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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 .
Consumers pay some amount of money (or equivalent) for goods or services. [4]) then consume (use up). As such, consumers play a vital role in the economic system of a capitalist system [5] and form a fundamental part of any economy. [6] [7] [8] Without consumer demand, producers would lack one of the key motivations to produce: to sell to
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 ...
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.
Products on shelves at a Fred Meyer hypermarket superstore. In marketing, a product is an object, or system, or service made available for consumer use as of the consumer demand; it is anything that can be offered to a domestic or an international market to satisfy the desire or need of a customer. [1]
At this stage, consumers evaluate different products/brands on the basis of varying product attributes, and whether these can deliver the benefits that the customers are seeking. [14] This stage is heavily influenced by one's attitude, as "attitude puts one in a frame of mind: liking or disliking an object, moving towards or away from it". [ 14 ]
Showrooming highlights how a consumer will view a product in a physical store but then decide to exit the store empty handed and buy online instead. This consumer decision may be due to the ability to compare multiple prices online. On the opposing end of the spectrum is webrooming. Consumers will research a product online in regards to quality ...
A product with a successful customer value proposition is directly linked to a product's actual and sustained performance versus competition. The two main attributes that allow consumers to differentiate among products are price and quality. Finding the correct balance between these two attributes usually leads to a successful product.