Product Concept says that customers or consumers get satisfied with products of higher quality, features, and performance. The product concept is a compulsory concept in order to understand the needs and expectations of customers and provide them with the best suitable product. A product is not full in itself and needs the support of other factors of business such as promotion, sales, service, marketing, distribution in order to enjoy success in the market.
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A product concept allows the company to provide identity to the product and also add usability and functional value so that the prospective users can provide this benefit and gradually buy the product in the market. We can note how the product concept is one of the orientation plans and marketing plans towards the market that a company can follow. Other concepts include the marketing concept, production concept, selling concept, etc.
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Innovation in products can help to launch the latest products with features that customers would involve in. For example, the company Apple works majorly on product concepts so that it can deliver the best products to its customers. Apple’s products are always of higher quality and they have innovative features that work great. Customers after hearing the name of Apple itself buy the product without any further negotiation, such as the marketing pull.
To put it simply, a product concept is an explanation or mention of a product or service in its initial stage of the product lifecycle. It is created before any in-depth design work is taken up and involves consideration of market analysis, product features, product cost, strategic fit, product architecture, customer experience among others. Managers understand the Product Concept that helps to focus on creating superior products and bringing about changes in the products over a period of time. This helps the customers to buy products that are of high quality, provide good performance and also include innovative features.