Literature Review of Recent Trends and Future Directions on New Product Development Research (新製品開発研究の最新動向及び今後の課題)
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- Journal of East Asia Management
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- v.2 no.1
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- pp.105-132
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- 2021
The purpose of this study is to summarize recent research on new product development (NPD) and to examine the direction of future research on NPD. In recent years, product development has also become more diversified due to the formation and disappearance of new markets, the increasing commoditization of products, and the emergence of new technological infrastructures such as ICT and crowdsourcing. In addition, NPD research is also in a situation where new research is emerging along with the progress of research in related areas, such as open innovation and customer participation. On the other hand, research on NPD has become increasingly fragmented into themes related to NPD as research progresses, making it more difficult to grasp the overall picture of NPD research, although review articles on NPD have been written. Not many review articles have been written in a way that goes beyond the individual themes of NPD research. However, even though it is impossible to look at NPD research as a whole, this study believe that by daring to conduct an exhaustive review of recent NPD research, rather than individual issues, and by understanding the types of discussions that have taken place in recent NPD research, this study can identify areas that require further discussion. Based on the above, the purpose of this study is to comprehensively examine and organize the topics and issues that have been dealt with in recent NPD research, point out the topics that have not been adequately dealt with in previous research, and indicate the direction of future research. This study found that (1) half of the previous studies this study reviewed dealt with the topic of collaboration in NPD, (2) existing studies on NPD assume that the purpose of NPD is to gain competitive advantage through differentiation, but the formation of the market itself through NPD has not been discussed However, it became clear that there has been no discussion of the formation of the market itself through NPD. While the formation and disappearance of new markets has become a common phenomenon in recent years as the competitive environment changes more and more rapidly, the formation of new markets through NPD may also be discussed as a new research area of NPD. However, the formation of new markets through NPD could be discussed as a new research area of NPD. This study examined the possibility of discussing the formation of new markets through NPD by using market category studies.
The consumers, who are characterized by gathering a wide scope of information and by putting into action immediately, have come to the new group searching for emotion and have played a leading role of market. The characgeristics of consumers are the fact that they have followed the street fashion with no-concept, independent of the trends which the brand has provide for consumers. Therefore it leads to a big gap between the fashion information for enterprises and market formation for consumer class. The principal purpose of this paper is to get closer the distance between the information which is used in merchandise plan and real market for consumers, and to suggest the new direction of information management system in order to enhance the hit rate of merchandise plan. The results are as follows : (1) It is shown the enterprises should divide the information data between fashion information and market information, and understand the mutual relationship of them, and regard the statistical data related on the change of sensitivity and desire in market specialized in attributes of street fashion as the emotional expression\`s view, and manage them by the feedback style. (2) It is shown that enterprises should fully understand the fashion factors in the line of fashion stream with the independence of theme in order to plan the merchandise effectively for market which are specialized in the duality that it has both conservation and innovation at the same time, and detect their change. (3) It is shown that in order to predict exactly, enterprises should reflect the statistical data and the emotional factors in planning the merchandise, bring up the systematic organization, expert system. (4) It is also shown that enterprises should make an effort to pursuit the discriminated brand through the feedback management in which the consumer\`s lasting desires are reflected.
We investigate factors that influence the choice of high-share brands(HSBs) vs. low-share brands(LSBs) among various product and consumer characteristics related to brand-share perceptions. Specifically, using 8 product categories varying in terms of purchase decision involvement, we show how the influencing factors vary across the categories. At the general level that cover all the 8 categories, our hierarchical Bayesian regressions analysis shows that factors that favor high-share brands are purchase decision involvement, search goods, experience goods, price-quality relationship, positive network externalities, and price-prestige beliefs. Conversely, consumers who value variety seeking and need for uniqueness favor low-share brands. The effects of these factors, however, vary across product categories. The identification of these characteristics can help brand managers establish a more effective brand-share strategy in such areas as setting an optimal market share goal, extending a brand, and developing ad copy. Furthermore, our consumer segmentation analysis demonstrates the general market has two distinct segments - (1) a segment composed of HSB buyers(86%) and (2) a segment composed of LSB buyers(14%). The two segments are also shown to have different significant factors that explain their brand choice. Our segmentation analysis can help marketers establish a marketing strategy that targets a specific segment of interest.
