A certain market is shared by many companies and businesses. The market share that a company garners varies differently depending on factors that impact services and products. According to Pathwwway Romania, external factors such competitors to counter, opportunities that are cashed in or not, and the continuing threat impacts the total potential of a company’s market penetration. A product undergoes wide and varied processes before being released for public use. Product analysis procedures need to be in place to provide superb sales results for a growing business. Companies exist in a competitive environment and products need to be analysed from various templates to review how companies stack up against indirect and direct competition. Their various types of product analysis templates available for use are detailed below.
#1 Competitive Analysis Template
This studies how products of a company stack up against another company and direct as well as indirect competitors. Indirect competition here means products and services that meet the same needs as your product or service without actually being the same. For competitor analysis, the template also includes direct competitors as well as potential ones.
While covering the competitive analysis template, the company is compared against competitors for a range of factors. A complete competitive analysis template provides information for assisting strategic decision making, uncovering weaknesses and strengths of the organisation and the competitors and discover potential marketplace opportunities. It also serves to inform value proposition. For example, Amazon can be considered an indirect competitor for Google. Google makes money when people search for products and services. Amazon involves searching for only products to be purchased.
Another example of indirect competitor for a company that sells car insurance, for example, is a company that sells home insurance. The competitive analysis template can be broken into 4 areas:
- Company highlights
- Product details
- Market information
- SWOT analysis
#2 Product Failure Analysis
Product defects and failures cost companies a lot of money in lost revenue and tarnish reputations. Failure analysis can unearth the causes and help in developing a solution. If product defects are not resolved, it can result in loss of cost for business in terms of lost profits, PR issues, local customers and major litigation. Analysts have advanced tools and technical expertise.
The template comprises identifying the source of contamination, product recall analysis, premature product breakage, reduced shelf life, off colours, lack of adhesion, corrosion and contamination, among others. Failure testing analysis templates aim to get company production back on track. Physical failure analysis testing like compression, surface analysis, tension, metallography are considered too.
#3 Product Analysis and Review
An advanced product review analysis template provides a platform to registered users to rate multiple products using this system. Product review analysis is used to achieve desired functionality. The template specifies whether the product is being perceived in a positive or negative light. Multiple product reviews about the product on the basis of product description, links and prices can be considered. Companies using this template get positive and authentic reviews about the product. Each review of the product provides feedback and whether the product is bad or good.
#4 Product Sales Analysis
This is used to analyse the actual versus planned sales for each company product and one needs to compare all the products against each other on the basis of these metrics. This template can be used to compare how your product sales stack up against the other. This template comprises sales volume, new order, percent volume, planned and actual revenue and share comparisons with executive and sales teams.
Sales operations make sense of business data. Collecting and validating the data involves defining analysis objectives, types of data collected and metrics to be used. This includes measuring impact of sales training, identification of sales performance issues and improvement of forecast accuracy.
#5 Food Products Analysis
Food analysis is performed for products in the restaurant and hospitality industry. Process of perfecting the product involves in depth analysis of the product. Product development means coming up with a new product or replicating an existing one for food analysis. Other reasons for using this food analysis template is to measure specific parameters, food safety and ensure quality control. Once the prototype or product has undergone development, main food analysis is performed using sensory panels like preference and triangle tests. Preference tests give each person a sample and ask for a rating. Triangle tests take products along with competitor products and both samples need to determine which products are matches. Food analysis template comprises:
- Composition of food
- Product structure
- Physical and chemical properties
- Sensory attributes
6 New Product Market Analysis
Successful new products are critical for the growth and survival of companies. New products are concept or product driven. New product development analysis template includes definition of the target market, product category determination, solutions and opportunities to define problem and pose solutions. Indepth understanding of the target customer includes understanding fears, preferences, perceptions and motivations. The template includes concept testing, brand name research, packaging research, product testing, test market evaluation and the use of product labs.
#7 Product Design Analysis
This involves a template which studies how well a product completes its job. This involves function and purpose of the product, how different parts of the product work together. Next, the template involves understanding its use, shape, colour, form, texture and decoration. Apart from this, materials and components are used to make products. A profile of processes to make the product, compare this product with others and identify product uniqueness then follows.
#8 Product Feasibility Analysis
This product analysis template focuses on identifying potential defects and detailing a test protocol. This template can serve as a conceptual drawing, technical drawing, actual or existing prototype or product before the product is actually launched.
#9 Product Safety Review
When the design is tested for safety, the product is assessed using this template about whether it will meet voluntary or mandatory regulatory standards. Products that meet regulatory expectations need to be assessed for potential hazards as well.
#10 Product Risk Assessment
This analysis template measures the product design against legal standards and specific requirements as well as industry best practices. Likely challenges in production drawing on tests and broader research around the topic play an integral role in this analysis. This also serves as a useful means of understanding how the proposed product will perform on the market.