A study on new product development using a decision circumstance model
by Yong Zhou, Wei Zhao
International Journal of Value Chain Management (IJVCM), Vol. 4, No. 4, 2010

Abstract: Decision behaviour is a result of the evolution of decision circumstance. The basic characteristics of today's business lie in continuous innovation which is based on market and environmental intelligence. In developing continuous innovation a firm needs to realise the value within a market and so to exploit the value it must address the issue of the key decisions to be made in respect of new product development. This paper proposes the use of a model of decision circumstance analysis on new product development. The model is based on evolutionary game theory and system dynamics. The result highlights that there are multiple factors that have an effect on decision-making behaviour. The factors include: the customers' product preferences, knowledge-based product selection and the customers' buying readiness states and then the customers' willingness to buy.

Online publication date: Sat, 20-Nov-2010

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