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.
8+ Product Evaluation Templates
1. Product Evaluation Form
Doing a proper product evaluation requires a lot of research and study. You need to determine varied variables regarding the product you will sell. The whole process is quite lengthy. Which is why we are here with this product evaluation file. The file provides you with a form with suggestive content that can be edited. Or you can just download the file and fill up the form.
2. Product Evaluation Format
You have a brilliant idea for the launch of your new product. But before you do that, you have to properly evaluate the product. Make your evaluation task easier with the help of this product evaluation file. This blank PDF file offers you the format of product evaluation that you can use in making one suited to your product. Download it now to use it!
3. Product Evaluation Template
Worried about having to do your product evaluation from scratch without any help? Allow us to introduce you to this evaluation template. This file provides you with a ready-made product evaluation template that just requires you to fill in the necessary details. You can also edit the provided content in the file according to your needs.
4. Product Evaluation Request Form
When evaluating your product’s market possibilities, there are many factors to consider, including the capacity of your company to generate profit and eventually scale. Evaluate your product properly and make the evaluation report with the help of this Product Evaluation Request Form. You can easily download this file in PDF format on the go. The file is fully editable.
5. Product Evaluation Checklist Template
A checklist is one of the best tools to use to get things done. And if you use this Product Evaluation Checklist Template to make an evaluation checklist for your product, you will make the task much easier. The file comes with a ready-made checklist that you can also edit if required. Don’t just stare at the screen, click on the download button now!
6. Product Evaluation Example
Doing product evaluation is not an easy task. You need to have a clear idea of how to do it if you want to ensure the success of your product. We understand that not everyone is adept at this task. And that is why we are here to help with this evaluation example file. You can use this file as a guide to evaluate your product. You can even conduct a product survey with the help of this file.
7. Software Product Evaluation Template
Choosing the correct item is undoubtedly the most significant part of the puzzle when it relates to constructing a lucrative e-commerce company. The next step is making the evaluation sheet for the product. And you can do that easily with the help of this product evaluation template. So what are you waiting for? Download this template in PDF now!
8. Formal Product Evaluation Example
The most critical stage in ensuring you have chosen a winning product to sell is to evaluate the market demand, the current rivalry, and the item’s market viability. Ensure that you do not get this step wrong by using this product evaluation example. Download this file easily in PDF format and you’re good to go.
9. Sample Product Evaluation Format
To help you do a proper evaluation of your product, we are here with our Sample Product Evaluation Format. By downloading this sample file, you can get access to a ready-made product evaluation file with original suggestive headings and content. The file is fully editable so you can also format it to make a sample HR evaluation.