<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>Preference markets address the need for scalable, fast and engaging market research in new product development. The Web 2.0 paradigm, in which users contribute numerous ideas that may lead to new products, requires new methods of screening those ideas for their marketability and preference markets offer just such a mechanism. For faster new product development decisions, a flexible prioritization methodology for product features and concepts is tested. It scales up in the number of testable alternatives, limited only by the number of participants. New product preferences for concepts, attributes and attribute levels are measured by trading stocks whose prices are based upon share of choice of new products and features. Benefits of preference markets include speed, scalability, flexibility, and respondent enthusiasm for the method.</p>
</abstract>

Preference markets address the need for scalable, fast and engaging market research in new product development. The Web 2.0 paradigm, in which users contribute numerous ideas that may lead to new products, requires new methods of screening those ideas for their marketability and preference markets offer just such a mechanism. For faster new product development decisions, a flexible prioritization methodology for product features and concepts is tested. It scales up in the number of testable alternatives, limited only by the number of participants. New product preferences for concepts, attributes and attribute levels are measured by trading stocks whose prices are based upon share of choice of new products and features. Benefits of preference markets include speed, scalability, flexibility, and respondent enthusiasm for the method.

Preference Markets in New Product Development

Assistant Professor of Marketing, UCLA Medical School, Los Angeles, CA USA,

Ludwig-Maximilians-University Munich, Germany

NIM Marketing Intelligence Review

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

{"article-title":"Preference Markets in New Product Development"}

Preference markets address the need for scalable, fast and engaging market research in new product development. The Web 2.0 paradigm, in which users contribute...

Preference Markets in New Product Development

Published Online: Jul 19, 2014

Page range: 16 - 25

DOI: https://doi.org/10.2478/gfkmir-2014-0045

Keywords
Product Testing, New Product Development, Virtual Stock Markets, Product Design, Preference Markets, Information Markets, Scalable Market Research

© 2014

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Preference Markets in New Product Development

Published Online: Jul 19, 2014

Page range: 16 - 25

DOI: https://doi.org/10.2478/gfkmir-2014-0045

KeywordsProduct Testing, New Product Development, Virtual Stock Markets, Product Design, Preference Markets, Information Markets, Scalable Market Research

© 2014

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Keywords
Product Testing, New Product Development, Virtual Stock Markets, Product Design, Preference Markets, Information Markets, Scalable Market Research