Marketing Innovation Management
The vast majority of new products fail when introduced to the market (around 80%). This course is about learning how to create innovative ideas that are likely to succeed in the market. It is also about learning how to make “smart bets”: developing a range of concepts for the innovative idea, and then deciding which one/s are worth investing in, and why.
Marketing innovation is defined as “the implementation of new marketing practices involving significant changes in the design, packaging, distribution, promotion or pricing of a product or service” (Purchase and Volery 2020). This course will focus on the product-related marketing activities involved in the marketing innovation process, and includes trends, understanding customer needs, creative idea generation, concept testing, as well as the design and advertising of a new product. Although the primary focus of the course is on physical products, much of the material is also relevant for the design of new services.
This course will focus the logic and structure of an innovation process, the way it typically takes place in organizations. It typically starts with an identification and description of a business problem/opportunity identified by trends in the market, which clarifies and defines the goal for a new marketing concept. The next stage is a creative idea generation process, wherein a number of concept ideas are identified, and a sub-selection of them selected for further development. The selected concepts are then shown to potential customers for estimating the market potential involved with the concept/s. The course culminates in a presentation of a business case there the financial potential of the new concept is estimated on the basis of estimated costs, sales, profit margin and revenue.
The objective of this course is to provide students with the capabilities to create innovative products concepts and to make “smart bets” with regards to them, i.e., knowing which product concepts are worth investing in, and why. The aim is to combine the insights provided by trends and market research with the strategic considerations involved in the development of a new product. The students will learn how to present and argue for their business case, both in oral presentations and in a written term paper.
Students will work on a project analyzing a specific opportunity (business case), performing the selected steps involved in the process of new product development, and develop a recommendation and product launch strategy for the product.
The learning goals of the course are:
- Discovering ideas for new products using trends and specific company problems/opportunities
- Creating an innovative product concept/set of concepts utilizing creativity techniques
- Developing a product concept and defending a strategy for a new product
- Integrating creativity and concept testing with financial data to demonstrate that the concept is a “smart bet”, i.e., a concept that would be worth investing in.
Students are expected to have basic communication and presentation skills so that they can successfully complete the oral presentations and the written term paper.
The course is divided into 4 sections:
- Trends and their role in innovation projects
- Creativity and idea generation in marketing innovation
- Concept development and concept testing
- Developing a business case
The lectures in the course are as follows:
1. Marketing Innovation defined. Deep-dive into trends. Course outline. Term paper.
2. Marketing innovation funnel. Identification and analysis of a business (marketing) problem
3. Creativity and idea generation
4. Student presentations of business problem and idea (5-10 minutes pitch)
5. Concept development
6. Concept testing
7. Effect estimation and business case. Planning.
8. Marketing innovation in practice. Company case or guest lecture.
9. Student presentation of innovation project – business style (15 minutes)
10. Student presentation of innovation project – business style (15 minutes)
This is an excerpt from the complete course description for the course. If you are an active student at BI, you can find the complete course descriptions with information on eg. learning goals, learning process, curriculum and exam at portal.bi.no. We reserve the right to make changes to this description.