A Space of Apt Product Designs Based on Market Information

This paper describes procedures that can be adopted during product development, so that there is a higher chance that new products are properly designed before being placed on the market. To implement the suggested procedures, market data are first obtained, then processed in a specified way for the new products to reflect relevant market information. This means putting into use suitable data-processing algorithms and information technologies, based on the type of collected information. The text deals with two information scenarios in this regard, the first assuming that not much is known about customers’ desires and the second working with larger amounts of more specific customer data. While the former requires a more sophisticated approach to product design, theoretically speaking, the latter is simpler to handle from the theoretical point of view, but potentially less so from a practical perspective, given the amounts of data. These theoretical and practical problems are discussed in what follows, and their possible solutions are presented.