Product concept
1. Definition
Product concept is on the assumption that customers would choose the product
if it has better quality, features, and performance. The reason Product concept is
important is because it makes it necessary for you to meet the demands and
wishes of customers by delivering the best product. Sales, marketing, and
distribution are also important factors in product concept.
Under product concept, a company can not only give identity to the product but
also adds functional values and ussability so that a customer can buy it in the
market to take maximum benefits. Product concept falls under the category of
marketing and orentation stategy that many business and companies follow. A
quality product attracts a great market share and builds a strong brand image
To be successful, businesses need to focus resources on creating products
of the highest quality and constantly improving them.
2. Condition to be apply
Market condition
- This philosophy can be used in quality- concious: ý thức về chất lượng
markets where the customers care about the status, fashion, new technology,
brand, quality etc. rather than the price of the product. In these markets,
customers are willing to pay more for the better products.
For example: the developed countries with high average income
- It can aslo be used in monopoly: [məˈnɑː.pəl.i] sự độc quyền market, with little
to no product replacement, long lasting product life cycle
-Moreover, product concept can aslo be used in a competitive market with
product of similar price but lacking in innovation, new features etc. This kind
of market mainly competes on the quality of the products, therefore, products
with higher qualities and continous innovations are more likely to be chosen
by customers
Company and Product condition
