scholarly journals A Novel Approach Based on Kano Model, Interval 2-Tuple Linguistic Representation Model, and Prospect Theory for Apperceiving Key Customer Requirements

2018 ◽  
Vol 2018 ◽  
pp. 1-23
Author(s):  
Aijun Liu ◽  
Qiuyun Zhu ◽  
Haiyang Liu ◽  
Hui Lu ◽  
Sang-Bing Tsai
Keyword(s):  
Prospect Theory ◽  
Product Innovation ◽  
Customer Requirements ◽  
Kano Model ◽  
Linguistic Representation ◽  
Numerical Example ◽  
Representation Model ◽  
Novel Approach ◽  
Product Function ◽  
Key Customer

The precisely perception of key customer requirements (CRs) is critically important for customer collaborative product innovation (CCPI) design. A novel approach is proposed based on the Kano model, interval 2-tuple linguistic representation model, and prospect theory. First of all, a Kano model is constructed to preliminarily screen the relatively important product function attributes. For the uncertain and vague information of CRs, an interval 2-tuple linguistic representation model is proposed to determine the weight of CRs. Then, the comprehensive prospects value is utilized for sorting the innovative programs based on the prospect theory. Finally, a numerical example is given to verify the scientific and validity of the proposed method.

Identification of key customer requirements based on online reviews

2020 ◽  
Vol 39 (3) ◽  
pp. 3957-3970
Author(s):  
Nailiang Li ◽  
Xiao Jin ◽  
Yupeng Li
Keyword(s):  
Customer Satisfaction ◽  
Clustering Algorithm ◽  
Latent Dirichlet Allocation ◽  
Online Reviews ◽  
Customer Requirements ◽  
Kano Model ◽  
Engineering Characteristics ◽  
Quantitative Calculation ◽  
Product Engineering ◽  
Key Customer

Customer requirements are the essential driving force for successful product development. They can be grouped into several categories, including basic requirements, indifferent requirements, reverse requirements, expected requirements, and attractive requirements. Among these, the latter two are crucial for improving customer satisfaction and can be classified as key requirements. However, the literature on identifying key requirements suffers from issues related to subjective interference and the lack of a specific quantitative calculation process. Thus, this study proposes a model for identifying critical customer requirements. First, use Python to run the web crawler for extracting online customer reviews. Second, extract product engineering characteristics using the relevant text mining technology and latent Dirichlet allocation topic clustering algorithm. Third, we combine sentiment analysis and other factors that influence customer satisfaction with the product engineering characteristics to conduct the conjoint analysis and calculate utility values for the product engineering characteristics. Finally, integrate Kano model to formulate the requirements hierarchy rules, determine the final key requirements index, and identify the key customer requirements. And a case study implemented the key customer requirements identification problem for a smartphone to demonstrate the feasibility and effectiveness of the proposed methodology.

scholarly journals Evaluate the priority of product design factors in the process of complex product innovation

2021 ◽  
Author(s):  
Yinyun Yu ◽  
Congdong Li
Keyword(s):  
Prospect Theory ◽  
Product Innovation ◽  
Product Life Cycle ◽  
Deep Level ◽  
Continuous Production ◽  
Correlation Method ◽  
Customer Demand ◽  
Wide Range ◽  
Design Factors ◽  
Customer Demands

AbstractWhether the design of product innovation can highly match the customer demand is the key to extend the product life cycle, and it is also the basis for enterprises to carry out continuous production and operation. The first step of product innovation is to identify the relationship between customer demands and design factors of product innovation. This paper focuses on the problems of market control, due to the wide range and deep level of knowledge from customer demands in the process of product innovation. To better meet the customer demands, combined with Entropy Theorem, Prospect Theory and Grey Correlation Method, this paper puts forward a method of importance of design factors of product innovation considering customer demands. First, the Entropy Theorem and Prospect Theory are introduced to calculate the importance of demand factors from the perspective of customers and experts. Second, the priority ranking of design factors of product innovation from the perspective of customer demand is calculated through Gray Correlation Method and Fuzzy TOPSIS. Finally, this method is availability and feasibility thought taking the continuous innovation of electric vehicle as an example.

scholarly journals A Multicriteria Decision-Making Approach Based on Fuzzy AHP with Intuitionistic 2-Tuple Linguistic Sets

