What is the Product Concept

By Dylan Jomy2 min read · Posted Mar 27, 2023

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Have you wondered how an idea is created or marketed? That is what the product concept is. So, this article will go over what the product concept is, the different types of it, and why it is essential.

What is Product Concept?

A product concept is a general idea of the product you want to create or market. It is an idea that can be improved and changed over time. The concept deals with customer needs, business ideas, and technological innovations. The key to having a successful product concept is finding out what the customer wants.

Different Types of Product Concepts

  • Convenience Products: Saves customers time and effort. Goods that customers usually purchase frequently and with minimal effort.
  • Specialized Products: Products that consumers actively seek to purchase because of unique characteristics or loyalty to a specific brand.
  • Band Products: The more positive the brand connotation, the more likely a consumer will buy something from it.

Why is Product Concept important?

The product concept helps establish a vision for a new product or service. It provides a starting point for improvement and is essential in creating discussions among the group members. Product concepts can also serve as a check-in due to their return to the initial design; the team can determine whether or not they are on track with the building requirements.

Pros and Cons of the Product Concept

Pros:

  • Quality over Quantity: Product concepts are all about balancing high quality, accessibility, and performance.
  • Develop Curiosity: When the consumers are inevitably interested, they want to purchase the product and see the new features to satisfy their curiosity.
  • Increase Margins: If a company has effectively created and marketed a strong product concept, they’ve displayed a very high product quality.

Cons:

  • Irrelevant Features: In the race for innovation and differentiation, there’s a risk of going off track and missing the needs of potential customers.
  • Price concerns: Consumers prefer cheaper solutions rather than higher-quality products because they are more affordable.

Conclusion

In summary, the Product Concept is a very effective tool to help companies realize which products the consumer will want and how to create a product with the best performance and innovative features.It can help deal with customer needs, business ideas, or technological innovations.

References

About The Author

Dylan Jomy

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Hi, I am Dylan, an Article Editor at Pitch Labs! I am fascinated by business, finance, and the stock market. I also love to write, help, and inform people about economics-related topics. I plan to educate myself on business and STEM-related matters as well.

See more posts by Dylan Jomy

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