Product concept refers to the mental impression that people form about a product. This includes their perception of the benefits and drawbacks, as well as how they believe it compares to similar products. People’s concept about a product can either help or hinder its success in the marketplace. If potential buyers have an incorrect perception of your product, you could lose out on sales even if your product is superior in every other way.
By learning more about how customers perceive your offer, you’ll be able to craft a marketing message that resonates with them and helps them understand why they should buy from you instead of one of your competitors. The better your understanding of what makes up a customer’s concept about a particular kind of offering, the easier it will be for you to develop marketing messages that resonate with them and influence their decision-making process when it comes time for purchase decisions. Understanding this aspect of consumer behavior will also allow you to target
What is product concept in marketing
Product concept is a marketing strategy that emphasizes customer’s need and wants on the product. In other words, it is the thought process of an idea on how to identify what features are most important to your customers in order to effectively market your product. In regards to marketing, a product concept is not only about the features but also on how you are able to market your product in order to promote it well for the business.
Marketing strategies involving the use of promotions, packaging, prices, and distribution channels are very important when you are planning on coming up with a product concept. You need these features in order to ensure that you will be able to attract people towards your brand, but also achieve the goals of your business. You need to know how important it is to have a clear marketing plan before starting on developing new products, as well as evaluating current existing products in order to improve on them and expand its marketability.
Product Concept and Marketing Strategy
When planning on creating a product concept, you need to have a marketing strategy in order to ensure that your business would be able to generate a profit from the products. The first step of this process is to identify a market opportunity by taking into consideration any issues or problems that may affect the customers you are targeting. Once you have identified the problem, then you can proceed with identifying potential solutions and how do they work together. In other words, your product should provide benefits for your customers which solve their problem.
Importance of Product Concept
The main aim of every brand and business is to provide their customers and targeted market with what they need, making them satisfied and coming back to buying from them again. This is why it is important for companies to create an effective product concept that will be able to answer the needs of their target audience (Carson, 2011).
Types of Product Concepts
There are generally three types of product concepts that a business must have in order to effectively sell their brand and its products. These three types include:
Convenience Concept – this is a type of concept that aims at providing the public with ease in purchasing a certain product. It basically includes items which can be readily purchased from your local supermarkets, convenience stores, drugstores, etc. This concept normally does not have any specific feature included on the product itself because it is more focused on how well you can market your brand or company rather than developing new features for the product.
Specialized Concept – this type of concept emphasizes the quality and uniqueness of the item being offered instead of focusing on price and mass marketing opportunities since it involves highly specialized products that are not readily available in other stores.
Brand Concept – this type of concept is usually targeted towards people who are loyal to the company’s brand or products. This usually requires loyalty programs and items that can only be bought from your store. Innovative features may also be included on this type of product which will help it stand out from its competitors (Carson, 2011).
Examples of Product Concepts
There are a lot of product concepts that you can see in the market today. Here is a list of some examples which you can use as references when planning for your own products or brand:
Kraft Mac & Cheese – this type of concept is known for its convenience and has been used by many families over the years. This offers macaroni and cheese with special twist to it which makes it unique from other brands.
Polycom conference phone system – this type of product involves high technology and requires advanced features such as video conferencing, etc. You will need professional installation for this type of product and will definitely cost more than regular telephones (Waxman, 2012).
Pringles potato chips – this is another popular example of a product that has been very successful in the market. Even if the product only involves one main ingredient, it is able to stand out from other chip brands by having its own unique shape which consumers are familiar with (Carson, 2011).
Marketing strategies are essential to any business for it ensures that your products would be able to generate profit. The type of concept you want your brand or product to have will depend on what you want to achieve with it. It’s important take note however that this should not be completely focused on how well you can market your company but also includes looking at customer preferences and how they identify their problems in order for you come up with the best solution possible (Waxman, 2012). You need to be unique and innovative in order to stand out from other brands
Advantages Disadvantages of Product Concept
There are different advantages and disadvantages that you can get from using product concept on your business. Here are some of them:
Advantages – It allows the company to create a value statement on what they really offer for their customers (Carson, 2011). – It also shows how exactly the product solves the particular problems that might be troubling the consumers (Waxman, 2012).
Disadvantages – A successful product concept needs lots of creativity which some companies don’t have (Carson, 2011). – Sometimes focusing too much on how well it can be marketed is not effective at all times (Waxman, 2012)
How to Develop a Product Concept for Your Business
There are different ways that you can come up with the best product concept for your business. Here are some tips that you might want to follow:
- Know Your Target Audience: It is essential for any business to know who their target audience is before they start developing a product concept or idea for it. This will help them stay focused and will allow them to find out what would make their customers buy from them again and again (Carson, 2011). Knowing your target market also includes knowing what they need and how exactly your product solves their identified needs (Waxman, 2012).
- Do Market Research: One of the most effective ways on how you can develop an effective product concept is through research about your targeted customers’ needs, preferences, wants and expectations. Without this, it will be almost impossible for you to develop successful product concepts that your targeted market would love (Carson, 2011).
- Know if You are Selling a Necessity or an Emotion: Products can also be divided into two categories which are necessities and emotions. The type of concept you want to have on your brand or product depends on what category it falls under (Carson, 2011). If you want people to buy the product because they need it then putting emphasis on its features is enough but if you want them to buy it because of their feelings then focusing on the company’s image is more likely effective (Waxman, 2012)
- Use Your Imagination: Sometimes businesses limit themselves to one particular product concept because they are afraid of being too creative. If you want to come up with a successful product, don’t be afraid to use your imagination and think outside the box (Carson, 2011). You can come up with something that is completely different from what other brands are offering but only if it will have an advantage over them. What makes people buy products?
People normally buy products for two reasons which are either because they need them or they feel some kind of emotion towards the brand or company behind it. The core value of any business is always their customers’ satisfaction hence it is important for them to make sure that whatever product or service they offer would be able to answer what their target market’s problems are (Waxman, 2012). It is also important to take note that whatever product concept you will be using for your brand or business should not rely on how well it can be marketed but also with what exactly the consumers need (Carson, 2011).
The product concept is the idea that you want to convey about your product. The more details and information you can provide, the better it will be for customers who are interested in buying a similar type of item. If your goal is to sell as many products as possible, then make sure that people know exactly what they’re getting when they purchase from you!