Blog 5: Product Concepts

Whenever a company decides that it wants to expand its market or create a new one within the company, homework is involved in order to have a firm grasp on the different demographical and geological traits that will make its product marketable. Coming up with a new product concept takes time and sometimes fails on the first few attempts to place it out in the market. A good example of this are the automotive shows in Detroit, Michigan. Car compnies bring their line of vehicles for the upcoming year and along with that they bring concept cars. Not even prototypes, these machines are their for show. Car companies want to see how well they do in front of the critical automotive crowd. Most ideas never make it past this stage and they get scrapped. Other concepts might not make it but they are used in furthering the design of another car. The lucky ones make it, and after a few cosmetic and small minor adjustments the car makes it out onto the production line. Most products take years of testing and perfecting before they see the general public. Another good example of this are pharmaceutical drugs. They go through numerous studies and test before they can enter the local drug store. First the company has to research an illness and find out what causes it. Next they have to figure out what will elements will be needed in order to provide a cure or slow the ailment down. After that they go through testing the product in labs and making sure that the drug is suitable for human consumption. Doing all this they must make sure they have a large enough market for this drug in order to make a profit. If their is no market for that particular drug, the idea will be kept in a file possibly for future use. Even after the Food and Drug Administration approve of the drug, it may take years to see the side effects taking the drug may cause. Product concept does not stop when the product hits the market, it is an ongoing process that is perfected over time.