|The primary purpose of this course is to provide marketers with an in-depth understanding of current best practices in new product development. Topics covered include: stage-gate new product processes, new product strategy, platform strategy, opportunity identification, perceptual mapping, market research techniques for uncovering customer needs, idea generation and screening, writing new product concept statements, concept optimization, new product forecasting methods (including innovation diffusion models and simulated test markets), brand extendibility, and new product launch plans.
This course will cover consumer and business-to-business products and services (with an emphasis on consumer products), including recent examples from food and beverage, household consumer products, telecommunication services, building products, Internet services, medical products, and insurance. Students will learn about and apply tools for effective new product development including perceptual mapping, stage-gate processes, ethnographic market research techniques, ideation/brainstorming techniques, idea screening models, concept statements and concept testing, conjoint analysis, forecasting models, new product launch strategies, and new product business cases. This course will also highlight the different roles and functions required for effective new product development. A series of group projects enables students to apply these tools.
Important Note: this course will be taught as a “Lab” course during the 2012-2013 school year. The student group projects will be company-sponsored, real-world projects. Student teams will work closely with their clients, under the guidance of faculty coaches, to uncover unmet customer needs, generate ideas, develop new product/service concepts, and test those concepts with a representative group of target consumers using a professional market research firm.