What role does management play in fulfilling the product concept?

Management plays a crucial role in fulfilling the product concept primarily through the development of better versions of existing products. This involves continuously assessing and improving products based on customer feedback, market trends, and technological advancements. By focusing on enhancement, management ensures that the product remains relevant and competitive, meeting the evolving needs and expectations of consumers.

Additionally, product development often includes innovation, which strengthens the brand’s position in the market and can lead to increased customer loyalty. Management's involvement in this process is vital as it requires strategic planning, resource allocation, and coordination among various departments, such as research and development, marketing, and production. This holistic approach to product improvement not only addresses current consumer demands but also anticipates future requirements, thereby sustaining the product's lifecycle and market success.