TAILIEUCHUNG - ON THE VALUATION OF GOODS AND SELECTION OF THE BEST DESIGN ALTERNATIVE

Unmeasured media include nontraditional venues for promoting a product: Internet marketing, consumer contests, prizes, give- aways, product placement in movies and television shows, novelties and other consumer items (., logos on T-shirts), and spon- sorships of concerts, sporting events, and other forms of entertainment and celebrations. These marketing venues and strategies are part of a dramatic shift in advertising strategy, termed branding, where the advertiser establishes an emotional connection between the brand and the targeted audience. The brand becomes embedded in the audience’s experience, cultural icons, and val- , 18 Content and placement. | Original paper Res Eng Design 13 2001 42-54 DOI S001630100004 On the valuation of goods and selection of the best design alternative . Cook A. Wu 42 Abstract In the planning and early design stages of new products the value to the customer for the alternatives under consideration need to be quantified in the same units as costs to make rigorous trade-off decisions. According to the S-model the value of a good is the price at which demand goes to zero and its demand curve shifts by a prescribed amount when its value changes. To test these findings we have investigated the simulated demand for two lottery tickets. This was necessary because the full demand curves and the values of commercial products are not known a priori. The so-called endowment effect for the lottery tickets was also observed and explained here as a direct result of the stochastic nature of the driving forces for buying and selling a good. The use of the S-model to examine product value trends over time is explored for two minivans competing in the real marketplace. The connections between the S-model and several other engineering design methodologies are discussed. Keywords Demand Value Endowment effect QFD SEU Marketing research Introduction How potential customers value the features of a product is of great interest to a variety of fields including economics psychology marketing finance and engineering. The definition of value and the method of determining it are far from uniform across these fields however. Even within the domain of engineering which is our interest here the definitions of value and its surrogates are not consistent. Value engineers for example define value as worth divided by cost Fowler 1990 . In their seminal illumination of the robust design process Taguchi and Wu 1980 used the term cost-of-inferior-quality to represent the loss of Received 8 October 2000 I Revision received 1 May 2001 Accepted 1 May 2001 Published online 14 July 2001 Springer-Verlag 2001 . .

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