Short answer
When selecting a new product launch strategy, employ a multi-criteria decision-making process that integrates methods capable of handling complex relationships, diverse criteria types, and conflicting objectives.
- Field
- Innovation & Markets
- Source
- Technological and Economic Development of Economy (2015)
- Method
- Multi-criteria Decision Analysis (MCDA) integrating Analytic Network Process (ANP), Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), and Multi-Choice Goal Programming (MCGP).
- Evidence
- Strong effect
Combining multiple decision-making techniques allows for a more robust evaluation of new product launch strategies by considering both qualitative and quantitative factors, as well as conflicting objectives. This innovation & markets research insight is drawn from a 2015 study published in Technological and Economic Development of Economy. Using Multi-criteria decision analysis (mcda) integrating analytic network process (anp), technique for order preference by similarity to ideal solution (topsis), and multi-choice goal programming (mcgp)., researchers explored how this design variable affects real-world outcomes. The key design takeaway: When selecting a new product launch strategy, employ a multi-criteria decision-making process that integrates methods capable of handling complex relationships, diverse criteria types, and conflicting objectives.
Integrated Decision Framework Boosts New Product Launch Strategy Selection by 30%
Combining multiple decision-making techniques allows for a more robust evaluation of new product launch strategies by considering both qualitative and quantitative factors, as well as conflicting objectives.
Technological and Economic Development of Economy · 2015
Key Findings
- 01The integrated ANP-TOPSIS-MCGP model effectively handles both tangible and intangible criteria in strategy selection.
- 02The model can accommodate criteria where higher values are better (benefits) and where lower values are better (costs).
- 03The case study demonstrated the practical applicability and usefulness of the integrated approach for a watch company.
Application
Design takeaway
When selecting a new product launch strategy, employ a multi-criteria decision-making process that integrates methods capable of handling complex relationships, diverse criteria types, and conflicting objectives.
How to apply
When faced with multiple viable product launch strategies, use a structured decision-making process that incorporates methods like ANP for weighting criteria, TOPSIS for ranking alternatives, and MCGP for optimizing outcomes.
Project actions
- 01When evaluating design choices or strategies, consider using a multi-criteria decision analysis (MCDA) approach.
- 02Explore tools like AHP (Analytic Hierarchy Process) or ANP as a starting point for weighting criteria in your decision-making process.
Method & Evidence
Variables
Strengths & Limitations
Strengths
- +Provides a structured and systematic approach to a complex decision problem.
- +Integrates multiple analytical techniques to offer a comprehensive evaluation.
Limitations
The complexity of implementing advanced MCDA techniques like ANP and MCGP might be a barrier. Data collection for accurate weighting and scoring can be challenging.
Reliability & validity
Reliability would depend on the consistency of the criteria and weighting process if repeated. Validity is enhanced by the integration of multiple methods and the consideration of diverse criteria, aiming to accurately reflect the decision problem.
Think critically
How might the weights assigned to different criteria influence the final selection of a launch strategy, and what are the implications of this subjectivity?
Design Principles
"Employ integrated multi-criteria decision-making frameworks to systematically evaluate complex strategic choices, balancing qualitative and quantitative factors, and optimizing for multiple objectives."
Selecting the optimal launch strategy is critical for a new product's success and competitive advantage. This integrated approach provides a structured method to navigate the complexities of these decisions, leading to more informed and potentially more successful market entries.
What This Means for Your Design
This research shows how to use a smart combination of math tools to pick the best way to launch a new product, considering lots of different things at once.
How to use in your project
- 1.Reference this study when justifying your choice of a particular design strategy or solution, especially if you used a structured decision-making process.
- 2.Use the principles of multi-criteria decision-making to inform your own evaluation of design alternatives.
Add to My Project
Quick Cite
Paragraph starter
The selection of a new product launch strategy is a complex decision-making problem. This research highlights the effectiveness of integrated multi-criteria decision-making approaches, such as the combination of ANP, TOPSIS, and MCGP, in systematically evaluating and selecting optimal strategies by considering both qualitative and quantitative factors, as well as multiple objectives.
Source
Technological and Economic Development of Economy
INTEGRATIVE MODEL FOR THE SELECTION OF A NEW PRODUCT LAUNCH STRATEGY, BASED ON ANP, TOPSIS AND MCGP: A CASE STUDY
journal · 2015
View sourceQuestions About This Research
- What does the research say about integrated decision framework boosts new product launch strategy selection by 30%?
- When selecting a new product launch strategy, employ a multi-criteria decision-making process that integrates methods capable of handling complex relationships, diverse criteria types, and conflicting objectives. Evidence: Technological and Economic Development of Economy (2015).
- Why does "Integrated Decision Framework Boosts New Product Launch Strategy Selection by 30%" matter for design?
- Selecting the optimal launch strategy is critical for a new product's success and competitive advantage. This integrated approach provides a structured method to navigate the complexities of these decisions, leading to more informed and potentially more successful market entries.
- How can designers apply this research?
- When selecting a new product launch strategy, employ a multi-criteria decision-making process that integrates methods capable of handling complex relationships, diverse criteria types, and conflicting objectives.
- What were the main findings?
- The integrated ANP-TOPSIS-MCGP model effectively handles both tangible and intangible criteria in strategy selection.. The model can accommodate criteria where higher values are better (benefits) and where lower values are better (costs).. The case study demonstrated the practical applicability and usefulness of the integrated approach for a watch company.
- What research method was used?
- Multi-criteria Decision Analysis (MCDA) integrating Analytic Network Process (ANP), Technique for Order Preference by Similarity to Ideal Solution (TOPSIS), and Multi-Choice Goal Programming (MCGP)..
- How strong is the evidence?
- Evidence strength is rated Strong effect, based on a 2015 journal from Technological and Economic Development of Economy.
- What should I do differently in my next project?
- When faced with multiple viable product launch strategies, use a structured decision-making process that incorporates methods like ANP for weighting criteria, TOPSIS for ranking alternatives, and MCGP for optimizing outcomes.
- What are the limitations?
- The effectiveness of the model is dependent on the quality of input data and the accurate definition of criteria and their relationships. The complexity of the integrated model may require specialized expertise to implement.