Product Development

Course Code: MKTG 4008

Academic Year: 2024-2025

New products and services are vital to all companies. Maximizing the success of new products and services can drive growth and shareholder value, lead to significant competitive advantage and leapfrog a company ahead of its competitors. However, innovation is risky and most new products fail in the marketplace. Often, failure is due to an ineffective process. Thus, expertise in the design and marketing of new products is a critical skill for all managers, inside and outside of the marketing department. In this course, we first focus on the tools and techniques associated with analyzing market opportunities and then focus on designing, testing, and introducing new products and services. Both quantitative and qualitative approaches are covered. In particular, the course covers the new product development process, strategic opportunity identification, how to generate new product concepts and ideas, mapping customer perceptions, segmentation, product positioning, forecasting market demand, product design, market entry strategies, and testing. It emphasizes how to lead the organization in the process, incorporate consumers, customers and competitors into all of these aspects of new product development.