Chrome Extension
WeChat Mini Program
Use on ChatGLM

Determining the attractiveness of innovative projects within quasi-structures based on a conjoint approach

Marketing and Digital Technologies(2020)

Cited 1|Views0
No score
Abstract
The aim of the article. The purpose is to develop innovative projects attractiveness criteria within quasi-integration structures based on conjoint procedures of data collection and analyzing. The results of the analyses. The restoration of Ukrainian industrial enterprises is seen through the creation and development of quasi-integration structures (QIS) on their basis. QIS is a voluntary spatial partnership of cooperative manufacturing and scientific institutions on the basis of integrated use of available resources aimed at achieving the highest economic efficiency and strengthening market positions. The development of industrial QIS is possible through the implementation of innovative projects within it. It is established that innovative projects are accompanied by general and specific marketing risks. The methodology for evaluating the eligibility of innovative projects was tested on a real project within the cluster "No Way". It is suggested to estimate the attractiveness of innovative projects in several stages. Initially, experts from the quasi-integration structure and those who are specialists in the market for engineering products were interviewed. The examination was conducted on the basis of the use of the method of conjoint analysis. The results showed that the participants of the quasi-integration structure are more confident in the success of innovative projects, which is a significant impetus for the joint effort. The conclusion is made about the innovative orientation of quasi-integration structures. The specific marketing risks of innovative products were further identified, namely the risks: market rejection of new technologies; the negative reaction of the market to the discrepancy between the declared and actual characteristics of innovative products; "Copying" products by competitors; refusal to purchase due to consumer uncertainty in reliable warranty and after-sales service; erroneous pricing; large financial losses when leaving the market. Next, an analytical model of the objective function of assessing the acceptability of the innovation project was formed. Various scenarios of obtaining financial results from the implementation of the project with consideration of the marketing risks are considered and the acceptability of the innovative project within the cluster "Without joints path" is evaluated. In particular, the choice of the optimal price for innovative products within the cluster was made using the Brand-Price-Trade-Off method. The likelihood of different scenarios of generating revenue from project implementation was estimated using a conjoint-analysis with an incomplete orthogonal plan. The proposed Expected Internal Rate of Return was compared to the hurdle rate. It is found that the Expected Internal Rate of Return is greater than the hurdle rate. Therefore, it was concluded that it is advisable to invest the project. Conclusions and perspectives for further research. According to the results of the research of the innovation-technological project "Without joints path", we can conclude that the motivation of creating quasi-integration structures is the innovation orientation of the participating companies. Quasi-integration tendencies are driven by a desire to protect and strengthen market positions in a strategic perspective. This is confirmed by the difference in the attitude of the cluster's external and internal experts regarding new for the market and new for the company products Conducted qualitative marketing researches have allowed identifying marketing risks for innovation-investment projects. Based on these, the potential losses from marketing risks and the likelihood of different levels of cash flow input are estimated. The conjoint procedure in the practice of managerial decision-making has shown its effectiveness. However, the implementation of conjoint methods in operationalizing the assessment of marketing risks and their verification requires further investigation. Keywords: conjoint analysis, quasi-integration structure, innovation project, marketing risks, cluster. DOI: 10.15276/mdt.4.1.2020.2 Luce R.D., Tukey J.W. (1964) Simultaneous Conjoint Measurement: A New Type of Fundamental Measurement. Journal of Mathematical Psychology, no. 1, рр. 1–27. Krantz H., Luce R., Suppes P., Tversky A. (1971) Foundations of Measurement. NY: Academic Press. Green P., Rao V. (1971) Conjoint Measurement for Quantifying Judgmentпеal Data. Journal of Marketing Research, no. 8, рр. 355–363. 4. Green P., Srinivasan V. (1990) Conjoint analysis in marketing: new developments with implications for research and practice. Journal of marketing, 54(4), рр.3–19. 5. Hauser J., Rao V. (2004) Conjoint analysis, related modeling, and applications. Marketing Research and Modeling: Progress and Prospects, 14, рр. 141–168. Steiner M., Meißner M. (2018) A User’s Guide to the Galaxy of Conjoint Analysis and Compositional Preference Measurement. Marketing ZFP - Journal of Research and Management, no. 40(2), рр. 3–25. Green P., Krieger A., Wind Y. (2001) Thirty Years of Conjoint Analysis: Reflections and Prospects. Marketing Engineering, no. 31(3), рр. 56–73. Malhotra N., Birks D. (2007) Marketing Research: an applied approach: 3rd European Edition. Harlow, UK: Pearson Education. Wittink D., Krishnalnurthi L. Aggregation issues in conjoint analysis. Available at: https://www.gsb.stanford.edu/faculty-research/working-papers/aggregation-issues-conjoint-analysis (accessed 15 January 2020). 1 Merton R., Kendall P. (1946) The focused interview. American Journal of Sociology, no. 51, рр. 541–557. Solntsev S., Ovchynnikova A. (2013) Model of Assessment of Marketing Risks in Investment Projects. Biznes Inform [Business Inform], no. 12, рр. 105–110. Cherenkov A. (1999) Application of the method of conjoint analysis marketing study. Marketing i marketingovyye issledovaniya v Rossii [Marketing in Russia and abroad], no. 4, рр. 24-28. 13. Van Horne J., Wachowicz J. (2008) Fundamentals of financial management, 13th edition. Pearson Education: Prentice-Hall.
More
Translated text
Key words
innovative projects,quasi-structures
AI Read Science
Must-Reading Tree
Example
Generate MRT to find the research sequence of this paper
Chat Paper
Summary is being generated by the instructions you defined