THE FOUR VALUES:
Films in this class should be evaluated on entertainment, educational, literary, and artistic values. In order to really start evaluating on those values, though, critics should first determine the film's purpose. What is it trying to accomplish? A film that is trying to educate, should be evaluated with that in mind. It may be low on entertainment value or artistic value -- its literary value may not even exist; but if it is high on educational value, then it is fulfilling its purpose and should be judged accordingly.
Entertainment value is a very individual thing because different people are entertained by different things. So, when evaluating on this value it's important to explain reasons and realize that you're saying less about the film and more about the critic. For example, if someone watches a horror film and claims it had very high entertainment value because of the complete lack of story and the complete saturation of blood and gore, he or she tells the reader quite a lot about his or her personality.
Educational value, too, is fairly individual. Some people watch a film and don't learn anything because they are already familiar with the information offered. Others may learn a lot. This value should also depend on the importance or relevance of the education offered. A film that teaches how to make banana nut bread is meaningless to someone allergic to bananas and nuts.
Literary value is an evaluation of theme and all the elements used to express it. This is the "English class" part of film evaluation. Critics should look at the characters, setting, plot, symbolism, figurative device, conflict, etc. and how those elements combine to form an argument or theme. This is much less individualistic and personal and involves creating an argument about the quality of an argument.
Artistic value rates the "artists" or "craftspeople" involved in making the film. Critics focus, here, on cinematography, sound design, production design, acting, directing, special effects, etc. The purpose of the film should always be in the forefront, though, because form should follow function. Sometimes it is in the film's best interest to have seemingly poor photography or flat, shallow acting. The artistic elements should, ideally, work together to create an aesthetic and purposeful whole and promote the film's overall point.
Films also have monetary value, of course, but that value isn’t up to the critic. It is up to the producers who decide on the film’s cost (budget) and the audiences which determine the film’s worth (take).