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Identification of time-evolving product opportunities via social media mining

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  • Choi, Jaewoong
  • Oh, Seunghyun
  • Yoon, Janghyeok
  • Lee, Jae-Min
  • Coh, Byoung-Youl

Abstract

This study suggests a social media mining approach for identifying time-evolving product opportunities for product improvement, customer complaint management, and competitive intelligence via event detection and tracking (EDT) and sentiment analysis. This approach applies an aging theory-based EDT algorithm to online product reviews to detect the creation of customer-stated events as groups of similar reviews and track their growth and extinction. Next, the approach uses sentiment analysis and an opportunity algorithm to evaluate time-evolving events and provides quantified clues regarding product-development directions based on events with high opportunity. To show the workings of the proposed approach, a case study involving smart speakers is presented. We expect that the approach will contribute to identifying time-evolving product opportunities from large-scale social-media data in addition to enabling the real-time monitoring of customer needs in rapidly evolving product environments.

Suggested Citation

  • Choi, Jaewoong & Oh, Seunghyun & Yoon, Janghyeok & Lee, Jae-Min & Coh, Byoung-Youl, 2020. "Identification of time-evolving product opportunities via social media mining," Technological Forecasting and Social Change, Elsevier, vol. 156(C).
    • Handle: RePEc:eee:tefoso:v:156:y:2020:i:c:s0040162519321043
    DOI: 10.1016/j.techfore.2020.120045
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    References listed on IDEAS

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    1. Bomi Song & Changyong Lee & Byungun Yoon & Yongtae Park, 2016. "Diagnosing service quality using customer reviews: an index approach based on sentiment and gap analyses," Service Business, Springer;Pan-Pacific Business Association, vol. 10(4), pages 775-798, December.
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    5. Bashir, Naheed & Papamichail, K.Nadia & Malik, Khaleel, 2017. "Use of Social Media Applications for Supporting New Product Development Processes in Multinational Corporations," Technological Forecasting and Social Change, Elsevier, vol. 120(C), pages 176-183.
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    Cited by:

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    3. Rakshit, Sandip & Mondal, Sandeep & Islam, Nazrul & Jasimuddin, Sajjad & Zhang, Zuopeng, 2021. "Social media and the new product development during COVID-19: An integrated model for SMEs," Technological Forecasting and Social Change, Elsevier, vol. 170(C).
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    6. Fredström, Ashkan & Parida, Vinit & Wincent, Joakim & Sjödin, David & Oghazi, Pejvak, 2022. "What is the Market Value of Artificial Intelligence and Machine Learning? The Role of Innovativeness and Collaboration for Performance," Technological Forecasting and Social Change, Elsevier, vol. 180(C).

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