Sourcing, filtering, and evaluating new product ideas: An empirical exploration of the performance of idea markets

Journal of Product Innovation Management

Volumn 29, Issue 1, 2012, Pages 100-112

  Soukhoroukova, Arina ^b   Spann, Martin ^a   Skiera, Bernd ^b  

^a UNIVERSITY OF MUNICH   (Germany)

^b NONE

Author keywords

[No Author keywords available]

Indexed keywords

BUSINESS TO BUSINESS; DISTRIBUTED KNOWLEDGE; FIELD STUDIES; FUZZY FRONT END; INTERACTIVITY; INTERCONNECTIVITY; INTERNET BASED; NEW FORMS; NEW PRODUCT; NEW PRODUCT DEVELOPMENT; VIRTUAL MARKETPLACE;

COMMERCE; HUMAN RESOURCE MANAGEMENT; INTERNET;

PRODUCT DEVELOPMENT;

EID: 80155206524     PISSN: 07376782     EISSN: 15405885     Source Type: Journal    
DOI: 10.1111/j.1540-5885.2011.00881.x     Document Type: Article

References (65)

1. Armstrong, J. S., ed. 2001. Principles of forecasting. Dordrecht, the Netherlands: Kluwer Academic Publishers.
2. Ataman, M. B., C. F. Mela, and, H. J. van Heerde,. 2008. Building brands. Marketing Science 27 (6): 1036-1054.
3. Barczak, G., A. Griffin, and, K. B. Kahn,. 2009. Perspective: Trends and drivers of success in NPD practices: Results of the 2003 PDMA best practices study. Journal of Product Innovation Management 26 (1): 3-23.
4. Berg, J. E., F. D. Nelson, and, T. A. Rietz,. 2008. Prediction market accuracy in the long run. International Journal of Forecasting 24 (2): 283-298.
5. Bhide, A., 1994. How entrepreneurs craft strategies that work. Harvard Business Review 72 (2): 19-25.
6. Burt, R. S., 2004. Structural holes and good ideas. The American Journal of Sociology 110 (2): 349-399. (Pubitemid 39567637)
7. Calantone, R. J., C. A. di Benedetto, and, J. B. Schmidt,. 1999. Using the analytic hierarchy process in new product screening. Journal of Product Innovation Management 16 (1): 65-76.
8. Carson, S. J., 2007. When to give up control of outsourced new product development. Journal of Marketing 71 (1): 49-66.
9. Chesbrough, H. W., 2003. Open innovation. The new imperative for creating and profiting from technology. Cambridge, MA: Harvard Business School Press.
10. Cooper, R. G., 2008. Perspective: The stage-gates idea-to-launch process-update, what's new, and NexGen systems. Journal of Product Innovation Management 25 (3): 213-232. (Pubitemid 351430387)
11. Cooper, R. G., and, U. de Brentani,. 1984. Criteria for screening new industrial products. Industrial Marketing Management 13 (3): 149-156.
12. Crawford, M., and, A. Di Benedetto,. 2006. New products management. Boston: McGraw Hill.
13. Dahan, E., and, J. R. Hauser,. 2002. The virtual customer. Journal of Product Innovation Management 19 (5): 332-353.
14. Dahan, E., A. Kim, A. W. Lo, T. Poggio, and, N. T. Chan,. 2011. Securities trading of concepts (STOC). Journal of Marketing Research 48 (3): 497-517.
15. Dahan, E., A. Soukhoroukova, and, M. Spann,. 2010. New product development 2.0: Preference markets. How scalable securities markets identify winning product concepts & attributes. Journal of Product Innovation Management 27 (7): 937-954.
16. Daim, T. U., G. Rueda, H. Martin, and, P. Gerdsri,. 2005. Forecasting emerging technologies: Use of bibliometrics and patent analysis. Technological Forecasting & Social Change 73 (8): 981-1012.
17. Diehl, M., and, W. Stroebe,. 1987. Productivity loss in brainstorming groups. Journal of Personality and Social Psychology 53 (3): 497-509.
18. Elberse, A., 2007. The power of stars: Do star actors drive the success of movies? Journal of Marketing 71 (4): 102-120.
19. Fama, E. F., 1970. Efficient capital markets: A review of theory and empirical work. Journal of Finance 25 (2): 383-417.
20. Forsythe, R., F. Nelson, G. R. Neumann, and, J. Wright,. 1992. Anatomy of an experimental political stock market. American Economic Review 82 (5): 1142-1161.
