concept

concept con‧cept [ˈkɒnsept ǁ ˈkɑːn-] noun

1. [countable] MARKETING an idea for a product:

• the management of an R&D process, from an original concept through to marketing, manufacture and end-use

ˈmarketing ˌconcept [countable] MARKETING

an idea for a product, or related to a product, especially a new one:

• The neighborhood factor was also an important marketing concept in trying to attract residents to move to Pittsburgh.

ˈsales ˌconcept [countable] MARKETING

an idea for a way to sell a product or products:

• With each new product, special attention is given to the sales concept.

2. [countable] a rule or idea saying how something should be done

3. the marketing concept ECONOMICS an economic idea stating that companies should make products which customers say they want, rather than products customers have to be persuaded to buy

4. the product concept ECONOMICS an economic idea stating that companies should continuously try to improve their products because customers prefer to buy products with the best quality, features, and performance

5. the production concept ECONOMICS an economic idea stating that companies should continuously try to manufacture and deliver their products without wasting time, money, or energy because customers want goods that are low in price and easy to obtain:

• The main objective of firms adhering to the production concept is to minimize costs, yet still maintain product quality.

6. the selling concept also the sales concept ECONOMICS an economic idea stating that companies should try to sell the products they already have, rather than develop new products — see also consistency concept, realization concept

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concept UK US /ˈkɒnsept/ noun [C]

► MARKETING an idea for a new product or a way to sell a product: »

The finished product was very different from the original concept.

► an idea, theory, etc. about a particular subject: »

This course will acquaint you with the basic concepts of management

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Product differentiation is an important concept in marketing.

→ See also BUSINESS ENTITY CONCEPT(Cf. ↑business entity concept), CONSISTENCY CONCEPT(Cf. ↑consistency concept), HIGH-CONCEPT(Cf. ↑high-concept), THE MARKETING CONCEPT(Cf. ↑the marketing concept), PRODUCT CONCEPT(Cf. ↑product concept), THE PRODUCTION CONCEPT(Cf. ↑the production concept), SALES CONCEPT(Cf. ↑sales concept), SELLING CONCEPT(Cf. ↑selling concept)