Products Concept
A product idea, also known as a concept statement, is a description or vision of a product or service that is often created early in the product lifecycle.
Product ideas are developed long before any design or engineering work is done, taking into consideration market study, customer experience, product features, product-market fit, cost, and other factors to help bring the concepts to life.
The product idea statement is the last component of the product concept. It expresses the product strategy, vision, and purpose, as well as how it will add value to consumers and the business.
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