A Normative Methodology for Modeling Consumer Response to Innovation.
MASSACHUSETTS INST OF TECH CAMBRIDGE OPERATIONS RESEARCH CENTER
Pagination or Media Count:
After emphasizing the role of consumers in the success and failure of products and services, a methodology is proposed to improve the effectiveness of the creative design and strategic implementation of innovative new products and services. This methodology integrates knowledge in the fields of psychometrics, utility theory and stochastic choice modeling. The methodology consists of a consumer response and a managerial design process. The design process is one of idea generation, evaluation, and refinement while the consumer response is based on consumer measurement, models of the individual choice process, and aggregation of predictions of individual choices.
- Economics and Cost Analysis