What is Product Concept?

Legal Definition
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.
-- Wikipedia
Legal Definition
A belief that a relatively good product does not require a lot of marketing spending as it can create its own market.