Quick Answer: What Is New Product Concept?

What do you mean by a new product?

New products are goods and services that differ significantly in their characteristics or intended uses from products previously produced by the firm.

Context: The first microprocessors and digital cameras were examples of new products using new technologies..

What is product concept with example?

A product concept statement, sometimes referred to as just a “concept statement” represents the vision that a business owner and his design team has for a product or service. It describes the product or service, explains its purpose and considers the consumer demographics that the product is market toward.

How do you write a new product concept?

When it comes to writing killer new product concepts, there are a few simple rules to follow.Use consumer language. … Don’t presume to know what consumers are thinking. … Avoid vague insight statements. … Think about the product in a consumer context. … Use inspiring words, but not over-the-top words.More items…•

How do you write a concept?

First, write a concept outline.That means you have the right idea for the insight, the right idea for the benefit, and the right ideas for the RTBs.Write them all down in outline form.Check to see if it all hangs together and creates a logical story.Have others read it over to see if they agree it’s basically right.

How do you explain a concept?

8 simple ideas for concept development and explanationUnderstand your audience. … Define your terms. … Classify and divide your concept into ‘chunks’ … Compare and contrast. … Tell a story or give an example to illustrate the process or concept. … Illustrate with examples. … Show Causes or Effects. … Compare new concepts to familiar ones.

What is a concept example?

In the simplest terms, a concept is a name or label that regards or treats an abstraction as if it had concrete or material existence, such as a person, a place, or a thing. … For example, the word “moon” (a concept) is not the large, bright, shape-changing object up in the sky, but only represents that celestial object.

How do you choose a product concept?

Concept Development and SelectionBased on the product requirements for technical characteristics, develop concept alternatives for the new product. … Evaluate the concept alternatives using the Concept Selection Matrix. … Carry forward the target values for the product requirements or technical characteristics from the Product Planning Matrix.More items…

What are the 4 types of product?

Consumer products are divided into 4 types:Convenience;Shopping;Specialty;Unsought.

Why new product is important?

By manufacturing new products, a firm can meet seasonal requirements of customers in the market. Customers are satisfied due to matching products in each of the seasons, and company can get reasonable business. Creativity and innovation is an efficient way to attain more market share or sales.

What is product and its features?

Product features are characteristics of your product that describe its appearance, components, and capabilities. … Features should be added based on quantifiable ways that they will add value for the product’s end users. Product features should also be prioritized based on how well they achieve business objectives.

What is the meaning of 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.

What are sales concepts?

a business philosophy which aims at the generation of profits through the selling and promotion of products. The sales concept is an extension of a firm’s PRODUCTION ORIENTATION where emphasis is placed on the effective selling of what the firm has chosen to produce.

How do you develop a concept?

StepsStep 1: Develop a Problem Statement. … Step 2: Select the Brainstorm Team. … Step 3: Organize the Brainstorming Session. … Step 4: Provide Background for the Brainstorm. … Step 5: Break the Ice. … Step 6: Individual Idea Generation. … Step 7: Expand Ideas. … Step 8: Select and Refine the Two to Three Best Ideas.More items…

What are the 7 types of product?

Types of Product – Goods, Services, Experiences, Convenience, Shopping, Specialty Goods, Industrial Goods and Consumer Goods. Dealing with things individually is complex and time consuming.

What are the types of new products?

The Six Categories of New ProductsNew-to-the-world Products (really new Products) … New-to-the-firm Products (new Product Lines) … Additions to existing Product Lines. … Improvements and Revisions to existing Products. … Repositionings. … Cost Reductions.