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Practice Reading: Fill in the Blanks (Dropdown)
ID: #49451
Product Concept
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Both historically and currently, many businesses do not follow the marketing concept. For many years, companies such as Texas Instruments and Otis Elevator have followed a product , in which the primary organizational focus is technology and innovation. All parts of these organizations invest heavily in building and showcasing impressive features and product , which are the areas in which these companies prefer to compete. This approach is also known as the product concept. Rather than focusing on a deep understanding of customer needs, these companies assume that a technically or less expensive product will sell itself. While this approach can be very , there is a high risk of losing touch with what customers actually want. This leaves product-oriented companies vulnerable to more customer-oriented competitors.
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