Technological Change and Intertemporal Movements in Consumer Preferences in the Design of Computerized Business Simulations with Market Segmentation
AbstractA mathematical approach is developed to model new products in demand functions that takes into consideration the complexities of time, technological change and consumer preferences. The demand function was found to behave in a consistent and stable manner. Incorporating new product development in contemporary business simulations allows for a number of enrichments including: the inclusion of direct market influences from technology as well as intertemporal changes in consumer preferences; creation of market segment diversity in a single product simulation; structure that permits firms to target specific markets with different characteristics, inclusion of fact-based data for customer satisfaction surveys; and modeling of other quality factors to be set up as attributes in the simulated demand function.
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