An integrative product line redesign approach for modular engineering products within a competitive market space: a multi-objective perspective

Abstract

The purpose of this research is to aid enterprises to redesign their existing product line from the standpoint of two critical competitive dimensions i.e. time to market (TTM) and market share. An integrative methodology for product line redesign is evolved that sews together aspects related to product functionality, modularity and competitive market segments. Firstly, the existing level functionality of a multi-modular product is established employing the functional analysis systems technique for the given manufacturer under consideration and other market players. Thereafter, product premium and TTM functions for respective modules in terms of the linear relationships are established. Further, a detailed mathematical model is evolved where the two objective functions related to minimisation of TTM and maximisation of the product premium are formulated. The constraints in the devised optimisation model pertain to market segment, product profile, engineering design and non-negativity and integrality considerations. Finally, employing the non-dominated sorting genetic algorithm (NSGA-II), the devised model is solved that yields a number of Pareto-optimal redesigned products for the three market segments under consideration. Analysis of the results yields several managerial insights that are discussed. The devised framework is illustrated employing a real-life case of Black and Decker’s power tool product line.