Management science in the era of smart consumer products: challenges and research perspectives |
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| Authors: | Herbert Dawid Reinhold Decker Thomas Hermann Hermann Jahnke Wilhelm Klat Rolf König Christian Stummer |
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| Institution: | 1.Chair of Economic Theory and Computational Economics,Bielefeld University,Bielefeld,Germany;2.Chair of Marketing,Bielefeld University,Bielefeld,Germany;3.Ambient Intelligence Group, Cluster of Excellence - Cognitive Interaction Technology (CITEC),Bielefeld University,Bielefeld,Germany;4.Chair of Management Accounting and Operations Management,Bielefeld University,Bielefeld,Germany;5.Institute for Technological Innovation, Market Development, and Entrepreneurship (iTIME),Bielefeld University,Bielefeld,Germany;6.Chair of Business Taxation,Bielefeld University,Bielefeld,Germany;7.Chair of Innovation and Technology Management,Bielefeld University,Bielefeld,Germany |
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| Abstract: | Smart products not only provide novel functionalities, but also may establish new business models, markets, or distribution channels, strengthen relationships with consumers, and/or add smart remote services. While many technical obstacles of such products have already been overcome, the broad market dissemination of smart products still poses some vital managerial challenges for decision makers. In this paper, we outline the technical potential and future trends of smart consumer products, discuss economic challenges in four scopes, namely, preference-based new product development, market analysis, supply chain design, and industry development, and, in particular, we highlight research perspectives for management science in this promising field. |
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