本研究從實質選擇權的觀點，說明廠商爲何、以及如何採取漸進式的策略來發展其產品通路。過去文獻中不乏從交易成本理論、資源基礎理論和網絡理論來探討廠商的通路發展策略，本研究乃是首次將實質選擇權的概念應用在行銷之通路發展，我們提出時間價值的概念來分析廠商的決策，並整合交易成本理論、資源基礎理論和網絡理論，使得分析更具說服力和完整。本文定義“漸進式通路發展決策”乃一連串連續、階段性的成長選擇權，廠商在面對外部環境的不確定性時會產生不同程度的時間價值的認知，進而採取不同涉入程度的“踏腳石”投資（捨延遲選擇權而採成長選擇權），而廠商的行銷能力、資產專屬性和網絡相嵌度在本研究中則視爲調節變項，會負向影響時間價值對涉入程度和漸進式速度的作用。在文末我們也會談及管理意涵，並提出未來研究建議。

This paper explains why and how a firm formulates its strategy of incremental channel development for its new products from the perspectives of real option value, incorporated with the conventional views of resource-based view, transaction cost economies and network embeddedness. This study defines incremental channel development as a series of sequentially staged growth options, and examines its determinants and moderating factors. This study proposes that various sources of uncertainties (i.e. demand, technology and competition) will affect the value of real options and lead to an incremental build-up of channel involvement. This study also integrate RO, resource-based views (RBV) and transaction cost economics (TCE) to explain how a firm's capabilities, asset specificity and network embeddedness moderate the involvement and the pace of incremental channel development of new products. A firm's marketing capabilities, channel network embeddedness and perceived asset specificity with its collaborating channel partners will moderate the impact of option value on incremental channel development. The implications of this paper are also provided.