New Products

Catalog description

New products and services are vital to the success of all companies. However, innovation is risky and most new products fail in the marketplace. Thus, expertise in the design and marketing of new products is a critical skill for all managers, inside and outside of the marketing department. In this course, we first focus on the tools and techniques associated with analyzing market opportunities and then focus on designing, testing, and introducing new products and services. Both quantitative and qualitative approaches are covered. In particular, the course covers the new product development process, market entry strategies, how to generate new product ideas, mapping customer perceptions, segmentation, product positioning, forecasting market demand , product design, and advertising and product testing. It emphasizes how to incorporate customers and competitors into all of these aspects of new product development. In contrast, a related course (Technological Innovation and New Product Development, MGMT-GB 3356 ) emphasizes organizational issues associated with new product development.