Study Abroad and Exchanges

Modules

Modules

MKT3014 : New Product and Service Development

Semesters
Semester 1 Credit Value: 10
Semester 2 Credit Value: 10
ECTS Credits: 10.0

Aims

Entrepreneurship and innovation management, specifically new product/service development, has become a new imperative in strategic marketing and management. Everybody wants to be the next Google, IBM, or Netflix; nobody wants to be Kodak, Blockbuster, or BlackBerry. Today, “Innovate or die” or “innovation is the source of competitive advantage” are common clichés in any business/technology related conferences, magazines, academic journals, and books. While these clichés are inspiring for many managers, achieving success through entrepreneurial action is not easy and the failure rate is high. What is missing is a clear set of principles for action! This can only be achieved by treating entrepreneurship and innovation as a process.

The focus of entrepreneurship and innovation management is to enable a firm to respond to an external or internal opportunity, and uses its creative efforts to introduce new ideas, products, or services. Successful new products/services, in turn, help capture and retain market share, increase profitability, and achieve competitive advantage. What characterizes such a process of innovation leading to success? Holistic integration of marketing, design and technology, combined with strategic thinking is the only way to manage innovation in a sustainable way.

This module examines entrepreneurship and innovation management from a strategic marketing perspective; enabling students explore principles in relation to entrepreneurship and innovation management, specifically new product/service development. This module will be delivered through introducing relevant literature, learning experiences, and industry-linked case studies; so that theory and practice go together.

Outline Of Syllabus

Semester 1 – the focus during this semester is on New Product development:
-       What entrepreneurship is and why it matters
-       Source of innovation: where do ideas come from?
-       Entrepreneurial decision-making and personal resource ‘fit’
-       Customer and market discovery
-       Building a viable business model
-       Exploring collaboration
-       Experimentation versus planning

Semester 2 – the focus during this semester is on New Service development:
-       Building the service innovation case
-       Design Thinking for new services development
-       Stages of new services development
-       Methods of new services development
-       Customer Co-Creation in new services development
-       New services development launch management
-       New services branding and positioning
-       Design of Services Networks

Teaching Methods

Teaching Activities
Category Activity Number Length Student Hours Comment
Guided Independent StudyAssessment preparation and completion160:0060:00N/A
Scheduled Learning And Teaching ActivitiesLecture182:0036:00N/A
Guided Independent StudyDirected research and reading150:0050:00N/A
Scheduled Learning And Teaching ActivitiesSmall group teaching41:004:00Small group teaching/discussion
Guided Independent StudyIndependent study150:0050:00N/A
Total200:00
Jointly Taught With
Code Title
MKT3099New Product Development (Study Abroad S1)
MKT3100New Service Development (Study Abroad S2)
Teaching Rationale And Relationship

This module will be delivered through introducing relevant literature, group learning experiences, and industry-linked case studies; so that theory and practice go together. There will be a series of 18 weeks of lectures, seminars, and group discussions held throughout the semester. Students are in control of their learning in this module. Each day, there are learning opportunities that you must take advantage of but to be able to do this you must stay up to date. Students are expected to participate actively and positively in the teaching/learning environment.

Assessment Methods

The format of resits will be determined by the Board of Examiners

Exams
Description Length Semester When Set Percentage Comment
Written Examination1201A50Open book exam
Other Assessment
Description Semester When Set Percentage Comment
Essay2A50Essay (2000 words)
Assessment Rationale And Relationship

Student progress is measured by an open book exam in semester 1 and a 2000 words Essay in semester 2. The exam will evaluate concepts and theories examined within semester 1. The essay encourages students to demonstrate their understanding of the subject area, to show the ability to think critically and to construct logical arguments.

Reading Lists

Timetable