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 & marketing
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.
The product is the most tangible and important single component of the
marketing program. The product policy and strategy are the cornerstone of a
marketing mix. If the product fails to satisfy consumer demand, no additional
cost on any of the other ingredients of the marketing mix will improve the
product performance in the market Place.
To the marketer products are the building blocks of a marketing plan.
Good products are key to market success. Product decisions are taken first by
the marketers and these decisions are central to all other marketing decisions
such as price, promotion and distribution. It is the engine that pulls the rest of
the marketing program. Products fill in the needs of society. They represent a
bundle of expectations to consumers and society.
The product concept has three dimensions:
1. Managerial Dimension:
It covers the core specifications or physical attributes, related service,
brand, package, product life-cycle, and product planning and development.
As a basis to planning, product is second only to market and marketing
research.
The product offering must balance with consumer-citizen needs and
desires. Product planning and development can assure normal rate of
return on investment and continuous growth of the enterprise.
2. Consumer Dimension:
To the consumer a product is actually a group of symbols or
meanings. People buy things not only for what they can do, but also for
what they mean. Each symbol communicates a certain information. A
product conveys a message indicating a bundle of expectations to a buyer.
Consumer’s perception of a product is critical to its success or failure.
A relevant product is one that is perceived by the consumer as per
intentions of the marketer. Once a product is bought by a consumer and his
 evaluation, i.e., post-purchase experience is favorable, marketers can have
repeat orders.
3. Social Dimension:
To the society salutary products and desirable products are always
welcome as they fulfill the expectations of social welfare and social interests.
Salutary products yield long-run advantages but may not have immediate
appeal.
Desirable products offer both benefits, immediate satisfaction and
long-run consumer welfare. Society dislikes the production of merely
pleasing products which only give immediate satisfaction but which sacrifice
social interests in the long-run.

Marketers have to fulfill the following social responsibilities while offering

the products to consumer:

i. Conservation and best use of resources,

ii. Safety to users,
iii. Long-run satisfaction of consumers,
iv. Quality of life, concern for better environment,
v. Fulfilment of government regulations relating to composition,
packaging and pricing of many products.

Components of a Product Concept

The Customer / User

1. Who is the customer? (Use the market segmentation you have done to
describe them).
 2. Is the customer the same as the user? For this assignment you can
assume that they are the same person
3. Briefly describe the user (The primary persona.)
4.What relevant goals does the user have? (What goals does the product
help the primary persona achieve: think life, experience and end goals?)
5. What alternatives currently exist for this product? (How can /does the
primary persona achieve their goals currently?)
6. Usage scenario: Tell the story of your product idea in use.
7. What will make your product better than the current alternatives?
(Here you need to answer the question: Why your product?)

The Product
1. What is your product idea? (Use your 3-sentence summary of the
product)
2. What is the product positioning? (Try to sum up the key product benefit
in one or two sentences. If you are unsure about this, look at your
answer to question 6. under the user.)
3. What are the user requirements? (How will it help them achieve their
goals?)
4. What features are essential to deliver the above user requirements?
(Write short descriptions in bullet points.)
5. What is the product name? How will the product be branded? (Company
brand, product brand, both?)
6. What is the product quality? (Durability, reliability, ease of use, quality of
support materials, ease of repair and consistency within the product.)
7. Are there any design guidelines? (Give the designers a challenge rather
than say what they have to do.)
8. What are the packaging guidelines? (Distribution, brand image, visibility,
environmental issues, security, transport)
9. How should the product be labelled? (Think about usability, functions,
internal consistency, legal requirements, distribution requirements, etc.)

The Extras
1. Does the product require installation? How will it be done? (Who will
install and what help will they have?)
2. What sort of service will you offer? (Think about support staff too.)
3. How will the user and support staff be helped when they encounter
problems?
4. Will there be a manual for the product? How will it be delivered? (Think
about a support staff manual too.)
5. Will you offer the user training? How? (Think about training for any
support staff too.)
6. How will the product be delivered? Who will pay?
7. Will you offer credit? If so, what sort of terms?
 8. Does the product have a warranty? How long is free? Can the warranty
be extended for a payment? If so, how much?

LET US REMEMBER

A well-prepared product concept helps an entrepreneur to start a

business. As stated by James Melor (2019), The success of a new product
typically requires considerable resources and the likelihood for lackluster
results or outright failure are far higher than anyone will admit. Because of
this high risk of failure, it is important to know why product development is
important to companies and consumers and why you should use the product
development services of experts to make sure you get things right.