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The Product Concept

Provided by IFC, adapted from Business Edge® workbook, “Introduction to Marketing Concepts"

The Product Concept suggests that consumers prefer high-quality products that perform well and have advanced features. Firms in this school of thought believe that a good product builds its own market and they concentrate on constantly improving their product, believing that the quality and features they offer will guarantee long-term success. This approach is especially applicable in electronics.  

Apple is one of the well-known companies that have been using this approach, continually refining and improving its offering to deliver excellent features and innovative products. 

However, this concept may prove short-sighted if companies do not take into account the needs of the customers and produce superior products/features for which the consumers are not ready.   

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