Product Concept Vinit

11. Explain the following: a. Product Concept b. Production Concept c. Sales Concept d. Marketing Concept Product Concept: Product concept is the understanding of the dynamics of the product in order to showcase the best qualities and maximum features of the product. Marketers spend a lot of time and research in order to target their attended audience. Marketers will look into a product concept before marketing a product towards their customers. While the "product con cept" is based upon the idea that customer prefers products that have the most qu ality, performance, and features, some customers prefer a product that is simpler and easier to use. This orientation holds that consumers will favor those products that offer the most quality, performance, or innov ative features. Managers focusing on this concept concentrate on making superior products and improving them over time. They assume that bu yers admire well-made products and can appraise quality and performance. However, these managers are sometimes caught up in a love affair with their product and do not realize what the market needs. Management might commit the ―better -mousetrap‖ fallacy, believing that a better mousetrap will lead people to beat a path to its door. The product concept holds that the market would definitely patronize that product perceived as of higher quality, standard and hygienic, product that can match with their styles while satisfying their needs and want. Market organizations haven fully understand this concept, devote their time, energy and resources in developing good and qu ality products that can satisfy the desires of the target Market. Production Concept: This concept is t he oldest of the concepts in business. It holds that consumers will prefer products that are widely available and inexpensive. Managers focusing on this concept concentrate on achievin g high production efficiency, low costs, and mass distribution. They assume that consumers are primarily interes ted in product availability and low prices. This orientation makes sense in developing countries, where consumers are more interested in obtaining the product than in its features. The concept of production in marketing means that marketers should employ effective strategies to making their products available and affordable in the market because the consumers will only choose that product available and affordable. Those companies who believe in this philosophy think that if the goods/services are cheap and they can be made available at many places, there cannot be any problem regarding sale. Keeping in mind the same philosoph y these companies put in all their marketing efforts in reducing the cost of production an d strengthening their distribution system. In order to reduce the cost of production and to bring it down to the minimum level, these companies indulge in large

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Product Concept Vinit