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

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

doi:10.1016/j.eswa.2010.12.136

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 publication › Journal article › Academic research › peer-review

9 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 language	English
Pages (from-to)	7729-7737
Number of pages	9
Journal	Expert Systems with Applications
Volume	38
Issue number	6
DOIs	https://doi.org/10.1016/j.eswa.2010.12.136
Publication status	Published - 1 Jun 2011

Keywords

Customer lifetime value
Decision support
Markov analysis
New product development

ASJC Scopus subject areas

General Engineering
Computer Science Applications
Artificial Intelligence

More information

10.1016/j.eswa.2010.12.136

Cite this

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KW - Markov analysis

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

Abstract

Keywords

ASJC Scopus subject areas

More information

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