What Is The Product Concept?

The Product Concept in marketing refers to the ideology that a product would be the most successful in the market if the main focus is put on the product quality and specifications itself. It goes against the Marketing Concept that puts focus on consumer insight more than on anything else. The Product Concept simply believes that the product would sell itself, and it is especially applicable to technological breakthroughs.

A product in business concept can be a tangible good or intangible service which may satisfy a need or desire of a person. There are various names which can be used in alternate to product like in retailing products are known as merchandises. Consumers usually name them as commodities. Manufacturing companies make these products and they are made by converting raw material into finished goods. In the 16th century, a newly produced item was referred as "product". In 17th century, the name "product" was given to "things produced". Adam Smith first gave the concept of products in the economy.