TAILIEUCHUNG - Linking Marketing and Engineering Product Design Decisions via Analytical Target Cascading

From the frontage, one would not be able to make out that The Four Seasons is a super– luxury hotel in Mumbai. Located in mid – town, it does not have the aura of a location like Colaba, Nariman Point or a Juhu beach. The hotel realized that luxury is not merely offering a fantastic view of the Arabian Sea, but about a superb product – an irresistible combination of rooms, quiet lobby and a boutique hotel feel. The Four Seasons hotel, tried to redefine what luxury actually means by ensuring that a guest, at Mumbai, has the same experience. | J PROD INNOV MANAG 2005 22 42-62 ---------------- 2005 Product Development Management Association THEJOURNALOF PRODUCT INNOVATION MANAGEMENT Linking Marketing and Engineering Product Design Decisions via Analytical Target Cascading Jeremy J. Michalek Fred M. Feinberg and Panos Y. Papalambros Firms design products that appeal to consumers and are feasible to produce. The resulting marketing and engineering design goals are driven by consumer preferences and engineering capabilities two issues that conveniently are addressed in isolation from one another. This convenient isolation however typically will not result in optimal product decisions when the two problems are interrelated. A meth-odnew to the marketing community analytical target cascading ATC is adopted here to explore such interrelationships and to formalize the process of coordinating marketing and engineering design problems in a way that is proven to yield the joint optimal solution. The ATC model is built atop well-established marketing methodologies such as conjoint discrete choice modeling and demand forecasting. The method is demonstrated in the design of dial-readout household scales using real conjoint choice data and a parametric engineering product design model. Results indicate that the most profitable achievable product can fall short of predictions based on marketing alone but well ahead of what engineering may produce based on original marketing target specifications. A number of extensions can be accomplished readily using techniques from the extant marketing and design optimization literature. Introduction Product development as a costly and timeconsuming prelude to the introduction of new products has been the object of intense study by practitioners and academics in both marketing and engineering design. The academic literature proposes a number of models to help guide product planners in assessing consumer needs or value systems as well as to capitalize on synergies in the pro Address .

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