What Is Product Concept? Product concept is a basic idea of the product. It can be divided into selling concept, production concept and marketing concept.
When you’re new to a company, it’s hard to know what the product concept is and how it fits into the bigger picture of your business.
A lot of companies don’t even have a product concept or they don’t make sure that all their employees understand it. This can lead to confusion and miscommunication about whether something is supposed to be sold as a feature or an outcome.
Having a clear idea of what your product does for customers and why they would want that will help you write better marketing copy and create more effective sales presentations.
- 1 What is product concept?
- 2 Historical background of product concept
- 3 Importance of product concept
- 4 Advantages & disadvantages of product concept
- 5 Example of product concept
- 6 Two methods to adapt the product exactly to the market
What is product concept?
The product concept is a mandatory term in order to give customers the best possible products. They want an optimal balance of quality, performance and features along with other factors such as marketing or distribution that can make your business successful.
Historical background of product concept
In the 1930s, mass production was becoming a trend in manufacturing. In an effort to outdo each other and win customers over with better products at lower costs, many manufacturers started producing more items than ever before – even if it meant decreasing quality or adding unnecessary features just for sake of quantity (which we know now will only create customer confusion).
It’s important not overlook some very basic truths: you can’t make people happy by giving them what they want; any business model based solely on satisfying demand is guaranteed failure unless your product offers something unique enough where there isn’t already someone else making/selling exactly identical.
The product concept is simple, but it’s not easy to follow. It requires you stop thinking about your competitors and start paying attention on what customers are telling their friends about how they’re liking the changes with each update in order improve at a low cost without comparing yourself against others who may not have done as well or even succeeded yet!
Importance of product concept
Selling a product is one of the most important aspects in marketing, but not always enough. To get customers on board you need more than just great advertising and an amazing price; sometimes they’re looking for what’s inside your package! That’s why it can be tempting (and lucrative) to focus all efforts into making sure that our products never end up on store shelves–they might as well go away if nobody sees them there first anyway… But this isn’t true innovation because no new features are added while at the same time some old ones may become irrelevant over time due to changes within society or technology itself . Innovating with concepts like “product concept” ensures both functional value addition onto existing designs alongside additional.
Advantages & disadvantages of product concept
Advantages of product concept
- Innovation is more than just a product. It’s the idea that led to an invention, or in this case innovations and inventions which are good for everyone
- The concept of quality is at the heart of this company, which fulfills customer’s needs and wants.
- It’s no wonder that competitors are trying to come up with new products, because when a company starts offering its customers something better than what they can find elsewhere in this market- which will offer both performance and price point advantages over other brands on the shelves at any given moment-, then sales shot through the roof.
Disadvantages of product concept
- This is a vicious cycle that has been going on for a long time. All companies want the best possible product, even if they’re not needed or wanted by customers in order to create more profit with their lower-costed goods at first glance which ends up costing consumers later down the line.
- Customers need more than just the features of a product to create an experience. They also require supports and service along with these products, which can be difficult without neglecting any aspect in order for it all come together as one holistic package deal!
Example of product concept
Apple’s products are perceived to be very high quality with innovative features and great performance. This perception is due in large part because they work hard at the product concept stage, shaping their ideas into something that people will want before even considering market research or raw data points from customer feedback sessions like focus groups who need not apply here since Apple has already figured out what makes us happy as consumers – which allows them create an irresistible marketing pull for those looking forward to buying whatever new releases come down the pipeline next.
Gucci is one of the most famous luxury fashion brands in all of world. They offer quality makeup, handbags, ready-to pants clothes and shoes for men or women at any time – anytime you are feeling elegant! You can also find fragrances to match your personality with their variety pack collections. No matter what type(s)of Guccissimo products fit my life right now (I’m not sure about yours), they always come up trumps every single time.
Louis Vuitton is a global fashion brand that also caters to the needs of luxury customers. The company provides high quality products with prices ranging from affordable, trendy items for everyday wear all the way up towards extremely expensive watches and other accessories. Regardless if you’re looking at clothing or something else in their extensive line-up they will do everything possible get your hands on one!
Two methods to adapt the product exactly to the market
A marketing concept that has evolved to meet the ever-changing needs of consumers, market segments are a way for businesses and marketers alike create deep understanding about who their target audience is. Understanding these demand schedules can help you identify what product or service would be beneficial in meeting those wants/needs while also allowing room on shelves!
To create a successful marketing strategy, it’s important to know your target audience and what they want. Market segmentation is the process of categorizing consumers into groups based on factors like age or income level; this allows you tailor products for each group so that there isn’t overlap between buyers in different segments!
The most important element in selling a product is branding. With this, sellers are able to induce or redirect demand by following their particular market offering with differentiating features that set it apart from what’s already out there on the shelves.
Product differentiation is stressed as a way to promote social psychology. Product markets such as detergents and toothpaste illustrate the concept well, with different brands attracting consumers based on their own needs or desires rather than one product trying hard at promotion like certain companies do in other industries (such products include: toilet soap; cosmetics). One key challenge for ongoing success though lies not just increasing costs but also making sure your ads don’t get boring so customers can stay engaged!
The product concept is the perception of a new idea or innovation. It can be completely different from what people already know and use, but it also has to make sense in terms of their experience with similar products. In other words, if you’re coming up with an electric car that runs on batteries instead of gas – which no one has seen before – then your goal should not only be to convince them that this would work but also show how they’d benefit from using it versus a traditional gasoline-powered vehicle. You want both conceptual clarity and emotional resonance when pitching potential customers on your new idea or innovation so they buy into it right away.