Published : 2022-03-30

Using natural language analysis of product reviews to detect features contributing to life cycle price decline

Abstract

As product life cycles become shorter, rates of price decline are accelerating. This study examined online reviews and used natural language processing and multiple regression analyses to identify the determinants that influence the rate of price decline in digital cameras. The coefficients for the external factors of portability, lens, and video were significantly positive, and the coefficients for battery, hold feel, underwater, and correction were significantly negative. Our proposed methodology can be employed for differentiation and product development strategies. Design, which has attracted attention in recent years in the context of value creation, did not affect the rate of price decline, suggesting that a full-scale re-examination of differentiation and product development strategies is imperative. This approach can be applied to product and marketing strategies.

Keywords:

hedonic approach, quantitative analysis, price rate, word-of-mouth communication, product strategy, natural language processing



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Suzuki, T. ., & Gemba, K. . (2022). Using natural language analysis of product reviews to detect features contributing to life cycle price decline. Forum Scientiae Oeconomia, 10(1), 68–80. https://doi.org/10.23762/FSO_VOL10_NO1_4

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