product (noun, prod-uct, \ ˈprɑːdʌkt \) concept (noun, con-cept, \ ˈkɑːnsept \)
Definition: is a philosophical belief found in the marketing industry that a properly designed, innovative, and useful product has the capability to create its own market and doesn’t demand a substantial amount of marketing expenditures to find its audience. Companies that share this belief tend to dedicate their time and efforts to adding new features or otherwise improving their products and relying on their reputation and word-of-mouth power instead of spending their budget on expensive marketing campaigns.
In a Sentence:
- We’ve always subscribed to the product concept belief, allocating almost no money to the marketing department.
- As a part of adopting our business model to the product concept approach, we trusted our loyal customers to spread the word about our new device.
- The manager of CycloCross has always believed in the product concept, so their goal was to design and create a bicycle that would stand out from the competition.
Synonyms and related words: marketing, product management, selling concept, marketing concept, product launch
