In search of an appropriate market product based on the weighted-average multi-criteria decision making model

Abstract

The aim of the paper is to present a methodology of designing a product that will appeal to many customers with different needs and desires. Customer-specific product requirements is what lies at the root of the problem of what to produce, giving rise to discussions this paper is based on. The methodology draws on customer polls and the weighted-average multi-criteria decision-making model to describe several techniques of detecting what is desired by the market as well as a way of comparing the techniques. Since a model is used, the paper also introduces a measure of confidence in the model, so that practitioners working with the model have an idea to what extent they can trust it. Finally, since the methodology requires knowledge of bounds within which quantifiable product features should be sought, the paper explains how to get round the problem of not knowing the bounds exactly.