MKT3014 : New Product and Service Development
- Offered for Year: 2020/21
- Module Leader(s): Dr Yulia Dzenkovska
- Lecturer: Mr Nick Howey
- Owning School: Newcastle University Business School
- Teaching Location: Newcastle City Campus
|Semester 1 Credit Value:||10|
|Semester 2 Credit Value:||10|
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
|Guided Independent Study||Assessment preparation and completion||1||60:00||60:00||N/A|
|Scheduled Learning And Teaching Activities||Lecture||15||2:00||30:00||N/A|
|Guided Independent Study||Directed research and reading||1||50:00||50:00||N/A|
|Scheduled Learning And Teaching Activities||Small group teaching||6||1:00||6:00||Small group teaching|
|Guided Independent Study||Independent study||1||54:00||54:00||N/A|
Jointly Taught With
|MKT3099||New Product Development (Study Abroad S1)|
|MKT3100||New 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 15 weeks of lectures, seminars, and group discussions held throughout both semesters. Students are in control of their learning in this module. Each session, 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.
The format of resits will be determined by the Board of Examiners
|Essay||2||A||50||Essay (2000 words)|
|Design/Creative proj||1||M||50||Individual video pitch (5 minutes)|
|Oral Presentation||1||M||Peer pitching and oral feedback|
Assessment Rationale And Relationship
Your progress is measured in semester 1 by a video pitch of a New Product design and recommendations for strategic management, and in semester 2 through a 2000 word Essay explaining the models and techniques required to implement a New Service. Both assessments provide you with the opportunity to act independently, confidently and flexibly when evaluating and interpreting complex problems and selecting relevant tools/methods to aid decision making.
Through the individual assessments and formative group work, you will further develop your skills in communicating clearly, fluently and effectively using contemporary and traditional media formats to justify the findings of your investigation.