Strategy and Marketing
Innovation and New Product Development
Module code: N1587
Level 6
15 credits in spring semester
Teaching method: Workshop
Assessment modes: Computer based exam, Coursework
On this module, you’ll learn how important it is for organisations to continuously develop new and improved products so they are not left behind in the market.
Focusing on the service sector, this module will cover both the analytical and practical management aspects of the product/service design process. You’ll connect the theoretical foundations of innovation management with the practical application of design thinking in industry and commerce.
You’ll also consider the risks involved in product development and why many new products fail, exploring the key challenges organisations face at each stage of the development process.
Through lecturers, case studies and practical exercises, you’ll gain an understanding of effective innovation strategies, looking at the tools and techniques employed by firms to develop new products and take them to market.
We’ll cover:
- product planning
- the produce design process
- screening
- concept development and testing
- portfolio management
- managing NPD
- testing and 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.
- Demonstrate the ability to use various tools and techniques to generate new product ideas, to effectively screen and to evaluate these ideas