Marketing Management 3(2+1)

Lesson 05 : The Marketing concepts

The Product Concept

• The product concept is different from the production concept. Producing products had no promise for success in market.
• The products succeed in the markets via product excellence, improved products, new products and ideally designed and engineered products.
• The success of the product is based on product attributes and its quality assurance.
• The company aims at making a continuous effort in improving the product and bringing new innovations in the product.
• The manufacturers will not consider the customer preferences during the product design in this concept, which leads to marketing myopia.
• ‘Marketing myopia’ is defined as a coloured or crooked perception of marketing and a short-sightedness about business.