What Is Product Concept According To Marketing?

Product concept and marketing is just about everything from when you first get an idea of a new product to it actually being on the shop shelves.

Once you have your idea you have to examine it from absolutely every angle. Think about what your product is going to look like, smell like, taste like, what size it will be, its dimensions, its colour, its weight... The list goes on. You will also have to consider the costs of producing what it is you are thinking about, taking into account the expense of the raw materials and actual production. If someone else will be making it for you, work out the unit cost for each item. Once you know how much that all is, you can determine how much you can sell it for, and calculate your profit margin.

You will need to do some market research to establish that your target consumers are happy with what you have.  

If that isn’t enough to think about, you then need to move onto the marketing aspect of your new product. You need to consider what will be the best way to push your product into the minds of the consumer in such a way that they will want what you have to offer. There are many ways to advertise, but consider which will be the best for you. If your product is specific to a particular consumer, then there is little point advertising where they are not likely to see it.

Introduce your product to the market in small stages so you don’t spread your resources too thinly; as you gain success, you can add more markets.

The Product Concept in marketing refers to the ideology that a product would be the most successful in the market if the main focus is put on the product quality and specifications itself. It goes against the Marketing Concept that puts focus on consumer insight more than on anything else. The Product Concept simply believes that the product would sell itself, and it is especially applicable to technological breakthroughs.

The product concept holds that consumers will favor those products which are most innovative, of highest quality and performance. A company should therefore focus on its product development and invest in continuous product improvements.

The product concept includes everything from the decision to make a product to the final packaging and branding.

Under this concept, the first thing that is considered is the function that the product is going to serve. It is also reviewed as to how many models or sizes or variants the product is going to have. This product can be a physical good or a service.

After the product has been manufactured, the quality assurance is done and the packaging is done. The warranty period is also determined and the repair and support system is also considered.
The above are all the components that formulate the product concept in marketing.

The product concept is basically a management philosophy that materialized during the age of industrialization. This philosophy relies on the product itself. The management focuses on a quality product that has all the features. Constant efforts are made through the research and development department to improve the product. Subsequently, the product might also have a high price.

The flaw in this concept is that, the company is over-obsessive with the product. It keeps on improving the product regardless of the fact that the consumers might not want these improvements or the product has become too sophisticated and technical for the consumer. The price tag might also be high because of a higher level of technology used.

The company also does not emphasize on marketing and promotions simply because they think that since they have made a great product, consumers will buy it on their own.

A product in business concept can be a tangible good or intangible service which may satisfy a need or desire of a person. There are various names which can be used in alternate to product like in retailing products are known as merchandises. Consumers usually name them as commodities. Manufacturing companies make these products and they are made by converting raw material into finished goods. In the 16th century, a newly produced item was referred as "product". In 17th century, the name "product" was given to "things produced". Adam Smith first gave the concept of products in the economy.

Product concept is that how your product value is how much customers will get inspire from that n how much will it be sell

The idea that consumers will favour products that offer the most quality, performance and features, hence the organization should devote its energy to making continuous product improvements.

This concept focus only production. They make profit with the help of production.they don't prefer customer need.they want to sell what they produce in the market and they do not take care of costumer's demand they produce the good that they can sell them to the market .

    Ahmad Jawad Anwari
BBA Student Afghanistan

Sale and modifications in bmw is the main example ...

Important of product concept

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This concept focus only production.and they think they make profit with the help of production.they don't prefer customer need.