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A Marketing-Decision-Support Model for Evaluating and Selecting Concepts for New Products

Author

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  • Dennis Gensch

    (University of Wisconsin-Milwaukee, School of Business Administration, 3202 North Maryland Avenue, Milwaukee, Wisconsin 53211-3164)

Abstract

For a major manufacturer of heating and cooling systems for large buildings, under increasing pressure to produce new product components, I developed a marketing-decision-support model of its process for selecting and developing new products that was comprehensive, objective, and dynamic. This approach is particularly suited for firms that feel the timing (introduction date) of new products significantly affects their sales potential. The firm has relied on this model and its expansions for over 25 years. Marketing-decision-support systems generally utilize a technical structure for dealing with a complex real-world problem. The technical structure is generally provided by a skilled modeler, the reality by experienced line managers dealing with the problem area. This interaction is a critical element in determining the success of real-world marketing-decision-support projects. The modeler must make sure the line managers feel intellectual ownership of the support system.

Suggested Citation

  • Dennis Gensch, 2001. "A Marketing-Decision-Support Model for Evaluating and Selecting Concepts for New Products," Interfaces, INFORMS, vol. 31(3_supplem), pages 166-183, June.
  • Handle: RePEc:inm:orinte:v:31:y:2001:i:3_supplement:p:s166-s183
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    File URL: http://dx.doi.org/10.1287/inte.31.3s.166.9684
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    References listed on IDEAS

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    1. Sidney W. Hess, 1993. "Swinging on the Branch of a Tree: Project Selection Applications," Interfaces, INFORMS, vol. 23(6), pages 5-12, December.
    2. Jay W. Forrester, 1968. "Industrial Dynamics--After the First Decade," Management Science, INFORMS, vol. 14(7), pages 398-415, March.
    3. Barry L. Bayus, 1993. "High-Definition Television: Assessing Demand Forecasts for a Next Generation Consumer Durable," Management Science, INFORMS, vol. 39(11), pages 1319-1333, November.
    4. Berend Wierenga & Gerrit H. Van Bruggen & Richard Staelin, 1999. "The Success of Marketing Management Support Systems," Marketing Science, INFORMS, vol. 18(3), pages 196-207.
    5. Hustad, Thomas P. & Mitchell, Ted J., 1982. "Creative market planning in a partisan environment," Business Horizons, Elsevier, vol. 25(2), pages 58-65.
    6. Pepall, Lynne, 1990. "Market Demand and Product Clustering," Economic Journal, Royal Economic Society, vol. 100(399), pages 195-205, March.
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    Cited by:

    1. Steven M. Shugan, 2004. "Editorial: Consulting, Research, and Consulting Research," Marketing Science, INFORMS, vol. 23(2), pages 173-179.

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