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A product concept is a description of a product or service, at an early stage in the product lifecycle. [1] It is generated before any detailed design work is undertaken and takes into consideration market analysis, customer experience, product features, product cost, strategic fit, and product architecture.
A free sample or "freebie" or "trial packs" is a portion of food or other product (for example beauty products) given to consumers in shopping malls, supermarkets, retail stores, or through other channels (such as via the Internet). [2] Sometimes samples of non-perishable items are included in direct marketing mailings.
Market research is one stage of product planning and is regarded as the way to accomplish the activity though designing questions, preparing the samples, collecting data and analysing them. It provides significant insight into customers wants, needs, buying habits and behaviours and is a key tool used in the product planning process. [ 6 ]
The product design process, as expressed by Koberg and Bagnell, typically involves three main aspects: [5] Analysis; Concept; Synthesis; Depending on the kind of product being designed, the latter two sections are most often revisited (e.g. depending on how often the design needs revision, to improve it or to better fit the criteria).
Concept testing (to be distinguished from pre-test markets and test markets which may be used at a later stage of product development research) [1] is the process of using surveys (and sometimes qualitative methods) to evaluate consumer acceptance of a new product idea prior to the introduction of a product to the market. [2]
A prototype is an early sample, model, or release of a product built to test a concept or process. [1] It is a term used in a variety of contexts, including semantics, design, electronics, and software programming. A prototype is generally used to evaluate a new design to enhance precision by system analysts and users.
An example of a correlation between items within car manufacturing can be indicated as follows. The engine is connected to the body with several screws. Thus, these two items must be linked by the concept of a relationship. Figure 5: product structure
BCG's founder Bruce D. Henderson popularized the concept in an essay titled "The Product Portfolio" in BCG's publication Perspectives in 1970. [5] The matrix helps a company to allocate resources and is used as an analytical tool in brand marketing, product management, strategic management, and portfolio analysis.