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Explain the concept of Product ?
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Explain the concept of Product ? Related: Price & Output Determinatio...
The product concept proposes that consumers will prefer products that have better quality, performance and features as opposed to a normal product. The concept is truly applicable in some niches such as electronics and mobile handsets.
Two companies which stand apart from the crowd when we talk about the product concept are Apple and google. Both of these companies have strived hard on their products and deliver us feature rich, innovative and diverse application products and people just love these brands.
One problem which has been associated with the product concept is that it might also lead to marketing myopia. Thus companies need to take innovations and features seriously and provide only those which the customer needs. The customer needs should be given priority.
In the past several of Microsofts product have been brought under the hammer with people feeling more and more disgruntled with the operating systems because of lack of innovation and new features. Each microsoft operating system appears almost similar with just few tweaks.
On the other hand, innovating too soon becomes a problem. Several innovative products are marked as experimental in the market instead of being adopted as a result of which these products have less shelf life and might have to be taken off the market.
Thus companies following the product concept need to concentrate on their technology such that they provide with excellent feature rich and innovative products for optimum customer satisfaction.
This question is part of UPSC exam. View all B Com courses
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Explain the concept of Product ? Related: Price & Output Determination under Perfect Competition - Product Pricing, Business Economics & Finan
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Explain the concept of Product ? Related: Price & Output Determination under Perfect Competition - Product Pricing, Business Economics & Finan for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Explain the concept of Product ? Related: Price & Output Determination under Perfect Competition - Product Pricing, Business Economics & Finan covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Explain the concept of Product ? Related: Price & Output Determination under Perfect Competition - Product Pricing, Business Economics & Finan.
Explain the concept of Product ? Related: Price & Output Determination under Perfect Competition - Product Pricing, Business Economics & Finan for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Explain the concept of Product ? Related: Price & Output Determination under Perfect Competition - Product Pricing, Business Economics & Finan covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Explain the concept of Product ? Related: Price & Output Determination under Perfect Competition - Product Pricing, Business Economics & Finan.
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