What is Concept Development?
Concept development definition: concept development is an early feedback gathering phase used in the creation of products, services, and strategies.
In the concept development phase, marketers are looking for feedback about early prototypes or concepts from:
- Consumers
- Internal stakeholders
- External stakeholders
This helps them to understand, inform and shape the rest of the process.
For example:
KitKat wants to add a new flavor to their offering.
They would be looking to answer these questions in the concept development phase:
- Is there interest in the new flavor?
- If so, how much?
- How likely would they be to choose this flavor over existing flavors?
- Would they prefer a strong or subtle taste?
- How much would they pay for the new flavor?
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