Delphi method application for evaluation of innovative product development scenario

Eligijus Toločka () and Augustinas Maceika ()
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Eligijus Toločka: Vilnius Gediminas Technical University (VILNIUS TECH), Lithuania
Augustinas Maceika: Vilnius Gediminas Technical University (VILNIUS TECH), Lithuania

Entrepreneurship and Sustainability Issues, 2024, vol. 11, issue 3, 37-49

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.

Keywords: Delphi method; innovative product; development; scenario; green innovation (search for similar items in EconPapers)
JEL-codes: D22 D24 J28 O14 O31 O33 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ssi:jouesi:v:11:y:2024:i:3:p:37-49

DOI: 10.9770/jesi.2024.11.3(3)

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