21. Foutz, N. Z., and, W. Jank,. 2010. Prerelease demand forecasting for motion pictures using functional shape analysis of virtual stock markets. Marketing Science 29 (3): 568-579.
22. Franke, N., P. Keinz, and, M. Schreier,. 2008. Complementing mass customization toolkits with user communities: How peer input improves customer self-design. Journal of Product Innovation Management 25 (6): 546-559.
23. Franke, N., E. von Hippel, and, M. Schreier,. 2006. Finding commercially attractive user innovations: A test of lead-user theory. Journal of Product Innovation Management 23 (4): 301-315. (Pubitemid 43936891)
24. Garfield, M. J., N. J. Taylor, A. R. Dennis, and, J. W. Satzinger,. 2001. Modifying paradigms-individual differences, creativity techniques, and exposure to ideas in group idea generation. Information Systems Research 12 (3): 322-333.
25. Goldenberg, J., D. R. Lehmann, and, D. Mazursky,. 2001. The idea itself and the circumstances of its emergence as predictors of new product success. Management Science 47 (1): 69-84. (Pubitemid 34191963)
26. Goldenberg, J., D. Mazursky, and, S. Solomon,. 1999. Toward identifying the inventive templates of new products: A channeled ideation approach. Journal of Marketing Research 36 (2): 200-210.
27. Griffiths-Hemans, J., and, R. Grover,. 2006. Setting the stage for creative new products: Investigating the idea fruition process. Journal of the Academy of Marketing Science 34 (1): 27-39. (Pubitemid 43075703)
28. Gruca, T. S., J. E. Berg, and, M. Cipriano,. 2003. The effect of electronic markets on forecasts of new product success. Information Systems Frontiers 5 (1): 95-105.
29. Hahn, B., and, P. Tetlock, ed. 2006. Information markets: A new way of making decisions. Washington, DC: AEI-Brookings Press.
30. Hargadon, A., and, R. I. Sutton,. 1997. Technology brokering and innovation in a product development firm. Administration Science Quarterly 42 (4): 716-749.
31. Joshi, A. W., and, S. Sharma,. 2004. Customer knowledge development: Antecedents and impact on new product performance. Journal of Marketing 68 (4): 47-59. (Pubitemid 39508310)
32. Kim, J., and, D. Wilemon,. 2002. Focusing the fuzzy front-end in new product development. R&D Management 32 (4): 269-279.
33. Klink, R. R., and, G. A. Athaide,. 2006. An illustration of potential sources of concept-test error. Journal of Product Innovation Management 23 (4): 359-370. (Pubitemid 43936895)
34. Kumar, N., L. W. Stern, and, J. C. Anderson,. 1993. Conducting interorganizational research using key informants. Academy of Management Journal 36 (6): 1633-1651.
35. LaComb, C. A., J. A. Barnett, and, Q. Pan,. 2007. The imagination market. Information Systems Frontiers 9 (2/3): 245-256. (Pubitemid 46897543)
36. Luckner, S., and, C. Weinhardt,. 2007. How to pay traders in information markets: Results from a field experiment. Journal of Prediction Markets 1 (2): 147-156.
37. Madhaven, R., and, R. Grover,. 1998. From embedded knowledge to embodied knowledge: New product development as knowledge management. Journal of Marketing 62 (4): 1-12.
38. Majchrzak, A., L. P. Cooper, and, O. E. Neece,. 2004. Knowledge reuse for innovation. Management Science 50 (2): 174-188.
39. Mangold, B., M. Dooley, R. Dornfest, G. W. Flake, H. Hoffman, T. Kasturi, and, D. M. Pennock,. 2005. The tech buzz game. IEEE Computer 38 (7): 94-97. (Pubitemid 41055317)
40. Montoya-Weiss, M. M., and, T. M. O'Driscoll,. 2000. From experience: Applying performance support technology in the fuzzy front end. Journal of Product Innovation Management 17 (2): 143-161. (Pubitemid 30572157)
41. Moreau, C. P., D. R. Lehmann, and, A. B. Markman,. 2001. Entrenched knowledge structures and consumer response to new products. Journal of Marketing Research 38 (2): 14-19.
