Product feature and functionality driven integrated framework for product commercialization in presence of qualitative consumer reviews

Abstract

The purpose of this research is to aid manufacturers operating in multiple market segments (characterised by a number of product variants) to formulate and synchronise their product commercialisation strategy. Product commercialisation is primarily characterised by upgrading/launching product features aimed at meeting customer’s preferences, while at the same time, enabling the enterprise to achieve its major commercial objectives. Firstly, by employing the semi-automated crowd sourcing-based approach and considering qualitative customer evaluations, customer-preferred product features have been identified and their relative weights determined. Thereafter, a detailed mixed integer quadratic programming formulation has been evolved taking into account pertinent commercial objectives of the enterprise and engineering-level constraints of the product. The developed formulation has been solved using the Branch and Cut method of commercial solver, LINGO. Detailed sensitivity analysis has been carried out, followed by populating key managerial insights. The proposed framework has been illustrated using a real-life case example of operator cabin used in heavy construction equipment industry. Our focus has been on development and illustration of devised framework; hence, the superiority of results has not been claimed. Better results may be obtained using other heuristics/algorithms.