2018 ◽  
Vol 2018 ◽  
pp. 1-12 ◽  
Author(s):  
Shahzad Faizi ◽  
Tabasam Rashid ◽  
Sohail Zafar
Keyword(s):  
Decision Making ◽  
Fuzzy Ahp ◽  
Preference Relation ◽  
Multicriteria Decision Making ◽  
Transformation Mechanism ◽  
Analytic Hierarchy ◽  
Multicriteria Decision ◽  
Linguistic Representation ◽  
Representation Model ◽  
Linguistic Preference Relation

In the modern literature related to linguistic decision-making, the 2-tuple linguistic representation model and its useful applications in various fields have been extensively studied and used during the last decade. Recently, some useful multicriteria decision-making (MCDM) methods have been introduced based on fuzzy analytic hierarchy process (AHP) for 2-tuple linguistic representation model. By keeping in mind the importance of this linguistic model, in this paper, we introduce a fuzzy AHP methodology for intuitionistic 2-tuple linguistic sets (I2TLSs) which is a useful extension of the 2-tuple linguistic representation model. This study is comprised of four stages. In the first stage, we define some operational laws for I2TL elements (I2TLEs) and prove some related important properties. In the second stage, intuitionistic 2-tuple linguistic preference relation (I2TLPR) and multiplicative I2TLPR are defined using I2TLSs. In the 3rd stage, a transformation mechanism is introduced which can transform an I2TLPR to a corresponding intuitionistic preference relation (IPR) and vice versa. In the fourth stage, an approach is proposed for checking the consistency of an I2TLPR and presented a method to repair the inconsistent one by using the proposed transformation mechanism. Finally, a numerical example is given and comparative analysis is carried out with the TOPSIS method to verify the validity of the proposed method.

Relative measures in service research

2015 ◽  
Vol 29 (6/7) ◽  
pp. 448-452 ◽  
Author(s):  
Lerzan Aksoy ◽  
Jens Hogreve ◽  
Bart Lariviere ◽  
Andrea Ordanini ◽  
Chiara Orsingher
Keyword(s):  
Theory And Practice ◽  
Service Research ◽  
Brand Preference ◽  
Firm Resources ◽  
Content Type ◽  
Customer Perceptions ◽  
Relative Metrics ◽  
Novel Approach ◽  
Measurement Practices ◽  
Key Customer

Purpose – The purpose of this paper is to introduce an alternative novel approach to measurement of customer perceptions of the service experience that links closely with customer loyalty outcomes. Design/methodology/approach – This conceptual paper draws upon prior theory and empirical research to investigate the relevance of using relative metrics compared to absolute metrics in service research. Findings – The findings upon which this paper draws upon show that measuring customer satisfaction, likelihood to recommend, brand preference using absolute metrics explain a very small per cent of the variance in key customer outcome measures such as share of wallet. Instead, a relative approach to these and other measures in service research is proposed. Practical implications – Although business practice has embraced relative measurement much more extensively than has scientific research, the vast majority of customer experience measurement programs today continue to employ absolute measures resulting in suboptimal allocation of firm resources. This paper is a call to rethink these current measurement practices. Originality/value – It is one of the first papers to argue for changing the widely employed use of absolute metrics in theory and practice in favor of relative metrics. Application to other service research theories is discussed.

Humans, Econs and Portfolio Choice

2016 ◽  
Vol 07 (02) ◽  
pp. 1750001 ◽  
Author(s):  
Michael J. Best ◽  
Robert R. Grauer
Keyword(s):  
Prospect Theory ◽  
Portfolio Choice ◽  
Loss Aversion ◽  
Asset Allocation ◽  
Power Utility ◽  
Numerical Example ◽  
Portfolio Choices ◽  
Out Of Sample ◽  
Finance Theory ◽  
Mean Variance

We compare the portfolio choices of Humans — prospect theory investors — to the portfolio choices of Econs — power utility and mean-variance (MV) investors. In a numerical example, prospect theory portfolios are decidedly unreasonable. In an in-sample asset allocation setting, the prospect theory results are consistent with myopic loss aversion. However, the portfolios are extremely unstable. The power utility and MV results are consistent with traditional finance theory, where the portfolios are stable across decision horizons. In an out-of-sample asset allocation setting, the power utility and portfolios outperform the prospect theory portfolios. Nonetheless the prospect theory portfolios with loss aversion coefficients of 2.25 and 2 perform well.

Sign in / Sign up

Export Citation Format

Share Document