Abstract
A mathematical approach is developed to model product characteristics in demand functions that considers the complexities of time, technological change, and consumer preferences. Changing product characteristics are represented by assigning a new set of attributes desired by the consumer. A demand function, which allows for intertemporal changes in product attributes and consumer preferences, is simulated. Incorporating new product development in contemporary business simulations allows a number of enrichments. These include direct market influences from technology and intertemporal changes in consumer tastes, the creation of market segment diversity in a single product simulation, creating a structure permitting firms to target specific markets with different characteristics, including fact-based data for use in customer satisfaction surveys, and the creation of a modeling approach that introduces quality factors as attributes in a simulated demand function.
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