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- Title
Strategic management of new products: Ex-ante simulation and market segmentation.
- Authors
Jae Young Choi; Jungwoo Shin; Jongsu Lee
- Abstract
Among various methodologies for demand forecasting of new products, the random-coefficient discrete-choice model using stated preference data is considered to be effective because it reflects heterogeneity in consumer preference and enables the design of experiments in the absence of revealed preference data. Based on estimates drawn from consumer preference data by structural hierarchical Bayesian logit models, this study develops the overall, strategic, demand-side management for new products by combining market share simulation and a rigorous clustering methodology, the Gaussian mixture model. It then applies the process to the empirical case of electronic payment instruments.
- Subjects
NEW product development management; MARKET segmentation; MATHEMATICAL models of marketing; DISCRETE choice models; MULTILEVEL models; CONSUMER preferences; PREDICTION models; ELECTRONIC funds transfers
- Publication
International Journal of Market Research, 2013, Vol 55, Issue 2, p289
- ISSN
1470-7853
- Publication type
Article
- DOI
10.2501/IJMR-2013-024