Closing the loop between design and market for new product idea screening decisions

S. L. Chan, W. H. Ip, Chun Kit Kwong

Research output: Journal article publicationJournal articleAcademic researchpeer-review

8 Citations (Scopus)

Abstract

We propose a new closed loop approach for product idea screening. The idea success rate, idea performance evaluation, and customer lifetime value (CLV) are integrated. The CLV calculated can be regarded as the final evaluation index used to support idea screening decisions. Project with a larger CLV is preferable for further development. This enables greater market value and profits over the long term after product launch.
Original languageEnglish
Pages (from-to)7729-7737
Number of pages9
JournalExpert Systems with Applications
Volume38
Issue number6
DOIs
Publication statusPublished - 1 Jun 2011

Keywords

  • Customer lifetime value
  • Decision support
  • Markov analysis
  • New product development

ASJC Scopus subject areas

  • Engineering(all)
  • Computer Science Applications
  • Artificial Intelligence

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