A product concept is a description of a product or service, at an early stage in the
product lifecycle
In Industry (economics), industry, product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from its inception through the Product engineering, engineering, Product design, design, and Manufacturing, ma ...
. It is generated before any detailed design work is undertaken and takes into consideration
market analysis
A market analysis studies the attractiveness and the dynamics of a special market within a special industry. It is part of the industry analysis and thus in turn of the global environmental analysis. Through all of these analyses the strengths, ...
,
customer experience
Customer experience, sometimes abbreviated to CX, is the totality of cognitive, affective, sensory, and behavioral responses of a customer during all stages of the consumption process including pre-purchase, consumption, and post-purchase st ...
, product features,
product cost,
strategic fit, and
product architecture
Product may refer to:
Business
* Product (business), an item that can be offered to a market to satisfy the desire or need of a customer.
* Product (project management), a deliverable or set of deliverables that contribute to a business solution
...
.
A product concept should describe how the new product will appeal to its
target market
A target market, also known as serviceable obtainable market (SOM), is a group of customers within a business's serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total m ...
. While the product concept is based upon the idea that customers prefer products that have the most quality, performance, and features, some customers prefer a product that is simpler and easier to use.
See also
*
Product lifecycle
In Industry (economics), industry, product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from its inception through the Product engineering, engineering, Product design, design, and Manufacturing, ma ...
*
Product development
New product development (NPD) or product development in business and engineering covers the complete process of launching a new product to the market. Product development also includes the renewal of an existing product and introducing a product ...
References
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Product development