Developing New Products and Services

Catalog description

In today’s competitive marketplace, innovation is critical to the long-term survival of a business. Firms use new product and service development decision frameworks, structures, and processes to discover new markets, understand the potential for product innovations, and manage the risk in pursuing these opportunities. This course examines the cycle firms follow when pursuing product and service innovation, from idea generation to commercialization. Students will learn how firms develop and introduce new product and service offerings to the market. They will also evaluate the market potential by using consumer insights gained from market research data. Students will learn about mapping customer perceptions, product positioning and product pricing. The course concludes with students making recommendations on whether to proceed with a new product or service development and introduction.