Business and management studies
New Product Development Strategy
Module code: 950N1
Level 7 (Masters)
15 credits in spring semester
Teaching method: Workshop
Assessment modes: Unseen examination, Coursework
This course teaches you that without continuously developing new and improved products organisations will be left behind by the market. You will see why product development is a risky business and why many new products fail as well as discussing the main issues faced by firms at each stage of the development processe.
Through lecturers, case studies and the use of practical exercise you will gain an understanding of effective innovation strategies, the tools and techniques firms employ to develop into new products and tactics to take them to market. Whilst not guaranteeing success, this course will help you minimise the chances of failure in your future product development activities.
This course covers both the analytical and practical management aspects of the product/service design process. The course aims to relate the theoretical basis of the management of innovation with the practical application of design thinking in industry and commerce.
It will be heavily centred on the service sector.
- Product planning
- The produce design process
- Concept development & testing
- Portfolio management
- Managing NPD
- Testing & market research
- Commercialisation strategies
- Success factors for new products
- Measuring innovation performance
Module learning outcomes
- Critically appraise the role of NPD to a firms strategy and performance
- Analyse the process by which firms turn product concepts into finished products
- Explain how to introduce new products to the marketplace and evaluate the factors underlying the success or failure of new products.
- The ability to use design thinking to create new product ideas, to effectively screen and to evaluate these ideas