What is a concept review?
A concept review is a high-level evaluation of different or competing concepts, where there is already some sense of how they could be implemented. It is typically attended by product managers (PMs) together with a product's stakeholders and the objective is to identify those concepts that should be greenlighted for further investment and be built.
To decide which concepts to fully realize, concept reviews are steered by an organization's strategic goals and the potential customer value generated. It is an opportunity for PMs to test ideas, get buy-in and build confidence with stakeholders for a new product or feature concept. Thereby helping them to prioritize the right product or feature to develop, which is a fundamental part of a product manager's role.
It is common for product managers that present a concept during concept review to do so with a draft products requirements document (PRD).
Concept review is related to the Prioritization step of the product management process.