New Product Development and Service Innovation
This course is designed to expose students to the process of new product and service development and marketing's role in working with other functional areas such as R&D, finance, and manufacturing to develop products and services that customers want and need. Please note that references to "product" development issues below can also include service products.
The design of the course is meant to encourage discussion of the issues, theories and methods that are used in firms with the best new product development practices. The following topics will be covered:
- The New Product Development (NPD) Process and its implications for new product success.
- Innovation types and service innovation.
- Putting the Voice of the Customer into NPD: marketing research for large and small firms.
- Internal Marketing: product champions, resource procurement, and the political process in NPD.
- Organizing for NPD: cross-functional teams - interacting with other functional areas of the firm.
- Financial implications: estimating the costs and revenues from a new product.
- Branding and New Products: brand champions, design elements of the brand, and brand extensions.
- New Product Launch into the Market.
Learning outcome knowledge
The objective of the course is to train future marketing managers in the science of new product development, so that they can more effectively gather new ideas and turn them into profitable new products.
- Written assignment: 50%
- Presentation: 30%
- Class participation: 20%