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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.
A commonly used example of this is the invention, growth and production of the personal computer with respect to the United States. The model applies to labor-saving and capital-using products that (at least at first) cater to high-income groups. In the new product stage, the product is produced and consumed in the US; no export trade occurs.
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 .
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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.
Example, firms that produce luxury goods like Louis Vuitton employ an intensive placement strategy by making their products available at only a few exclusive retailers. In contrast, lower priced consumer goods like toothpaste and shampoo, typically employ an extensive placement strategy by making their products available to as many different ...
The Space of Product Properties collects products representing the domain, identifies key features and selects product properties for further evaluation. The collection of products representing the domain is done from different sources such as existing products, customer suggestions, possible technical solutions and design concepts etc.
Product Design Process: The product design process is a set of strategic and tactical activities, from idea generation to commercialization, used to create a product design. In a systematic approach, product designers conceptualize and evaluate ideas, turning them into tangible inventions and products. The product designer's role is to combine ...