Due to the technological developments around the world, the amount of information that researchers work on increases continuously. This information density contains incomplete and uncertain data that cannot be fully expressed with crisp numbers. Fuzzy sets, intuitionistic fuzzy sets, and neutrosophic sets are useful tools to manage such information, but these concepts use a symmetrical and uniform scale to express data, whereas real-life problems contain nonsymmetrical and non-uniform information. Intuitionistic multiplicative sets (IMSs) are effective tools for dealing with these real-life problems. However, IMSs cannot handle real-life problems completely because indeterminate information depends on membership and non-membership information of IMSs, which is a restriction for decision makers and also for decision problems. To overcome this limitation, this paper generalizes the IMSs by using simplified neutrosophic set and introduces a novel approach that is called simplified neutrosophic multiplicative sets (SNMSs). Firstly, we define SNMS, show their set-based operations, and then give a description of simplified neutrosophic multiplicative numbers (SNMNs). Based on SNMNs, we develop two simplified neutrosophic multiplicative aggregation operators on SNMNs that are called simplified neutrosophic multiplicative weighted arithmetic average operator and simplified neutrosophic multiplicative weighted geometric average operator. Furthermore, we define some simplified neutrosophic multiplicative distance measures. Finally, using a model based on water-filling algorithm for determining criteria weights, we give a numerical example to demonstrate the effectiveness of the introduced concept with the proposed simplified neutrosophic multiplicative simplified neutrosophic multiplicative-TODIM method.