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The Cyclicality of New Product Introductions

Author

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  • Kostas Axarloglou

    (Babson College)

Abstract

This study analyzes empirically the cyclical nature of the timing of new product introductions in U.S. manufacturing. New product introductions vary more in nonseasonal frequencies than in seasonal frequencies. However, the seasons alone account for only a small part of their total variability with demand factors being much more important. Demand fluctuations account for 35%80% and 17%43%, respectively, of the seasonal and cyclical variability of new product introductions in various industries. Finally, new product introductions respond more to fluctuations in aggregate demand than in market demand and in business cycles than in seasonal cycles.

Suggested Citation

  • Kostas Axarloglou, 2003. "The Cyclicality of New Product Introductions," The Journal of Business, University of Chicago Press, vol. 76(1), pages 29-48, January.
    • Handle: RePEc:ucp:jnlbus:v:76:y:2003:i:1:p:29-48
    DOI: 10.1086/344112
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    Cited by:

    1. Christine Moorman & Simone Wies & Natalie Mizik & Fredrika J. Spencer, 2012. "Firm Innovation and the Ratchet Effect Among Consumer Packaged Goods Firms," Marketing Science, INFORMS, vol. 31(6), pages 934-951, November.
    2. Kostas Axarloglou, 2008. "Product line extensions: causes and effects," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 29(1), pages 9-21.
    3. Florin O. Bilbiie & Fabio Ghironi & Marc J. Melitz, 2012. "Endogenous Entry, Product Variety, and Business Cycles," Journal of Political Economy, University of Chicago Press, vol. 120(2), pages 304-345.
    4. Liao, Wei & Santacreu, Ana Maria, 2015. "The trade comovement puzzle and the margins of international trade," Journal of International Economics, Elsevier, vol. 96(2), pages 266-288.
    5. Kashmiri, Saim & Mahajan, Vijay, 2014. "Beating the recession blues: Exploring the link between family ownership, strategic marketing behavior and firm performance during recessions," International Journal of Research in Marketing, Elsevier, vol. 31(1), pages 78-93.
    6. Stjepan Srhoj & Bruno Škrinjarić & Sonja Radas, 2021. "Bidding against the odds? The impact evaluation of grants for young micro and small firms during the recession," Small Business Economics, Springer, vol. 56(1), pages 83-103, January.
    7. Florin O. Bilbiie & Fabio Ghironi & Marc J. Melitz, 2008. "Monetary Policy and Business Cycles with Endogenous Entry and Product Variety," NBER Chapters, in: NBER Macroeconomics Annual 2007, Volume 22, pages 299-353, National Bureau of Economic Research, Inc.
    8. Minniti, Antonio & Turino, Francesco, 2013. "Multi-product firms and business cycle dynamics," European Economic Review, Elsevier, vol. 57(C), pages 75-97.
    9. Paul-Valentin Ngobo & Aurore Ingarao, 2017. "Impact du Moral des Ménages sur la Concurrence Inter-formats : une analyse à partir de l'indice de l'INSEE," Post-Print halshs-02190577, HAL.
    10. Yuk Ying Chang & Martin Young, 2016. "Brand Firm Performance and Tough Economic Times," International Review of Finance, International Review of Finance Ltd., vol. 16(3), pages 357-391, September.
    11. Torsten Bornemann & Cornelia Hattula & Stefan Hattula, 2020. "Successive product generations: financial implications of industry release rhythm alignment," Journal of the Academy of Marketing Science, Springer, vol. 48(6), pages 1174-1191, November.
    12. Bernhard Dachs & Martin Hud & Christian Köhler & Bettina Peters, 2016. "Employment Effects of Innovations over the Business Cycle: Firm-Level Evidence from European Countries," DEM Discussion Paper Series 16-20, Department of Economics at the University of Luxembourg.
    13. Fabio Ghironi & Marc J. Melitz, 2007. "Trade Flow Dynamics with Heterogeneous Firms," American Economic Review, American Economic Association, vol. 97(2), pages 356-361, May.
    14. Lamey, L. & Deleersnyder, B. & Dekimpe, M.G. & Steenkamp, J-B.E.M., 2005. "The Impact of Business-Cycle Fluctuations on Private-Label Share," ERIM Report Series Research in Management ERS-2005-061-MKT, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    15. Hartl, Jochen & Herrmann, Roland, 2006. "The Role of Business Expectations for New Product Introductions: A Panel Analysis for the German Food Industry," Journal of Food Distribution Research, Food Distribution Research Society, vol. 37(2), pages 1-11, July.
    16. Chandrasekaran, Deepa & Arts, Joep W.C. & Tellis, Gerard J. & Frambach, Ruud T., 2013. "Pricing in the international takeoff of new products," International Journal of Research in Marketing, Elsevier, vol. 30(3), pages 249-264.
    17. Kostas Axarloglou & Stefanos Zarkos, 2010. "Market demand and the duration of business projects: the housing industry," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 31(7), pages 477-487.
    18. Marnik G. Dekimpe & Barbara Deleersnyder, 2018. "Business cycle research in marketing: a review and research agenda," Journal of the Academy of Marketing Science, Springer, vol. 46(1), pages 31-58, January.
    19. Scanlon, Paul, 2019. "New goods and asset prices," Journal of Financial Economics, Elsevier, vol. 132(3), pages 140-157.
    20. Cong Pan, 2018. "Firms’ timing of production with heterogeneous consumers," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 51(4), pages 1339-1362, November.
    21. Diyue Guo, 2018. "Multiproduct Firms and the Business Cycle," 2018 Meeting Papers 1205, Society for Economic Dynamics.
    22. Dekimpe, Marnik G. & Gielens, Katrijn & Raju, Jagmohan & Thomas, Jacquelyn S., 2011. "Strategic Assortment Decisions in Information-Intensive and Turbulent Environments," Journal of Retailing, Elsevier, vol. 87(S1), pages 17-28.
    23. Kostas Axarloglou, 2004. "New products and market competition," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 10(3), pages 226-234, October.
    24. Tan, Hao & Mathews, John A., 2010. "Identification and analysis of industry cycles," Journal of Business Research, Elsevier, vol. 63(5), pages 454-462, May.

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