M/U2 Topic 1 Product Concept
Product Concept states that customers or consumers prefer product which is of the highest quality, performance and features. Product concept is a mandatory concept in order to give the best possible product to the customer as per the demand and expectation. A product is not complete in itself and requires other factors of business like marketing, distribution, sales, service etc to be successful.
Using Product concept, a company can give identity to the product and can add functional value and usability so that the intended customers can derive this benefit and eventually buy the product in the market.
Product concept is one of the orientation strategies towards market which a company can follow. Other being Selling Concept, Production Concept, Marketing Concept etc. Marketing Pull is generated because of superior products which helps in success of the brand.
Innovation helps to get new products with features which customers would like.
Example of Product Concept:
Apple is one company which works highly on product concept to get the best products to their consumers. Apple’s products are perceived to be very high quality with innovative features and great performance. Customers go after the products of Apple and that creates a marketing pull.