Most product development activities are aimed at improving existing products by successive generation policy. The launch of a new product is a phase of development that commands a large commitment of time, money, and managerial resources. Determination of optimal introduction time is especially critical for high-technology products, where the introduction of each successive generation of a product requires the firm to explicitly consider its impact on the demand for preceding generations. Each generation has unique expectations, experiences, generational history, lifestyles, values, and demographics that influence behavior of potential buyers. Accordingly, many companies are reaching out to multi-generational consumers and trying to understand and gain the attention of these diverse buyers. The timing decision depends on whether companies invest more time for product design or push the product to market before maturity. The study identifies attributes such as Customer's Adoption Indicator and Cost that affect the introduction time of new generation. To trade-off between two decision factors, multi-attribute utility theory (MAUT) is applied in our decision space. We examine the case where a firm introduces successive generations of a durable product for which demand is characterized by an innovation diffusion process. Empirical implications of the proposed model have been validated on data collected from two industries (Semiconductor Industry DRAM shipments and IBM Mainframe Industry (USA)).