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Really new products (RNP) run the risk not only of technical problems in the development process, but also of problems with customer acceptance. Because market uncertainty…
Really new products (RNP) run the risk not only of technical problems in the development process, but also of problems with customer acceptance. Because market uncertainty in particular is frequently high, many top management teams defer essential management decisions on these products until sufficient information is available to be able to make a sound decision. In many cases, however, the market is already been divided up by that time. The purpose of this paper is to examine how better information about customers can be acquired by providing them with a better offering of information which has been prepared in a variety of forms (“information acceleration”) and how management decisions can be improved as a result.
The paper is based on modern models for decision making under uncertainty that incorporate group decisions, and shows how the measurement of purchasing behavior can be improved by information acceleration in a test studio. This is needed because customers generally cannot draw on mentally established analogies in the case of RNP, so that they are virtually unable to make meaningful statements that would improve strategic management decisions when completing standard customer surveys. A test studio was set up in the form of a Car Clinic for the example of a future electric vehicle as a RNP. 121 customers were to be offered a wide variety of information (about the future urban environment, the design of the vehicle concept and the driver’s experience), partly in order to acquire information about the customers. In particular, the extent to which customers could better evaluate their purchasing probability and willingness to pay certain prices and the extent to which the variance of customer opinions was reduced after attending the Car Clinic were examined, because these factors make it easier to forecast future sales revenue and management decisions can be made more easily.
The results reveal that information acceleration in a test studio can improve the estimation of sales revenue in an early decision-making phase and can have a positive influence on decision-making behavior under uncertainty.
This study provides an empirical, valuable step toward an investigation of management decisions on RNP under uncertainty.
As they say, “Change is the only constant.” Thriving and surviving during a period of extraordinary collision of technological advances, globalization, and climate change…
As they say, “Change is the only constant.” Thriving and surviving during a period of extraordinary collision of technological advances, globalization, and climate change can be daunting. At any given point in one’s life, a transition can be interpreted in terms of the magnitude of change (how big or small) and the individual’s ontological experience of change (whether it disrupts an equilibrium or adapts an emergent way of life). These four quadrants represent different ways to live in a highly dynamic and complex world. We share the resulting four-quadrant framework from a quantitative and a mixed methods study to examine responses to various ways we respond to transitions. Contingent upon these two dimensions, one can use a four-quadrant framework to mobilize resources to design a response and hypothesize a desired outcome. Individuals may find themselves at various junctions of these quadrants over a lifespan. These four quadrants provide “requisite variety” to navigate individual ontology as they move into and out of fluid spaces we often call instability during a time of transition. In this chapter, we identified social, cognitive, psychological, and behavioral factors that contribute to thriving transition experiences, embracing dynamic stability. Two new constructs were developed, the first measures the receptivity to change, Transformation Quotient (TQ) and second measures the range of responses to transitions from surviving to thriving, Thriving Transitional Experiences (TTE). We hope our work will pave the way for Thriving to become a “normal” outcome of experiencing change by transforming the lexicon and expectation of engaging with transitions.