How to Make a Product Summary

Before creating a new product, research the need for the particular product.

A product summary is a written document that a company prepares to describe a particular product. A product summary usually begins as a short statement and as the product is developed completely, the summary becomes longer and complete. The purpose of a product summary varies. Sometimes they are written for a company's buyers and sometimes straight to consumers to gain information about the product. Other times companies write them to obtain investors or manufacturers to either make their product or invest in it.

Instructions

1. Begin with a product title. No matter who the product summary is targeted to, every product summary must have a short title that states what the product is called.

2. Write a description. Include a brief one-paragraph description of the product under the product title. This paragraph describes the basic details of the particular product.

3. State the target user. Almost every product has a target, or primary, customer. This is the person the company created the product for. For example, if it is a product that a dentist would use, list the target user as "Dentists." List any additional targeted groups that might be interested in this product. This is useful to both investors, manufacturers and customers.

4. Describe your competitive advantage. Write a summary that contains one or more reasons why your product is better, or different, than any other similar products. Include things such as the components in the products, durability and the solutions this product offers to the targeted market. Customers and investors want to know why your product is better than the ones that are currently available.

5. Include the costs. A product summary should include a cost per unit to make the product as well as the retail cost of the product. The product summary should also contain sales volume figures. Include a chart or description of the quantity you plan on selling from years one through five. If you are targeting the customer, do not include your costs or sales expectations. For the customer, include only the retail price of the product.

6. State general information about the product. This includes how you plan on selling the product and where it will be manufactured. Include a list of all of your competitors of this product as well as the date the product will be launched and where this will take place. Some of this information is not necessary to include for a customer product summary. The customer only needs to know where she can purchase the goods.

7. Conclude with a short summary paragraph. In this paragraph, summarize why you believe this product is essential and beneficial to the marketplace. This last paragraph is your last opportunity to sell the product or cause interest in the reader about the product. End the product summary in a strong manner, emphasizing the good points of the product.

References

• UMN: Product Summary