The important thing is to focus on the advantages that your product is the offering and convert them into benefits so that customers can understand it. According to Henry Sims, “Self-control refers to those behaviours that an individual deliberately undertakes to achieve self … Competition Analysis | Concept Development, 5. The Feedback of first users is what will improve the product and change the product to enhance the acceptability in the market. For example, there is a perception that Apple makes the most innovative products and devices in the market. There are a few elements in this definition (adapted from Cummings & Worley, 2009) that stand out. If the product is to be launched globally, then having people from different countries as a test audience is a good idea. Critical and science-based process. It is essential to get a proper understanding of the different types of customers if they are being targeted. The product should be made in such a way that it fits all customer profiles and if that is not possible, then the product should be developed in such a way that it can be customised to suit the needs of all customers with minimum modifications. It draws the relational inference between your potential business, the industry, and your targeted market and customers. The entire purpose of developing the product is to answer the question of why a customer would buy this product over the competitor products. Which section of customers can be targeted, who will buy this, etc. The development of concept should be in synchronization with the marketing objectives as when is the vision and mission of the organization. Your email address will not be published. To enable management development, managers at all levels apply the concept of self- development (or self-control or self-management) to frame and achieve the goals efficiently. Concepts are developed to chose a direction at the beginning of an initiative. One need to find out the best one which can strike customers’ mind. 1. Equally, those who want to develop themselves in some way, but … Next is to identify the areas of opportunities that are present in the market. The success of the subsequent development of a system or capability can critically depend on the soundness of the foundation that is laid during the concept development stage. The difference is only in the model of the phone. Wireframing is essential for app development and digital products. Concept development takes place early in the systems engineering life cycle. A business concept for a high speed rail project that is developed as an early stage idea for an infrastructure development program. Product concept should not be confused with the product image. A good example is Subway. The next thing is to visualize your concept as a complete business model and display it to the team or the potential customers. It is essential to consider only the local competition and not global competition when the product is going to be launched locally. There could be changes in the product which are required to be made purely based on the customer profile. This article has been researched & authored by the Business Concepts Team. In other words, the process by which countries with low living standards become nations with high living standards. It is a process to ensure how you want the customers to perceive your product or service in the market. This is why focusing on benefits is more important than promoting advantages. What is Concept Development? In the early stages of your business’s development, you’ll hear from plenty of experts and prognosticators who will emphasize the need to create a sound, air-tight business plan. Going ahead in concept development the next step is to understand your competition. Having an excellent concept is a different thing and breaking it down in achievable steps to generate business, in reality, is a different thing entirely. Although it gained initial hype for being the cheapest but it couldn’t convert into as much sales probably because of being ‘The cheapest car’ in Indian market where cars are also seen as a part of status symbol. Commercialisation - Definition, Stages, Improvements, What is Product Development? The whole purpose of concept development is to provide a convincing answer to the question – Why should I buy this? Sustainable development is the organizing principle for man development]] goals while simultaneously sustaining the ability of natural systems to provide the natural resources and ecosystem services on which the economy and society depend. Selling concept, selling concept, product development the benefits of the product to. 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