The New Product Development (NPD) course has several objectives: - to familiarize students with the vocabulary, concepts and theories related to the management of new product development (NPD); - to familiarize students with the analytical models and procedures that are relevant to NPD issues; - to ultimately develop students' judgment and enable them to successfully manage the entire NPD process, within a circularity approach; to lead students to critique scientific articles related to NPD as well as to the circular economy theme.
New products are crucial to successful growth and increased profits in many industries. This course considers the development of new products not only from a managerial standpoint but also from methodological and technical perspectives. Aware of current societal issues, this course criticizes the traditional NPD approach from a circular perspective.
It covers the NPD process from market opportunity identification and idea generation to test market and launch strategies. Qualitative (e.g., focus group) as well as quantitative (e.g., conjoint analysis) research methods that drives the design process are discussed and illustrated.
Module 1: Introduction to new product management and strategy
Module 2: Customer-driven products – the role of marketing
Module 3: Market dynamics and NPD processes
Module 4: Product design and testing
Module 5: Product launch and life cycle management
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Students will be assessed in several parts.
First of all, they will be asked to criticize and analyze scientific sources in pairs. A peer-review process will also be set up and evaluated.
This work will also be assessed based on an oral defence and a written report.
Then, they will team-up in groups of 4 students. Each 4 student group is asked to turn an actual product or service of their company into a circular one, worthy of a new business venture.
The idea may consist of either a new physical product or a service. The steps in the process ought to include (where practical): - The company description; The new product audit (in line with the circularity theory)- Technical description - Market analyses - STP marketing process - Tactical marketing - Profitability analyses - Summary of issues addressed in the project and learning experience. This project (report) is due in the first week of January. A formal oral presentation of the project is planned during the exam session
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