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Delphi method application for evaluation of innovative product development scenario

Author

Listed:
  • Eligijus Toločka

    (Vilnius Gediminas Technical University (VILNIUS TECH), Lithuania)

  • Augustinas Maceika

    (Vilnius Gediminas Technical University (VILNIUS TECH), Lithuania)

Abstract

The authors had the idea to apply the Delphi method to evaluate innovative product development scenarios. For this purpose, questionnaires were prepared, and two rounds of the investigation were carried out, in which 30 experts participated as the respondents to evaluate factors related to innovative product development scenarios. A set of the factors and sub-factors to be assessed was selected for the research. This set was formed as the basis from the paper's authors' collected and summarised data. After analysis of obtained research results, it was found that the successful introduction of an innovative product to the market, strategic agility, and reduction of uncertainty scenario is favourable. Also, it was found that there is a significant difference in the experts' opinions on what parameters should be a priority. The options have to rely on a few experts' opinions to evaluate objectively and select the best innovative product development scenario. Then, using their average evaluation as a basis for possible options selection is good. Based on the research results, a model of innovative product development and implementation using scenarios was created. This model describes a possible scenario development path choice, scenario development, evaluation, selection, adaptation and implementation. In the article, the authors also suggest adopting the concept of green innovation in product development, as green innovation positively impacts the growth of the modern economy.

Suggested Citation

  • Eligijus Toločka & Augustinas Maceika, 2024. "Delphi method application for evaluation of innovative product development scenario," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 11(3), pages 37-49, March.
    • Handle: RePEc:ssi:jouesi:v:11:y:2024:i:3:p:37-49
    DOI: 10.9770/jesi.2024.11.3(3)
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    References listed on IDEAS

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    1. Rūta Banelienė & Rolandas Strazdas, 2023. "Green Innovation for Competitiveness: Impact on GDP Growth in the European Union," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 17(1), March.
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    More about this item

    Keywords

    Delphi method; innovative product; development; scenario; green innovation;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • J28 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Safety; Job Satisfaction; Related Public Policy
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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