|The primary purpose of this course is to provide marketers with an in-depth understanding of current practices in new product development, with an emphasis on the early up-front stages of the product development process. Topics covered include: stage-gate and agile innovation processes, innovation strategy, platform strategy, opportunity identification, perceptual mapping, qualitative and quantitative market research techniques for uncovering customer needs, idea generation and screening, writing new product concept statements, concept optimization and testing, 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 examples and cases from food and beverage, household consumer products, telecommunication services, building products, software, medical products, and insurance. Students will learn about and apply current 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 tests, 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: some sections of this course will be taught as a “Lab” course during the 2013-2014 school year. For the “Lab” sections, 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.