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New product evaluation form

New product evaluation form

Make confident, data-driven decisions with this form. It guides you through key details like target audience, pricing, competitive analysis, and potential risks.

Use this template
or download pdf
New product evaluation form

Make confident, data-driven decisions with this form. It guides you through key details like target audience, pricing, competitive analysis, and potential risks.

Use this template
or download pdf

About the New product evaluation form

Before a new product can enter the market, it should go through a rigorous evaluation first so you can assess its potential for success. This new product evaluation form helps you create a consistent framework for the process, capturing key details like target audience, pricing, unique selling points, and potential risks. You’ll be able to compare products side by side, identify strengths and gaps, and make sure solid data supports every decision.

Key elements of the new product evaluation form

The form features the following sections:

  1. Product details: This section covers the basics–name, category, description, and pricing. It sets the foundation, giving you a clear snapshot of what the product is and where it fits in your offerings.
  2. Target audience insights: Understanding who the product is for is crucial. Here, you define customer demographics, needs, and the potential market size to gauge demand and relevance.
  3. Competitive analysis: Compare the product with existing competitors. This helps you identify unique selling points and market gaps, offering insights into how the product stands out.
  4. Financial metrics: From development costs to projected revenue, this section helps you evaluate the product’s financial viability. Clear profit margin projections can be the deciding factor in greenlighting a product.
  5. Risk assessment: Identify potential hurdles like regulatory compliance, intellectual property risks, and market acceptance challenges. This ensures you’re prepared to manage risks proactively.

Best practices for using the new product evaluation form

Get the most out of your product assessments by following the three best practices below.

First, define clear evaluation criteria before you begin. Without specific benchmarks, evaluations can become inconsistent and subjective. Establish key metrics that matter to your business—like market potential, profitability, production feasibility, and competitive differentiation. You can then customize the template on the Lumiform app based on these.

Next, involve cross-functional teams for diverse insights. Bringing in perspectives from marketing, sales, finance, and operations will help you assess the product from every angle. What looks like a great opportunity to the product team might reveal logistical challenges for operations or pricing concerns for finance.

Always review completed forms with key stakeholders before making decisions. This collaborative review ensures that you don’t overlook critical points and that the evaluation considers both qualitative insights and quantitative data.

Gain product insights with powerful digital tools

This new product evaluation form gives you a clear, systematic way to assess products comprehensively. Capture key details like target audience, pricing, competitive analysis, and risk factors all in one place. It’s designed to make your evaluations consistent, thorough, and easy to review.

Related categories

  • Operational excellence templates
  • General templates
  • Quality assurance templates
Preview of the template
Page 1
Product Details
Product Name
Product Category
Product Description
Product Benefits
Product Pricing
Competitor Products
Target Audience
Target Customer Demographics
Target Customer Needs
Potential Market Size
Product Features
Unique Selling Points
Product Specifications
Product Quality
Ease of Use
Production & Logistics
Manufacturing Feasibility
Production Capacity
Lead Time for Production
Shipping & Logistics
Financial Considerations
Estimated Development Costs
Estimated Profit Margins
Break Even Point
Projected Revenue
Risk Assessment
Regulatory Compliance
Intellectual Property Risks
Market Acceptance Risks

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Related resources

Access a complete set of resources aimed at maximizing safety, quality, and operational excellence, including detailed guides, related templates, and real-world use cases.

Topic guides

Read in-depth guides covering key topics related to this article.

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Template collections

See comprehensive collections of best practice templates related to this topic.

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Frequently asked questions

How do I decide which criteria to include in a product evaluation?

Focus on what matters most to your business goals. Consider criteria like market demand, profitability, production feasibility, competitive differentiation, and potential risks. Think about what data will give you the clearest picture of the product’s potential.

What’s the difference between a product evaluation and a product review?

A product evaluation is an internal process that assesses a product’s viability based on specific business criteria like cost, market fit, and potential risks. It’s data-driven and strategic. On the other hand, a product review is typically external—it focuses on user experiences, opinions, and satisfaction after using the product.

Who should be involved in the product evaluation process?

Involve stakeholders from different departments to get a well-rounded perspective. Product managers, marketing teams, sales, finance, and operations all bring unique insights. Their combined input helps you assess everything from market potential to operational feasibility, leading to more balanced, informed decisions.


This template, developed by Lumiform employees, serves as a starting point for businesses using the Lumiform platform and is intended as a hypothetical example only. It does not replace professional advice. Companies should consult qualified professionals to assess the suitability and legality of using this template in their specific workplace or jurisdiction. Lumiform is not liable for any errors or omissions in this template or for any actions taken based on its content.
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