Usefulness of the concept is an allied dimension.
Usefulness of the concept is an allied dimension. Do the targeted consumers perceive the concept as useful? If not, there is little likelihood that the product will succeed in its present form. A key concern here is that if it is not perceived as being useful, can it be made to be more useful?
Importance of the concept is another related dimension. Do consumers see the concept as being important to them? A low score on this dimension may not doom the concept buy may indicate the need for promotional buttressing of the fully developed product on this dimension.
Extent to which the concept is practical may provide important insight into further development. The concept should be practical, and the extent to which it is not may be indicative of the impediments consumers perceive in attempting to use it. For example, in a study of potential enhancements for a package account, consumers consistently felt that a number of the enhancements would be useful and that they liked them, but they did not feel that their use was practical. Further probing revealed that they were concerned about all the work they would have to do to take advantage of the enhancements. In this sense the enhancements were not practical.
Extent to which the concept solves a problem is perhaps one of the most important dimensions on this factor. Products should be seen by bank management as bundles of benefits which consumers use for making their lives easier. A salient aspect of this dimension is, Can the product solve a banking problem that I as a consumer have? If it does and it is clearly demonstrable that it does, consumer reaction is likely to be much stronger toward the concept.
A credibility factor might include consumer perceptions concerning the believability of the concept, that is how realistic they believe it to be.
Believability of the concept measures consumer reactions as to whether they feel that the proposed product will do what it is supposed to do. Obviously, if targeted consumers believe that the concept promises more than it can deliver, their reaction is likely to be negative.
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