Short answer

Develop decision support tools that integrate established business frameworks like the 7P marketing mix with quantitative decision-making methodologies to aid entrepreneurs.

Field: Innovation & Markets
Source: STRING (Satuan Tulisan Riset dan Inovasi Teknologi) (2017)
Method: Decision Support System development using the Electre method.
Evidence: Moderate effect

The Electre decision support method can systematically evaluate and prioritize marketing mix (7P) elements to guide entrepreneurs in selecting viable business ventures. This innovation & markets research insight is drawn from a 2017 study published in STRING (Satuan Tulisan Riset dan Inovasi Teknologi). Using Decision support system development using the electre method., researchers explored how this design variable affects real-world outcomes. The key design takeaway: Develop decision support tools that integrate established business frameworks like the 7P marketing mix with quantitative decision-making methodologies to aid entrepreneurs.

Study

Innovation & MarketsHigh ImpactModerate effect

Electre Method Optimizes 7P Marketing Mix for New Business Ventures

The Electre decision support method can systematically evaluate and prioritize marketing mix (7P) elements to guide entrepreneurs in selecting viable business ventures.

STRING (Satuan Tulisan Riset dan Inovasi Teknologi) · 2017

Key Findings

01The Electre method provides a systematic way to rank business options based on multiple marketing criteria.
02A decision support system can be effectively built to guide entrepreneurs in marketing mix considerations.

Application

Design takeaway

Develop decision support tools that integrate established business frameworks like the 7P marketing mix with quantitative decision-making methodologies to aid entrepreneurs.

How to apply

When designing business planning tools or advisory services, consider incorporating multi-criteria decision analysis methods like Electre to guide users through complex choices.

Project actions

01When researching a new product or service, consider how the 7 Ps of marketing will influence its success.
02Explore decision-making tools that can help you weigh different design or business options.

Method & Evidence

AimTo develop a decision support system using the Electre method to assist prospective entrepreneurs in selecting business types based on the 7P marketing mix criteria.

MethodDecision Support System development using the Electre method.

ProcedureA decision support system was designed to evaluate business venture options against the 7P marketing mix criteria (Product, Price, Place, Promotion, People, Physical Evidence, Process) using the Electre method for ranking and selection.

ContextEntrepreneurship and new business venture initiation.

Variables

IV7P Marketing Mix Criteria (Product, Price, Place, Promotion, People, Physical Evidence, Process)

DVRanking/Selection of Business Ventures

CVElectre Method parameters (concordance/discordance thresholds, weights)

Strengths & Limitations

Strengths

+Provides a structured, quantitative approach to a complex decision.
+Addresses a common barrier for new entrepreneurs (perceived lack of capital) by focusing on strategic marketing.

Limitations

The accuracy of the Electre method relies heavily on the quality and objectivity of the data provided for each marketing criterion.

Reliability & validity

Reliability would depend on consistent application of the Electre method with the same data. Validity would be assessed by comparing the system's recommendations against actual successful business outcomes or expert judgment.

Think critically

How might the subjective nature of 'People', 'Physical Evidence', and 'Process' criteria be quantified for use in a decision support system like Electre?

Design Principles

"Structure complex decision-making processes by breaking them down into quantifiable criteria and applying systematic evaluation methods."

This approach provides a structured framework for nascent entrepreneurs who may lack experience in strategic business planning. By leveraging a quantitative decision-making tool, it can mitigate the perceived barrier of insufficient capital by focusing on strategic marketing foundations.

What This Means for Your Design

This study shows how a special math method (Electre) can help people decide which business to start by looking at seven key marketing factors (the 7 Ps).

How to use in your project

1.Use the 7P framework to analyze the market viability of your design concept.
2.If developing a business plan for your design project, consider how decision support tools could be applied.

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Quick Cite

Paragraph starter

The research into decision support systems for business ventures, utilizing the Electre method and the 7P marketing mix, highlights the importance of structured analysis in strategic planning. This approach can be adapted to evaluate design concepts by assessing their product, price, place, promotion, people, physical evidence, and process implications, thereby informing more robust design decisions and market introductions.

Source

STRING (Satuan Tulisan Riset dan Inovasi Teknologi)

Sistem Pendukung Keputusan Metode Electre pada Bauran pemasaran (7P) dalam Memulai Usaha Jasa Center

journal · 2017

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Questions About This Research

What does the research say about electre method optimizes 7p marketing mix for new business ventures?: Develop decision support tools that integrate established business frameworks like the 7P marketing mix with quantitative decision-making methodologies to aid entrepreneurs. Evidence: STRING (Satuan Tulisan Riset dan Inovasi Teknologi) (2017).
Why does "Electre Method Optimizes 7P Marketing Mix for New Business Ventures" matter for design?: This approach provides a structured framework for nascent entrepreneurs who may lack experience in strategic business planning. By leveraging a quantitative decision-making tool, it can mitigate the perceived barrier of insufficient capital by focusing on strategic marketing foundations.
How can designers apply this research?: Develop decision support tools that integrate established business frameworks like the 7P marketing mix with quantitative decision-making methodologies to aid entrepreneurs.
What were the main findings?: The Electre method provides a systematic way to rank business options based on multiple marketing criteria.. A decision support system can be effectively built to guide entrepreneurs in marketing mix considerations.
What research method was used?: Decision Support System development using the Electre method..
How strong is the evidence?: Evidence strength is rated Moderate effect, based on a 2017 journal from STRING (Satuan Tulisan Riset dan Inovasi Teknologi).
What should I do differently in my next project?: When designing business planning tools or advisory services, consider incorporating multi-criteria decision analysis methods like Electre to guide users through complex choices.
What are the limitations?: The effectiveness of the system is dependent on the accurate input of data for each of the 7P criteria, and the Electre method's sensitivity to input weights.