Product Concepts and Mission Statements

February 3, 2005 - by Robert E. Stevens, GENESIS II (The Second Beginning) E-Mail: views@aol.com

Over the holidays, Howard Moskowitz and I spent a fair amount of time discussing consumer research. One of the problems we discussed dealt with convincing corporate management that concept research is a valuable business tool. We agreed that many in corporate management do not understand the value of the early development of a good product concept and how it can be both a money and time saving tool.

On the other hand, most in management will tell you that a Corporate Mission Statement is a crucial element in the strategic planning of a business organization. They say creating a Mission Statement is one of the first actions any organization should take. This can be a building block for an overall corporate strategy. The same group of people, however, do not see the relationship of a product concept with a corporate mission statement.

Both are communication tools as well as business documents outlining the corporation positioning. Consider the elements of both the concept and the mission statement.

Product Concept: Mission Statement:

        What it is.                                                                                Who it is.
            (Brand/Product Category)                                                     (Company)

        Reason for being                                                                     Reason for being
            (Consumer need being satisfied)                                               (Statement of Purpose of the company)

        Promise                                                                                   Business Goals

Product Description Core Values/Priorities
(Key Product Elements)

Reason to Believe

The basic components of the two documents almost line up perfectly. The documents provide blueprints for the product and company. Would any corporate manager attempt to set up a business without first articulating the essentials of the business, namely, its nature, values, and its work? Why then would we be expected to develop a product without the same degree of planning?

With a good concept development program, a company can evaluate the market potential of different versions of the product before ever investing in the creation of product prototypes. The concept later becomes the guiding tool in the creation of the prototypes and still later in the development of the marketing program.

Sponsor: Sorensen Associates Inc Portland, OR: 800.542.0123 Minneapolis, MN: 888.616.0123
the in-store research company^™ -- Dedicated to the relentless pursuit of WHY?

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