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A product concept is a description of a product or service, at an early stage in the product lifecycle. [1] It is generated before any detailed design work is undertaken and takes into consideration market analysis, customer experience, product features, product cost, strategic fit, and product architecture.
In the product concept phase, managers generate ideas for new products by identifying certain problems that consumers face or various customers needs. [4] For example, a small computer retailer may see the need to create a computer repair division for the products it sells.
The product design process, as expressed by Koberg and Bagnell, typically involves three main aspects: [5] Analysis; Concept; Synthesis; Depending on the kind of product being designed, the latter two sections are most often revisited (e.g. depending on how often the design needs revision, to improve it or to better fit the criteria).
In marketing, the whole product concept is the third iteration of a model originally developed by Philip Kotler, a professor at the Kellogg School of Management at Northwestern University. In his book entitled “Marketing Management” Kotler drew attention to the fact that consumers purchase more than the core product itself. And ...
The product life cycle concept consist of 4 stages: introduction, growth, maturity, obsolescence. [11] It outlines the stages the product was first introduced into the market until it is finally removed from the market. The length of the life cycle, duration of each stage and the shape of the curve vary widely for different products.
For example: starting tool design as soon as the detailed design has started, and before the detailed designs of the product are finished; or starting on detailed design solid models before the concept design surfaces models are complete.
For example, Dyson Ltd, a manufacturer of appliances ... Full product transparency is a concept of making the full life-cycle impacts public. [31]
The concept of product management originates from a 1931 memo by Procter & Gamble President Neil H. McElroy.McElroy, requesting additional employees focused on brand management, needed "Brand Men" who would take on the role of managing products, packaging, positioning, distribution, and sales performance.