A two phase multi-attribute decision-making approach for new product introduction

This study aims at improving the quality and effectiveness of decision-making in new product introduction. New product development has long been recognized as one of the corporate core functions to be competitive on an increasingly competitive global market. However, developing new products is a process involving risk and uncertainty. In order to solve this stochastic problem, companies need to evaluate their new product initiatives carefully and make accurate decisions. For this reason, a systematic decision process for selecting more rational new product ideas is proposed. Basically, two stages of decision-making are described: the identification of nondominated new product candidates and the selection of the best new product idea. These stages are composed of an integrated approach based on a fuzzy heuristic multi-attribute utility method and a hierarchical fuzzy TOPSIS method. Finally, an application is given to demonstrate the potential of the methodology.