Product concept is the core idea behind a product or service. It is the central pivot around which all marketing decisions are made. The product concept should be aligned with the company’s overall business strategy.
There are four main types of product concepts:
-Functional: this type of concept focuses on what the product or service does. For example, a function-focused concept for a new car might be “the car that gets you from A to B.”
-Emotional: this type of concept focuses on how the product or service makes the customer feel. For example, an emotional concept for a new car might be “the car that makes you feel safe and secure.”
-Experiential: this type of concept focuses on giving the customer an experience. For example, an experiential concept for a new car might be “the car that takes you on an adventure.”
-Sociological: this type of concept focuses on how the product or service fits into the customer’s life and how it will make their life better. For example, a sociological concept for a new car might be “the care that helps you connect with your family and friends.”
Product Concept. The core purpose of the product concept is to manufacture cheaper products because the consumers won’t pay much price for the products or services
1. Company uses product concept to manufacture cheaper products
2. The consumers won’t pay much price for the products or services from the company
3. The company will benefit from the economies of scale and mass production
4. The company can use its brand image and marketing strategies to differentiate its products from others in the market.
The production concept has its origins in the Industrial Revolution, when new technologies made it possible to mass-produce goods quickly and cheaply. Today, the production concept is still used by many companies, particularly those in manufacturing or assembly line industries. However, there are some drawbacks to using this approach.
One problem with the production concept is that it can lead companies to focus too much on efficiency and cost-cutting, at the expense of other important factors such as quality or customer service. Additionally, because the focus is on making products quickly and cheaply, there may be less emphasis on innovation or developing new products altogether. As a result, companies following the production concept may eventually lose their competitive edge as other firms introduce better products or services.
In theory, the selling concept makes sense. After all, if a company can sell more of what it already has, it doesn’t need to spend as much money on developing new products. And if it can persuade more people to buy its products, that’s even better.
However, in practice, the selling concept often doesn’t work out so well. For one thing, it assumes that customers will always want more of what a company has to offer. But this isn’t always true. Customers’ needs and wants change over time, and a company needs to change with them if it wants to stay in business.
Furthermore, the selling concept takes a short-term view of profitability. It fails to take into account the long-term costs of alienating customers with high-pressure sales tactics or shoddy products. In the end, these costs can far outweigh any short-term gains from increased sales.
The marketing concept is also based on the belief that consumers will not buy a product unless they are aware of it and believe that it meets their needs. To create awareness and build interest in its products or services, a company must use some form of promotion. This could include advertising (paid placements in print, online, or broadcast media), public relations (stunts or news stories designed to generate positive publicity), or personal selling (face-to-face interactions between salespeople and potential customers). No matter what form of promotion is used, it must be carefully targeted to reach the right consumers with the right message.
The marketing concept has been around for centuries but gained popularity after World War II as companies looked for new ways to increase sales in an increasingly competitive marketplace. It has since evolved into one of the most important concepts in business today and is used by companies all over the world-from small businesses to large multinational corporations. While there are many different interpretations of the marketing concept, all share a common goal: creating value for customers that leads to profitable relationships for both parties involved.
Societal Marketing Concept
The societal marketing concept was first proposed by Philip Kotler in the early 1970s. Kotler suggested that businesses needed to look beyond simply maximizing profits and instead focus on creating “social welfare.” In other words, companies should strive to do what is best for society as a whole, not just what is best for their bottom line.
Since then, the societal marketing concept has been adopted by many businesses and organizations. It has also been criticized by some who argue that it places too much emphasis on social responsibility and not enough on profitability. Nevertheless, the societal marketing concept remains an important part of how many companies operate today.