Google defines concept as: noun an abstract idea; a general notion
Solid concepts work but over time they change, in time every concept changes and adapts to the environment. They are influenced by technology, modernization, economics, youth movements and competition. Change is tough and for a business, sometimes it is easier to change the people than it is to change the product.
The first thing I do when I evaluate a company is look at the market. How is the overall strength of the industry, what has changed? Every market is not the same and every year is different. Did Apple just come out with a new iPhone, has McDonald’s added something new to the menu OMG I think Marvel just invented a new superhero.
Companies big and small move the needle by trying new products, better concepts and are reactive to the shifts in the market. Change is hard; it causes companies and even people to reinvent themselves. Major corporations have the resources, mom and pop businesses have flexibility.
As the world changes – what concepts are next?