Product Concept is said to be an ideology that a
product(s) with better quality, features and performance would be most
successful in the market; it believes that the product would sell itself.
However, companies that focus more or rely on 'product concept' ideology
sometimes overlook what customers/consumers might really need. These types of
companies are often referred to as "Market myopia" simply because
they focus more on goods and services, rather than focusing on customer's needs
and benefits.
Duane Reade is a chain-store, popularly known to be
a drug store. It will be very unrealistic to say or determine whether it use
product concept to gain competitive advantage. Instead, Duane Reade uses 'market
concept', which is the key success used to achieving its organizational goals and
competitive advantage i.e. by creating, offering, delivering and communicating
'customer value to its targeted customers. Duane Reade use this marketing philosophy, to
target both existing and customers, Satisfy customer needs and also to integrate
both marketing and profitability. As part of its creativity,
offerings, and delivering process, Duane Reade offers various product assortments,
even beyond what it's originally known for (drug store). Just recently, Duane
Reade introduced an innovative concept 'Up Market' to add to its production
mix. At 100 Broadway, Duane Reade added an "Up market Chop Salad Bar
store" within its store to create a distinctive look. "The salad bar
is designed for customers with limited lunch breaks to quickly customize their
own salads in a grab-and-go manner".
With the help of the
'marketing concept' embarked, established, properly executed, Duane Reade
has continually bring good customer value to the environment where it operates.
According to a statement made by one of its partners “Duane Reade continues to
bring value to New York City shoppers, providing everything from pharmacy to
fresh food needs,” Todd Maute, Partner,
CBX.
