Product Concept Validation Tests

Question: Discuss about the Product Concept Validation Tests. Answer: Introduction: This report will focus on product concept. Product concept in marketing refers to the operations of organization where the focus of the company is in offering quality, performance or innovative features to the consumers. Organizations that aim at developing new product usually applies product concept in its marketing strategies. Product concept also helps in receiving feedback from the consumers for the implementation of plan (Hanson 2012). The automobile industry is aiming in development of more hybrid cars that are eco friendly and sustainable. Ferrari released its new car model named Ferrari 599 at the Geneva Motor show with the adoption of product concept. The concept of product is be9ng allied by the automobile industries so that they are able to develop new products that is eco friendly in next five years. Ford motor company and McDonalds are the two production oriented companies that focuses on providing high quality and innovative products to its customers. Both the companies focus on their own internal efficiency and quality of the products. The strategies of the organization using product concept concentrates on the product development and not sales. The products are developed in such a way so that it is superior to the competitors so that it is able to achieve competitive advantage. The profit of the company is made by concentrating on selling its product (Homburg et al. 2015). References Hanson, J., 2012. Product Concept Validation Tests.Product Innovation Toolbox: A Field Guide to Consumer Understanding and Research, pp.317-324. Homburg, C., Jozi?, D. and Kuehnl, C., 2015. Customer experience management: toward implementing an evolving marketing concept.Journal of the Academy of Marketing Science, pp.1-25.