42. Ozer, M., 2002. What do we know about new product idea selection? Working paper, City University of Hong Kong.
43. Ozer, M., 2005. Factors which influence decision making in new product evaluation. European Journal of Operational Research 163 (3): 784-801.
44. Piller, F. T., and, D. Walcher,. 2006. Toolkits for idea competitions: A novel method to integrate users in new product development. R&D Management 36 (3): 307-318. (Pubitemid 43824126)
45. Pinsonneault, A., and, S. Rivard,. 1998. Information technology and the nature of managerial work: From the productivity paradox to the Icarus paradox? MIS Quarterly 22 (3): 287-311.
46. Reid, S. E., and, U. de Brentani,. 2004. The fuzzy front end of new product development for discontinuous innovations: A theoretical model. Journal of Product Innovation Management 21 (3): 170-184.
47. Rowe, G., and, G. Wright,. 1999. The Delphi technique as a forecasting tool: Issues and analysis. International Journal of Forecasting 15 (4): 353-375.
48. Schreier, M., S. Oberhauser, and, R. Prügl,. 2007. Lead users and the adoption and diffusion of new products: Insights from two extreme sports communities. Marketing Letters 18 (1-2): 15-30.
49. Schreier, M., and, R. Prügl,. 2008. Extending lead-user theory: Antecedents and consequences of consumers' lead userness. Journal of Product Innovation Management 25 (4): 331-346. (Pubitemid 351717754)
50. Servan-Schreiber, E., D. M. Pennock, J. Wolfers, and, B. Galebach,. 2004. Prediction markets: Does money matter? Electronic Markets 14 (3): 1-10.
51. Simonton, D. K., 1999. Origins of genius: Darwinian perspectives on creativity. New York: Oxford University Press.
52. Smith, V. L., G. L. Suchanek, and, A. W. Williams,. 1988. Bubbles, crashes and endogenous expectations in experimental spot asset markets. Econometrica: Journal of the Econometric Society 56 (5): 1119-1151.
53. Soukhoroukova, A., M. Spann, and, B. Skiera,. 2007. Creating new product ideas with idea markets. Paper presented at AMA's 18th Annual Advanced Research Techniques Forum (ART Forum), Sante Fe, New Mexico.
54. Spann, M., and, B. Skiera,. 2003. Internet-based virtual stock markets for business forecasting. Management Science 49 (10): 1310-1326.
55. Spann, M., and, B. Skiera,. 2009. Sports forecasting: A comparison of the forecast accuracy of prediction markets, betting odds and tipsters. Journal of Forecasting 28 (1): 55-72.
56. Spann, M., H. Ernst, B. Skiera, and, J. H. Soll,. 2009. Identification of lead users for consumer products via virtual stock markets. Journal of Product Innovation Management 26 (3): 322-335.
57. Terwiesch, C., and, Y. Xu,. 2008. Innovation contests, open innovation, and multiagent problem solving. Management Science 54 (9): 1529-1543.
58. Toubia, O., 2006. Idea generation, creativity, and incentives. Marketing Science 25 (5): 411-425. (Pubitemid 44664554)
59. Urban, G. I., and, J. R. Hauser,. 1993. Design and marketing of new products (2nd ed.). Upper Saddle River, NJ: Prentice-Hall.
60. van Bruggen, G. H., G. L. Lilien, and, M. Kacker,. 2002. Informants in organizational marketing research: Why use multiple informants and how to aggregate responses. Journal of Marketing Research 39 (4): 469-478.
61. van Dijk, C., and, J. van den Ende,. 2002. Suggestion systems: Transferring employee creativity into practicable ideas. R&D Management 32 (5): 387-395.
62. von Hayek, F. A., 1945. The use of knowledge in society. American Economic Review 35 (4): 519-530.
63. von Hippel, E., 2005. Democratizing innovation. Cambridge, MA: MIT Press.
64. Wierenga, B., G. H. van Bruggen, and, R. Staelin,. 1999. The success of marketing management support systems. Marketing Science 18 (3): 196-207.
65. Wolfers, J., and, E. Zitzewitz,. 2004. Prediction markets. Journal of Economic Perspectives 18 (2): 107-126. (Pubitemid 39057292)