This could create excess inventory and other problems for your company. The Product Concept A product concept is a perception or image of how consumers imagine and understand their experiences with a product or service when making purchasing decisions. Understanding this concept is the first step in the marketing process when designing, developing, and launching new products and services. A product concept, in essence, describes how customers use products in their everyday lives and how certain features of those products are important to them.
Depending on your industry, it may be whatsapp database possible to increase prices without losing sales because consumers are willing to pay more for perceived higher quality or convenience. Though there are no hard and fast rules when it comes to product concepts, there are some things you can do to develop an effective product concept that will help your brand appeal to its targeted audience and increase overall sales for your company. ABOUT THE PRODUCT CONCEPT A product concept is not only about identifying products that will be sold to potential customers.
It also includes identifying features of these products. If you are thinking of selling edible oil in your store, for example, you need to identify edible oils that will be beneficial for your consumers so they don’t have to do any kind of research before buying it. If you are selling automobiles, you need to identify the basic benefits of your automobile so people aren’t confused about how it works or what problems can come with it. You want these products to be unique and stand out compared to other competitive businesses around. Having a good product concept will help grow new businesses because potential customers have something interesting to look forward to when it comes time for them to purchase their next product.