Internet commerce has been growing at a rapid pace for the last decade. Many firms try to reach wider consumer markets by adding the Internet channel to the existing traditional channels. Despite the various benefits of the Internet channel, a significant number of firms failed in managing the new type of channel. Previous studies could not cleary explain these conflicting results associated with the Internet channel. One of the major reasons is most of the previous studies conducted analyses under a specific market condition and claimed that as the impact of Internet channel introduction. Therefore, their results are strongly influenced by the specific market settings. However, firms face various market conditions in the real worlddensity and disutility of using the Internet. The purpose of this study is to investigate the impact of various market environments on a firm's optimal channel strategy by employing a flexible game theory model. We capture various market conditions with consumer density and disutility of using the Internet.
Based on the multi-attribute utility theory (MAUT), we present a survey method to measure consumer preferences. The multi-attribute utility theory has been used to make decisions in OR/MS field; however, we show that the method can be effectively used to estimate the demand for new services by measuring individual level utility function. Because conjoint method has been widely used to measure consumer preferences for new products and services, we compare the pros and cons of two consumer preference survey methods. Further, we illustrate how swing weighing method can be effectively used to elicit customer preferences especially for new telecommunications services, Multi-attribute utility theory is a compositional approach for modeling customer preference, in which researchers calculate overall service utility by summing up the evaluation results for each attribute. On the contrary, conjoint method is a decompositional approach, which requires holistic evaluations for profiles. Partworth for each attribute is derived or estimated based on the evaluation, and finally consumer preferences for each profile are calculated. However, if the profiles are quite new and unfamiliar to the survey respondents, they will find it very difficult to accurately evaluate the profiles. We believe that the multi-attribute utility theory-based survey method is more appropriate than the conjoint method, because respondents only need to assess attribute level preferences and not holistic assessment. We chose swing weighting method among many weight assessment methods in multi-attribute utility theory, because it is designed to perform in a simple and fast manner. As illustrated in Clemen and Reilly (2001), to assess swing weights, the first step is to create the worst possible outcome as a benchmark by setting the worst level on each of the attributes. Then, each of the succeeding rows "swings" one of the attributes from worst to best. Upon constructing the swing table, respondents rank order the outcomes (rows). The next step is to rate the outcomes in which the rating for the benchmark is set to be 0 and the rating for the best outcome to be 100, and the ratings for other outcomes are determined in the ranges between 0 and 100. In calculating weight for each attribute, ratings are normalized by the total sum of all ratings. To demonstrate the applicability of the approach, we elicited and analyzed individual-level customer preference for new telecommunication services-WiBro and HSDPA. We began with a randomly selected 800 interviewees, and reduced them to 432 because other remaining ones were related to the people who did not show strong intention for subscription to new telecommunications services. For each combination of content and handset, number of responses which favored WiBro and HSDPA were counted, respectively. It was assumed that interviewee favors a specific service when expected utility is greater than that of competing service(s). Then, the market share of each service was calculated by normalizing the total number of responses which preferred each service. Holistic evaluation of new and unfamiliar service is a tough challenge for survey respondents. We have developed a simple and easy method to assess individual level preference by estimating weight of each attribute. Swing method was applied for this purpose. We believe that estimating individual level preference will be quite flexibly used to predict market performance of new services in many different business environments.
Demand forecasting methods for a consumer product such as TV or refrigerator are widely known. However, sales forecast for a brand new product cannot be estimated using conventional forecasting methods. This study proposes a five-step procedure in forecasting a newly developed product. Step one defines functions in a High Touch product in order to estimate relative attraction of the product to consumer group. In step two, for a comparison purpose, a compatible product that is successfully penetrated into market is selected. Step three breaks a target population into many segments based on demography. Step four calculates relative attraction between the High Touch product and the compatible product. Finally, market penetration rate of the High Touch product is estimated using a bell-shaped diffusion curve of the compatible product. The process offers a method to estimate potential demand and growth pattern of the new High Touch product.
