New Product/Service Development Management
| Code | School | Level | Credits | Semesters |
| BUSI3044 | Business | 3 | 10 | Spring UK |
- Code
- BUSI3044
- School
- Business
- Level
- 3
- Credits
- 10
- Semesters
- Spring UK
Summary
The ability to develop and manage new product and services is crucial for the long-term survival of the firm and lies at the heart of the marketing concept. This module is designed to develop an appreciation of the latest theory and practice in the management and development of new products and services. This module aims to develop an understanding of new product and service development (NPSD) as a strategic process and will explore and apply a variety of approaches to its management. In particular it pays attention to the role of market research/marketing analytics, and new approaches to using the Internet and social media. The NPSD process models will be evaluated and this will include critiques of the ideation process/creativity, design, new product launch management and marketing communication strategies. In addition, contemporary themes around user innovation, co-creation, sustainability and international NPSD will be explored.
Target Students
Available to Part I or Part II undergraduate students, who are studying/have studiedBUSI2172/BUSI2159/BUSI2178/BUSI2040 Marketing Management OR BUSI2015 Introduction to Marketing. Also available to Exchange students.
Co-requisites
Modules you must take in the same academic year, or have taken in a previous year, to enrol in this module:
- Introduction to Marketing (BUSI2015)
- Marketing Management (BUSI2040)
- Marketing Management (BUSI2159)
- Marketing Management (BUSI2172)
- Marketing Management (BUSI2178)
Classes
- One 1-hour seminar
- One 1-hour-30-minute lecture each week for 10 weeks
Assessment
- 100% Coursework 1: 2000 words
Assessed by end of spring semester
Educational Aims
Innovative products and services are the lifeblood of the organisation in a competitive market place. Therefore, the aims of this module are:To understand the role of marketing in the development of innovative new products and services and the strategic importance of NPSD.To understand the specific challenges of the development of new services and compare those to manufactured goods.To investigate traditional and non-traditional market learning/ research techniques.To understand process models for managing NPSD including:- Ideation/ creativity.- Design.- New Product Launch/ Commercialisation.To understand contemporary challenges in NPSD, the role of social media and user innovation.To understand the importance of sustainable innovation.To apply learning to a multiplicity of contexts, e.g. the international context.Learning Outcomes
Knowledge and understanding
This module develops a knowledge and understanding of:
• The management of resources
• The development, management, application and implementation of information systems and their impact upon organisations
• The need for individuals and organisations to manage responsibly and sustainably and behave ethically in relation to social, cultural, economic and environmental issues
• The different approaches for segmentation, targeting, positioning, generating sales and the need for innovation in product and service design
• Taking innovative business ideas to create new products, services or organisations including the identification of Intellectual Property and appreciation of its value
• Management of the product innovation process.
• The role of market research and marketing analytics.
Intellectual skills
This module develops:
• The ability to analyse and evaluate a range of business data, sources of information and appropriate methodologies, which includes the need for strong digital literacy, and to use that research for evidence-based decision-making
• Conceptual and critical thinking, analysis, synthesis and evaluation
Professional practical skills
This module develops:
• Commercial acumen based on an awareness of the key drivers for business success, causes of failure and the importance of providing customer satisfaction and building customer loyalty
• The ability to act entrepreneurially to generate, develop and communicate ideas, manage and exploit intellectual property, gain support and deliver successful outcomes
Transferable (key) skills
This module develops:
• Communication and listening including the ability to produce clear, structured business communications in a variety of media
• An awareness of the interpersonal skills of effective listening, negotiating, persuasion and presentation and their use in generating business contacts
• Ability to work collaboratively both internally and with external customers and an awareness of mutual interdependence
• Self-management and a readiness to accept responsibility and flexibility, to be resilient, self-starting and appropriately assertive, to plan, organise and manage time
• Articulating and effectively explaining information
• Building and maintaining relationships