Product concept generation and evaluation are critical for the success of new product developments (NPD) because managers need to select the most profitable product concepts. However, current approaches can be restricted to single products and do not cover product families' effects. Similarly, they do not necessarily capture all requirements and usually lack extensive cost analyses. Thus, this paper proposes a framework supporting product concept generation and evaluation by providing an accessible conceptualization to overcome the limitations. Using the so-called Extended Axiomatic Design (EAD) supports designers and managers to configure the requirements across product concepts' various domains while concurrently evaluating their economic consequences. The study applies the framework on a simplified case of a bottle manufacturer to conceptualize four product concepts. The case illustrates how the EAD can be used as a virtual testbed to generate and evaluate new product concepts. Finally, designers and managers can make more informed decisions about product concepts by considering their economic and engineering selection criteria to select the most profitable NPD project configuration.