U.S. organic farming has grown rapidly-20 percent or more annually-throughout the 1990s, which kept pace with consumer demand for organically produced food. Thus certified organic acreage is the total to 235 million acres in 48 state in 2001, and SO the U.S. ranked fourth in land area managed under organic farming systems. And according to several surveys, consumer's reasons for purchasing organic food are health and nutrition, taste and environmental concerns. California and North Dakota were the top two states in 2001 for certified organic cropland; the former with mostly fruits and vegetables, and the latter with wheat, soybeans, and other crops. And the top two states for certified organic pasture were Colorado and Texas. And then several states such as Iowa and Minnesota have begun subsidizing conversion to organic farming systems as a way to capture the environmental benefits of these systems. The price of organic produce fluctuates rather broadly because of being traded by market economy principle and of demand-supply disequilibrium. Nevertheless, average price premiums for organic produce are higher than the prices for the produce under conventional farming. Future prospects for U.S. organic farming are as follows; Demand for organically grown foods is expected to continue growing at a rapid pace, as more growers convert to organic production and more processors and distributors expand organic selections in their product lines. And new processed products and new types of healthy foods are likely to appear on the market, and some new organic products will be aimed at mainstream markets.
Since, N-Generation equipped with internet seek for more reasonable consumption, they are seeking positive toward the latest vogue and having strong desires for better consumption. In such, the makeup industry produces makeup products specially made for the N-Generation. The products not only directly reflect the skin features of the N-Generation but also form different. Therefore, the purpose of this study tries to find out the distinctive consumption of the N-Generation that rises as the new consumer group of the new millennium in the makeup industry and their purchase behaviors. The investigation was done on 200 females aging from 13 to 23. Investigation method was done face-to-face interview conducted from Dec. 1st to Dec. 8th, 2003 for a week. Through the study, it can be seen that the network generation is interested in e-commerce and such trend show the possibility of makeup market in the e-commerce. Also, it is suggested that the study can be used as useful data when establishing marketing strategies in the relevant industry. The result where the N-generation demands for distinctive products just for them can be used as an alternative plan of market division policy.
This study introduces the case of a company that newly jumped into the competitive cosmetics market with a brand concept developed through big data analysis. Skin Reverse Lab, which possesses anti-aging material technology, launched a new brand in the skincare cosmetics market. Using a big data analysis program called Luminoso, SNS data was analyzed in four areas, which were consumer attitudes toward overall cosmetics, skincare products, competitors, and consumers' experiences of product use. The age groups and competitors were analyzed through the emotional analysis technique including context, which is the strength of Luminoso, and insights on consumers were derived through the related word analysis and word cloud techniques. Based on the analysis results, Logically Skin have won various awards in famous magazines and apps, and have been recognized as products that meet global trend standards. Besides, it has entered six countries including the United States and Hong Kong. The Logically Skin case is a case in which a new company entered the market with a new brand by deriving consumer insights only from external data, and it is significant as a case of applying AI-based sentiment analysis.
The Metaverse's virtual world is used in various industries and is expected to continue to grow in the future. In addition, the Metaverse is a new type of society that integrates various new technologies, and NFT products play an essential role. Therefore, NFT product characteristics and industry trends should be assessed to revitalize the NFT market. To this end, this study confirms the influence relationship between social presence and NFT product characteristics in the Metaverse environment and examines the impact of each characteristic on consumer satisfaction and continued engagement intention to NFT product. Statistical analysis such as exploratory factor analysis, reliability analysis, confirmatory factor analysis, correlation analysis, and structural equation modeling (SEM) using IBM SPSS Amos was conducted on data collected through a survey targeting male and female Korean consumers in their age group 10 to 50. Study results indicate that social presence significantly impacted all characteristics of NFT products (authenticity, scarcity, rarity, collectability, and interactivity). Scarcity and authenticity significantly impacted consumer satisfaction, and both authenticity and consumer satisfaction significantly impacted continued engagement intention. Thus, effective product development and marketing strategies can be established only by presenting different emphasized characteristics depending on the type of NFT product and the Metaverse's social presence.
