Product concept is the understanding of the dynamics of the product in order to showcase the best qualities and maximum features of the product. Marketers spend a lot of time and research in order to target their attended audience. Marketers will look into a product concept before marketing a product towards their customers.
While the "product concept" is based upon the idea that customers prefer products that have the most quality, performance, and features, some customers prefer a product that is simpler and easier to use.
References
Product concept Wikipedia(Text) CC BY-SA