production (noun, pro-duc-tion, \ prəˈdʌkʃən \) concept (noun, con-cept, \ ˈkɑːnsept \)
Definition: is a business philosophy stating that consumers give preference to those products and services that are cheaper and widely available. Companies that subscribe to this philosophy use it as a reason to increase their production rate, and tend to sacrifice the quality of their goods for the sake of lower prices in hopes of increasing the number of sales. Such a concept is especially popular in countries like China and India, where labor is inexpensive and readily available.
In a Sentence:
- The production concept is probably the only thing on the mind of Indian IT companies, as they are ready to take on all the projects in the world. However, the downside of this fact is that the quality they provide is oftentimes subpar or even downright terrible.
- Lloyd’s Metallurgy has become a victim of the production concept. This industry titan is so focused on dominating the market, that the volume of their production has exceeded the demand.
Synonyms and related words: production orientation, business entity concept, marketing concept, production target, selling concept