shows the channel structures analyzed in this study. Before the Internet channel is introduced, a monopoly manufacturer sells its products through an independent physical store. From this structure, the manufacturer could introduce its own Internet channel (MI). The independent physical store could also introduce its own Internet channel and coordinate it with the existing physical store (RI). An independent Internet retailer such as Amazon could enter this market (II). In this case, two types of independent retailers compete with each other. In this model, consumers are uniformly distributed on the two dimensional space. Consumer heterogeneity is captured by a consumer's geographical location (ci) and his disutility of using the Internet channel ( shows various market conditions captured by the two consumer heterogeneities. (a) illustrates a market with symmetric consumer distributions. The model captures explicitly the asymmetric distributions of consumer disutility in a market as well. In a market like that is represented in (c), the average consumer disutility of using an Internet store is relatively smaller than that of using a physical store. For example, this case represents the market in which 1) the product is suitable for Internet transactions (e.g., books) or 2) the level of E-Commerce readiness is high such as in Denmark or Finland. On the other hand, the average consumer disutility when using an Internet store is relatively greater than that of using a physical store in a market like summarizes the various scenarios of consumer distributions analyzed in this study. The range for disutility of using the Internet (
summarizes the analysis results. As the average travel cost in a market decreases while the average disutility of Internet use remains the same, average retail price, total quantity sold, physical store profit, monopoly manufacturer profit, and thus, total channel profit increase. On the other hand, the quantity sold through the Internet and the profit of the Internet store decrease with a decreasing average travel cost relative to the average disutility of Internet use. We find that a channel that has an advantage over the other kind of channel serves a larger portion of the market. In a market with a high average travel cost, in which the Internet store has a relative advantage over the physical store, for example, the Internet store becomes a mass-retailer serving a larger portion of the market. This result implies that the Internet becomes a more significant distribution channel in those markets characterized by greater geographical dispersion of buyers, or as consumers become more proficient in Internet usage. The results indicate that the degree of price discrimination also varies depending on the distribution of consumer disutility in a market. The manufacturer in a market in which the average travel cost is higher than the average disutility of using the Internet has a stronger incentive for price discrimination than the manufacturer in a market where the average travel cost is relatively lower. We also find that the manufacturer has a stronger incentive to maintain a high price level when the average travel cost in a market is relatively low. Additionally, the retail competition effect due to Internet channel introduction strengthens as average travel cost in a market decreases. This result indicates that a manufacturer's channel power relative to that of the independent physical retailer becomes stronger with a decreasing average travel cost. This implication is counter-intuitive, because it is widely believed that the negative impact of Internet channel introduction on a competing physical retailer is more significant in a market like Russia, where consumers are more geographically dispersed, than in a market like Hong Kong, that has a condensed geographic distribution of consumers.
Measuring Consumer Preferences Using Multi-Attribute Utility Theory
(다속성 효용이론을 활용한 소비자 선호조사)
A Method for Forecasting Demand of High Touch Product Using Matrix Analysis of Target Populations and Product Functions
(Target Population과 Product Function의 Matrix 분석을 이용한 High Touch 신제품의 판매예측 방법)
Prospects and Situations of the U.S. Organic Agriculture
(미국 유기농업의 추진동향과 전망)
Investigation on Trend of Makeup Products of N-Generation
(N세대의 화장품 소비 경향 조사분석)
A Case Study on the Development of New Brand Concept through Big Data Analysis for A Cosmetics Company
(화장품 회사의 빅데이터분석을 통한 브랜드컨셉 개발 사례분석)
The impact of Metaverse's social presence and NFT product characteristics on consumer satisfaction and continued engagement intention
(메타버스의 사회적 실재감과 NFT 상품 특성이 소비자 만족도 및 지속적 참여의도에 미치는 영향에 관한 연구)
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