers. It is required by law that all products be evaluated. Which is why Product Evaluation Templates are used.

7 Steps On How to Do Product Evaluation

Step 1: Product Size and Weight

The first step in the evaluation of a product checking the product’s size and weight. Your product’s size and weight can have a major effect on your revenues and your returns. Costly shipping can discourage prospective customers and strain your profits if your item is over-sized or heavy. Size and weight can also prove to be an expensive variable in transport and warehousing.

Step 2: Check Fragility of the Product

If you are manufacturing products such as utensils made of bone china, they fall under the fragile products category. And fragile products require special care and attention. Evaluate the fragility of the product carefully because you need to make sure that it reaches the consumer in perfect condition. The more fragile a product will be, the higher will be your shipping costs and in turn your market selling prices.

Step 3: Determine the Lifespan of the Product

The lifespan of the product refers to how durable and sustainable the product is. It’s good from a company viewpoint to have a consumable or disposable product, as it gives you a stronger chance to gain consumer confidence and build your business from repeated sales. Determine the lifespan of your product to see how well it will do in the market.

Step 4: Define Market Size and Demand

To evaluate market size and market demand, you first need to select a target market for your product. Defining the market size is crucial for your product. The market demand for your product refers to how many people actually want to buy your product or avail of your service. While determining the market size and demand, you also need to consider seasonality. Seasonality implies that the requirement for a commodity varies throughout the year. For instance, if your product is sunscreen, you definitely would not sell it in winter.

Step 5: Does It Solve a Pain Point?

A proper evaluation of your product also includes checking if the product you are offering solves a pain point or not. Solving pain point refers to those products and services that offer solutions to specific problems. Such as an anti-dandruff shampoo will help solve the customers’ dandruff problem. Products that fix a pain point or satisfy a purpose are much simpler to locate and obtain more customers than a “nice-to-have” item.

Step 6: Check Safety of the Product

It has been made mandatory by law that all products and services be checked for safety. Doing a proper product evaluation requires you to makes sure that your product is safe for use by your customers. Consider this that your product might turn out to be unsafe: first, maybe it wasn’t manufactured as planned, and second, The item may have been manufactured as planned and works correctly, but it is still dangerous — a design flaw. While evaluating, make sure that the product is absolutely safe to use.

Step 7: Consider the Competition

The final step in the evaluation process is to take into account the competition. You should have proper knowledge of the businesses and their products and/or services you will be competing against. Make sure in your evaluation that your product is able to at least keep par with the competitors, if not stay ahead of them.