What Is The Product Concept?
The product concept of marketing is a concept that believes the buyers will purchase the products or services that have the most quality, performance, and innovative features for the given prices. Today it is compulsory for companies to produce high-quality products to meet customer’s needs and in order to survive in this competitive market.
Product concept believes if products have good quality it requires a little effort to make it sale. Make companies earn profit through quality products, satisfying customer needs and wants. Assumes customers always look for products quality, they ignore the products having less quality, they try to know the quality features of the products by comparing with other brands.
The organization which adopts this marketing concept concentrates on designing high-quality, innovative, long-lasting, warranty, and add other features having products. The quality of the products highly relies on the hand of engineers.
The product concept blindly focuses on product quality but it does not consider the customer preferences which may be the negative point.
The product concept has given birth to products, such as wristwatches (West end watches), Cars (Mercedes Benz), Shoes (Hi-Tech), Mobile (Apple), and Microsoft, Google, and others. Organizations adopting this concept have neglected two major variables – buyer preferences and technology. These variables change over time and make the long-lasting, high-performance, and wide features products redundant in the marketplace. Although this concept was not so successful in the consumer market, it has still important value in the marketing of technology, machinery, and heavy equipment.
The common features of the product concept of marketing are,
Quality Product. The main focal point of the product concept is on quality of products and services. It aims to make highly durable and long-lasting products supported by warranties. Try to make competing brands with reasonable prices.
Product Focus. It means this concept emphasizes companies make superior products and improve them over time and if possible add updating features, this fits in the technology products such as mobile phones.
Neglect’s Customer Needs and Preferences. This marketing concept ignores the needs and preferences of customers which is one of the disadvantages of this concept. It produces products without considering these variables which may sometimes lead this concept towards failure.
Product Design. This concept adopting organizations keep high faith in design engineers, as the quality of product and design depends upon it. Design engineers play a key role in the organization.
Profit Through Quality Product. The beginning point of the product concept is to establish a factory, second–focusing on product quality, third means–high quality, innovation, performance guarantee, and last is generating profit through well-made products.