In this paper, a new concept selection method is proposed and its application is demonstrated. The utility theory based proposed method formulates the concept selection problem as a multi-stage decision. The proposed method has improvements in its ease of use, and accounting for potentially coupled decisions in comparison to other methods found in the literature. We first present a comprehensive review of the existing concept selection methods, and then explain the proposed approach. The paper concludes with its application on a case study along with recommendations for future work.