By: Nazmul Hossain Shovon

In reply to Brijesh.

Hi Brijesh,
I have created a simplified solution below. Please follow them:
1. I am assuming that you have a Sheet1 like below:

2. Now, go to the Sheet2 and insert the following formula in cell C5:
=IFERROR(VLOOKUP(Sheet1!$B$5,B5:B12,1,FALSE),"Not Found")

3. Now, simply copy this formula down using Fill Handle and this should tell you whether the product in cell B5 inside Sheet1 exists in the Product List column or not.