Product Concept

 

A product concept is a high level statement of the value of a product or service. Where developing a product can be a highly technical task steeped in details, customers may only think of your product in terms of a concept that can be described in a few words. Defining a valuable concept for a product and using this in as a guiding principle of product development is a basic marketing practice. It is common to work with a large number of product concepts and only develop the small percentage that show the most promise. The following are common elements of a product concept.

·       Convenience

Products that save customers time and make things easier.

·       Usability

User interfaces that are pleasing and productive to use.

·       Quality

The non-functional qualities of a product such as durability and reliability.

·        Functionality & Performance

Products that solve customer problems such as efficient solar panels or fast bicycles.

·       Price

A price-based concept such as "affordable luxury."

·       Lifestyle

A product for a lifestyle such as a car designed for people who enjoy outdoor activities such as fishing or snowboarding.

·       Status

Products that are designed to communicate wealth or another type of status such as conspicuous conservation.

·       Culture

A product that exemplifies a culture, subculture or super-culture. For example, wine with a well-known terroir.

·       Risk

Products that reduce a risk such as healthy food or a safe vehicle.

·       Values

Products that conform to the customer's values in areas such as environmental stewardship, animal welfare and fairness to people.

·       Experience

The end-to-end customer experience such as the experience of buying, unpackaging, viewing, touching and tasting a macaron.

·       Quality of Life

A product that frees a customer from something they find unpleasant. For example, a mobile device with few features for customers who value simplicity.