Innovation Effects

IQRA UNIVERSITY ISLAMABAD CAMPUS (IUIC)

Department of management sciences

MKT 571 – New Product Development

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Reasons to Take This Course        

A successful new product does more good for an organization than anything else that can happen.  Over $100 billion are spent annually on the technical phase alone.  This course provides you with an understanding of why organizations continually need to innovate and bring to market products and services that clearly distinguish themselves from the competition by offering higher value to specified target markets.  You will learn how to most effectively develop and implement a new product or service to an existing or potential target market.  

Course Description

New product development encompasses a myriad of processes and proven methodologies.  During the course, you will learn how to assess and evaluate the quality of different models and techniques through case analyses, exercises and class discussions.  You will learn how to write an effective New Product Development (NPD) Plan that integrates all of the components of new product development into a cohesive, integrated plan for any new product or service.

Learning Outcomes

Students will be able to:

1. Discover the importance of innovation and why it should be a key strategic initiative in an organization.
2. Learn the language of new product development (NPD).
3. Apply new product and service development constructs to business problems, exercises and cases.
4. Determine why new products fail or succeed and illustrate examples of each.  
5. Enhance problem-solving, critical thinking, organizational, creative, critical thinking and analytical skills in the context of new product development.
6. Develop a New Product Development (NPD) Plan for a new product or service concept by applying the new product development framework utilized throughout the course.

Required Readings

• Crawford, Merle and Di Benedetto, Anthony (2011). New Products Management (10th Edition). McGraw-Hill/Irwin.
• Case studies and class exercises.

Recommended or Additional Readings

• Ulrich, Karl and Eppinger, Steven (2012). Product Design and Development (5th Edition). McGraw-Hill Irwin.
• Bettencourt, Lance (2010) Service Innovation: How to Go from Customer Needs to Breakthrough Services. McGraw-Hill Irwin.

Grade Breakdown and Expectations

The following Assessment & grading system will be utilized for the course:

Course Format

Students are expected to be prepared for all sessions and have completed the assignments and readings before each class.  Exercises, short and longer cases will be utilized to apply various aspects of new product development to real world settings.  Due to the condensed nature of this course in 11 weeks, it is critically important to keep up with the assignments.

Attendance

Students are expected to attend all  the class sessions.  Class discussions are an integral part of the learning experience throughout this course.  It follows that the frequency and quality of your participation in and contribution to these discussions will have a direct and meaningful relationship to the value as well as the short and the long term benefits you will derive from the course.  Please notify me in advance if you are unable to attend any session whenever possible.

Class Participation

Class participation is an extremely important part of the learning experience of this course because the richness of the learning experience is dependent upon the degree of preparation by all students prior to each class session.  Additionally, a course that includes case analysis requires students to prepare cases and offer their analyses in the class.  Thus, by definition, class participation is an important part of your grade.  You will offer your opinions in a group setting many times in your business career. As an added benefit, class participation is a tool for means of preparing you for this dimension of your career.  

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