A jury of key industry figures and celebrities will decide which FMCG products should be shortlisted. Director general of the Advertising Association Andrew Brown has also been chosen as deputy chairman.
Shortlisted products will be judged by a panel of 30,000 households.
The consumer panel will be asked to assess products based on whether they are genuinely 'new and improved' or in some way groundbreaking.
Winning products will be permitted to use the Product of the Year logo on their packaging for 12 months.
Product of the Year, sponsored by Marketing and TNS, makes its debut in the UK this year following its success in mainland Europe. The entry deadline for the 2005 awards is 18 August 2004. Winners will be announced at an awards ceremony in February next year. Details can be found at www.productoftheyear.co.uk.