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A Marketing-Decision-Support Model for Evaluating and Selecting Concepts for New Products

University of Wisconsin-Milwaukee, School of Business Administration, 3202 North Maryland Avenue, Milwaukee, Wisconsin 53211-3164

For a major manufacturer of heating and cooling systems for large buildings, under increasing pressure to produce new product components, I developed a marketing-decision-support model of its process for selecting and developing new products that was comprehensive, objective, and dynamic. This approach is particularly suited for firms that feel the timing (introduction date) of new products significantly affects their sales potential. The firm has relied on this model and its expansions for over 25 years. Marketing-decision-support systems generally utilize a technical structure for dealing with a complex real-world problem. The technical structure is generally provided by a skilled modeler, the reality by experienced line managers dealing with the problem area. This interaction is a critical element in determining the success of real-world marketing-decision-support projects. The modeler must make sure the line managers feel intellectual ownership of the support system.

Key Words: MARKETING—NEW PRODUCTS; MARKETING—INDUSTRIAL MARKETING

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