New Product Development and Management

Catalog description

MKTG 842 focuses on the analytical, decision making, and planning concepts, frameworks, and tools available to market, product, and brand managers regarding innovation and new product development. The course covers strategic topics on innovation and new product development. In doing so, the course broadly tracks the new product development process including opportunity identification, idea generation methods (both within and crossing firm boundaries such as design thinking, open innovation, and crowdsourcing), concept evaluation and selection, product design, product use testing and prototyping, innovation adoption and diffusion, and sales forecasting. Topical issues such as technological developments relevant to innovation and new product development are covered as well. Students learn the fundamental concepts of innovation and new product development, how to apply tools and frameworks to business situations, such to formulate an appropriate approach to innovation and strategic new product needs, and how to apply qualitative and quantitative techniques to conduct business analysis at various stages of the new product development process in a hands-on team new product development project. Through lectures, case discussions, and a variety of experiential learning methods, the course provides an in-depth understanding of real-world challenges in innovation and new product development.