Product concept in marketing puts more emphasis on the idea that companies can only achieve success by meeting the demands of their customers. Since the beginning, customers have always been the driving force behind every business, and this clearly explains why the concept is an integral part of any marketing plan.
In fact, the success of your business was, is and will always be correlated to what returning and potential customers want. If your business does not know what customers need and want, then it is highly unlikely that you will run a profitable business.
Mastering Product Concept in Marketing
Remember, the main aim of marketing is always a transaction, an exchange intended to satisfy human needs and wants. Usually, needs and wants go hand in hand with consumer purchase decision. The two terms are used interchangeably to refer to the essential commodities relevant to consumer survival and comfort.
For example, if a consumer is hungry, they will buy food. In theory, any food will do because any type can help kill the pangs of hunger. In reality, however, each consumer always has a specific type of food in mind. This is exactly where marketers can step in. Marketers can use information on what customers need and want to steer repeat and potential customers towards products and services that meet their needs and wants.
Buyers always admire well-made products because they give most quality for money spent. As always, regular and potential buyers will appraise products that offer the most quality, innovative and performance features. Therefore, if a business improves quality, performance and features of their product in line with the wants and needs of the consumers, the business will experience increased sales and enjoy huge returns.
Knowing what customers want
Providing products for sale and providing what customers want and desire are two different things. For product concept in marketing, making money out of selling any products to customers is wholly theoretical.
The actual demand for products and services customers need for survival and luxury are reflected on their needs and wants. Of course, for any business to provide quality products and services to the consumers, it must first have an understanding of what exactly are the products that meet the needs and wants of their targeted market.
Once you have a clear understanding on the needs and preference of customers, your business will be able to create and provide products that create a good market without any heavy marketing expenditure.
Understanding and meeting demands
Demand for product is high in the market but if you cannot provide the essential benefit of product to the targeted audience, it is highly unlikely that you will sell. Well, you may sell, but not to the expected mark of a business that aims to take its place in the market. The essential benefit of the product is what gives customers the reason to engage to the product and make a purchase.
The benefits of the product in question should be good enough to give customers a reason to purchase the product from you. Whether you are providing the product for the first time or rebranding an already existing brand, keeping the new benefits of the products, in line with human needs and wants, is quite essential. No one will purchase your product if he or she does not have a reason to.
Your business should be able to describe the core purpose of the product, its uniqueness and guarantee to fulfill the demands of the consumers. You must be able and willing to provide the factual summary of the benefits of the product and in addition, explain how the product differentiates from those provided by your competitors.
Additionally, your product concept in marketing should provide a clear deadline that grabs attention, all the benefits of the product and a description that explains the reason why customers should believe in the product and make a purchase. People will definitely pay attention, develop the interest of becoming engaged to your product and make a purchase in the end.
Quality remains a bigger concern
The main objective for every business is always to attract customers and makes sales. However, before any customer can make a purchase, they check the quality standards of the product to decide whether it is worth buying or not. Under this concept, customers can be easily attracted to the quality of a product if the quality of the product is off good standard.
As usual, customers will always get attracted to a product(s) that meets their preference and is of good quality. Your business therefore should direct its effort to improving the quality of all its current products and future product if it intends to increase sales and profit in addition to fostering a good business-customer rapport.
Customers are always willing to pay, but for the right product
Customers cannot shy away from buying products when they know they need the product most. The product concept emphasizes that customers will only get attracted to product that meets the maximum quality standards.
Should the product you are providing lack quality, standard and better performance, customers will more likely move to the next business with an attempt to look for a similar product to satisfying their wants. This compact comes out clearly in niches like electronic and mobile handsets. It also reflects in common commodities like clothing, foodstuff among other products on high demand.
New and real innovations can boost customers taste and purchase interests
Innovation is an important attribute you should master in product concept. The problem, however, is that most innovative products in the market are marked as experimental instead of being adopted by the target market as a complete usable unit.
Usually, products available for test purposes only have a short shelf life. These products are always taken off the shelf soon after the expiry of the experimental season, at times never to be seen again in the market in a long time.
Innovation for product concept in marketing should not focus entirely on experimental products, you should focus on technology and innovation that deliver rich innovative features for optimum customer satisfaction.