Product concept in marketing
In this, article we are going to discuss product concept in marketing. The product strategy is the foundation of a marketing mix. Product is the most actual and significant single component of marketing.
Product
refers to an item that fulfils the consumer's needs and wants. If the product
fails to fulfil consumer need, no extra worth on any of the different elements
of the marketing mix will improve the product accomplishment in Market Place.
In short, Good products are fundamental to market achievement. and Product fill
in the requirements of society.
Product the concept is a compulsory concept give the best possible product to the customer
as per the demand and hope.
Using
Product concept, an organization can give identity to the product and include
useful value and usability so that the planned customers can derive this profit
and, in the end, purchase the item in the market. Products concept works on an
assumption that customers prefer products of greater quality. Cost and
availability don’t impact their buy decision. In simple word, the product
concept recommends that buyers will prefer products that have better quality,
performance and features as another normal product.
(Many of product is tangible(goods) or many of
product is intangible.)
also read: what is marketing in business?
example of product concept
Apple is one the company which works completely on the product concept. and provide the best
products to their consumers. Apple's perceived to be extremely high quality
with innovative features and incredible performance. Customers go after the
products of Apple and that makes a promoting pull.
One issue
which has been attached to the product concept is that marketing myopia. (The term Myopia is being applied in human
sciences, mention to Nearsightedness – the capacity to see close objects
clearly but powerlessness to see the faraway objects. according to marketing
myopic, the business looks at the business’s own goals rather than focusing on
the needs and wants of the customer.) Using Product concept companies need to
pay attention to innovations and features seriously and the customer needs
should be given priority.
On the other
hand, innovating too early into a problem. A few innovative items are marked as
experimental in the market instead of being adopted as a result of so these
items have less shelf life and might need to be removed from the market.
A product is not complete in itself. its requires different components of business-like marketing, distribution, sales, service etc to be successful.
I hope this guide will help you to understand the product concept in marketing. If you like this article, don’t forget to share it with your friends via Facebook, Twitter, WhatsApp. In case, if you have questions feel free to ask by ↣comment.
