Title :
An integrated market simulation model for the design of new products
Author :
Tsafarakis, Stelios ; Doulamis, Anastasios ; Matsatsinis, Nikolaos F.
Abstract :
Market simulators assist managers in product design and pricing decisions, through advanced heuristic algorithms for consumer buying behavior modeling. We propose a model for use in such systems, which combines the effective incorporation of the two critical properties a simulator should theoretically reflects, with exceptionally performance in actual choice shares estimation. Differential Impact and Substitution are exhibited through the representation of customer heterogeneity and product similarity in the choice rule, while high predictive accuracy is displayed with the implementation of the Stochastic Logarithmic Search algorithm.
Keywords :
consumer behaviour; decision support systems; pricing; product design; consumer buying behavior; integrated market simulation model; new product design; pricing; Accuracy; Algorithm design and analysis; Analytical models; Consumer behavior; Context modeling; Heuristic algorithms; Marketing and sales; Pricing; Product design; Stochastic processes; Consumer Behavior; Market Simulation; Multicriteria decision analysis; Product design;
Conference_Titel :
Engineering Management Conference, 2008. IEMC Europe 2008. IEEE International
Conference_Location :
Estoril
Print_ISBN :
978-1-4244-2288-3
Electronic_ISBN :
978-1-4244-2289-0
DOI :
10.1109/IEMCE.2008.4617951
