Time in market: using data mining technologies to measure product lifecycles
Time in Market (TIM) is a metric to describe the time period of a product from its market entry to its decline and disappearance from the market. The concept is often used implicit to describe the acceleration of product life cycles, innovation cycles and is an essential part of the product life cycle concept. It can be assumed that time in markets is an important indicator for manufacturers and marketers to plan and evaluate their market success. Moreover, time in markets are necessary to measure the speed of product life cycles and their implication for the general development of product lifetime. This article’s major contributions are to presenting (1) time in markets as a highly relevant concept for the assessment of product life cycles, although the indicator has received little attention so far, (2) explaining an automated internet-based data mining approach to gather semi-structured product data from 5 German internet shops for electronic consumer goods and (3) presenting initial insights for a period of a half to one year on market data for smartphones. It will turn out that longer periods of time are needed to obtain significant data on time in markets, nevertheless initial results show a high product rollover rate of 40-45% within one year and present a time in market below 100 days for at least 16% of the captured products. Due to the current state of work, this article is addressed to researchers already engaged in data mining or interested in the application of it.
Is Part Of
Published in: PLATE – Product lifetimes and the environment : 3rd PLATE Conference, September 18–20, 2019 Berlin, Germany, Universitätsverlag der TU Berlin
Published by ISBN 978-3-7983-3125-9