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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 a consumer's purchase journey the consumer will assign meaning to a product or brand upon their initial contact with the product or brand, [5] and this meaning will be based upon their experiences, beliefs and attitudes towards the product or brand. Perceptions are the foundation of brand value and marketing effectiveness. [6]
For example, people often identify as PC or Mac users, or define themselves as a Coke drinker rather than a Pepsi drinker. The ability to choose one product out of a great number of others allows a person to build a sense of "unique" individuality, despite the prevalence of Mac users or the nearly identical tastes of Coke and Pepsi. [44]
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 ...
Marketing concept: This is the most common concept used in contemporary marketing, and is a customer-centric approach based on products that suit new consumer tastes. These firms engage in extensive market research, use R&D (Research & Development), and then use promotion techniques. [46] [47] The marketing orientation includes:
Products on shelves at a Fred Meyer hypermarket superstore Skin care cosmetics for sale as products at a pharmacy in Brazil. 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]
An example of this type of cultural commodification can be described through viewing the perspective of Hawaiian cultural change since the 1950s. The Hawaiian Luau was once a traditional performance reserved for community members and local people, but through the rise of tourism, this tradition has lost part of its cultural meaning and is now ...
Definition/Explanation/Concept Typical Marketing Decisions Product: A product refers to an item that satisfies the consumer's needs or wants. Products may be tangible (goods) or intangible (services, ideas, or experiences). Product design – features, quality; Product assortment – product range, product mix, product lines; Branding ...