USING CROWDSOURCING TO INCREASE NEW PRODUCT’S MARKET VALUE AND POSITIVE COMMENTS FOR BOTH THE CROWD INVOLVED AND CUSTOMERS

2018 ◽  
Vol 22 (02) ◽  
pp. 1850033
Author(s):  
NADINE ESCOFFIER ◽  
NADINE TOURNOIS ◽  
BILL MCKELVEY
Keyword(s):  
New Product Development ◽  
Idea Generation ◽  
Market Value ◽  
New Product ◽  
Online Reviews ◽  
Product Development Process ◽  
Crowd Wisdom ◽  
Before And After ◽  
Potential Customers ◽  
Product Idea

More and more consumers base their buying decision process on online reviews. Not surprisingly, researches show that online reviews have an actual impact on revenues. As a result, a new product can disappear even before it makes it to the market. How to make sure that the new product will get positive online reviews before it goes to market? By evaluating the market value of a new product before and after Crowdsourcing, we offer the proof-of-concept that crowd-wisdom pertaining to new-product idea generation improves its market value significantly, both in term of ratings and comments after just one integration of the crowd into the new product development process. The improvement took place before a large investment was done. More surprisingly, this market value after Crowdsourcing is the same for the Crowd involved in the Crowdsourcing process than for the potential customers of the new product created by using this process.

Harmful Effects of Mental Imagery and Customer Orientation During New Product Screening

2019 ◽  
Vol 56 (4) ◽  
pp. 637-651
Author(s):  
Eric D. DeRosia ◽  
Ryan S. Elder
Keyword(s):  
New Product Development ◽  
Mental Imagery ◽  
Customer Orientation ◽  
New Product ◽  
Product Development Process ◽  
Unrealistic Optimism ◽  
Analytical Technique ◽  
Cognitive Simulation ◽  
Process Managers ◽  
Product Idea

One of the traditional tenets of marketing is that managers considering whether to develop and launch a new product should adopt a customer orientation and consider whether the product would satisfy the needs of customers. This research discovers that adopting a customer orientation causes managers to experience undesirable cognitive effects. The authors find that when considering customers’ needs during the screening phase of the new product development process, managers often voluntarily engage in mental imagery (i.e., cognitive simulation) that biases their evaluation of a new product idea toward unrealistic optimism—even for a flawed product that would not satisfy customer needs. Furthermore, the authors find that managers who exert greater vigilance to achieve more accurate evaluations of the new product idea are especially vulnerable to the biasing effect, leading to less accurate evaluations. The authors test an analytical technique (i.e., a theory-based approach to analyzing the new product) that successfully allows a manager to adopt a customer orientation without an attendant bias toward optimism.

Reliability and Accuracy of Bootstrap and Monte Carlo Methods for Demand Distribution Modeling

2011 ◽  
Author(s):  
Swithin S. Razu ◽  
Shun Takai
Keyword(s):  
Monte Carlo ◽  
Product Development ◽  
Conjoint Analysis ◽  
New Product Development ◽  
Demand Uncertainty ◽  
New Product ◽  
Product Development Process ◽  
Choice Data ◽  
Product Concept ◽  
Demand Distribution

Estimation of demand is one of the most important tasks in new product development. How customers come to appreciate and decide to purchase a new product impacts demand and hence profit of the product. Unfortunately, when designers select a new product concept early in the product development process, the future demand of the new product is not known. Conjoint analysis is a statistical method that has been used to estimate a demand of a new product concept from customer survey data. Although conjoint analysis has been increasingly incorporated in design engineering as a method to estimate a demand of a new product design, it has not been fully employed to model demand uncertainty. This paper demonstrates and compares two approaches that use conjoint analysis data to model demand uncertainty: bootstrap of respondent choice data and Monte Carlo simulation of utility estimation errors. Reliability of demand distribution and accuracy of demand estimation are compared for the two approaches in an illustrative example.

scholarly journals ANALYSIS OF GRASSROOTS INNOVATION PRACTICE TOWARDS SUSTAINABLE DEVELOPMENT IN MALAYSIA

2021 ◽  
Vol 4 (1) ◽  
pp. 1-13
Author(s):  
Fandi Ahmad Shah Amir Syah ◽  
Khairul Aidil Azlin Abd Rahman ◽  
Mohamad Fakri Zaky Ja’afar ◽  
Mohd Yazid Mohd Yunos
Keyword(s):  
Sustainable Development ◽  
New Product Development ◽  
Development Process ◽  
New Product ◽  
Product Development Process ◽  
Mutual Understanding ◽  
Bottom Of The Pyramid ◽  
Multiple Resources ◽  
Grassroots Innovation ◽  
Grassroots Innovations

Grassroots innovation is an activity that uses multiple resources or indigenous technology to create an innovation more creatively. The innovations are often utilised to improvise the community and environment. The invented product or process is created at the bottom of the pyramid due to necessities, difficulties, and challenges. Malaysia thrives to become a high income developed nation through several initiatives, such as lifelong learning and innovation. Malaysians are encouraged to undertake education programmes to enhance knowledge and skills. These grassroots activities need to be discovered as they affect income and social values. The local grassroots innovators have difficulty commercialising the innovations due to a lack of skills, knowledge, and technology. This study aimed to identify the grassroots innovations, the process in developing innovation, and complement the innovation towards commercialisation. Local innovators adapt to the new product development process as a mutual understanding and for grassroots sustainable development.

Sign in / Sign up

Export Citation Format

Share Document