Product Development

Course Description

This course examines the challenges that companies face in developing new products and services. Students will explore the various stages of new product development processes and understand factors influencing the rate of diffusion and adoption. Students will also apply techniques and tools used in new product development practices.

Topics and Objectives

The Product Lifecycle and New Product Strategy

  • Distinguish among the stages of the product lifecycle.
  • Identify appropriate management strategies for products in various stages of maturity.
  • Assess the need for new products within the corporate portfolio and align product development strategies with corporate strategies.

Concept Generation, Evaluation and Testing

  • Identify the inspiration behind new product ideas.
  • Examine various processes and sources for generating new product concepts.
  • Assess a concept's probabilities for product development success.
  • Evaluate the differences in product development processes for new and existing products

Market Research, Prototype Development and Testing

  • Evaluate numerous market research methodologies and their application to new product development.
  • Assess major factors involved in product design.
  • Design a testing regime for a new product in the prototype phase.

Pricing and Distribution

  • Evaluate alternate pricing philosophies and techniques for modeling demand.
  • Determine the most effective pricing strategies for a variety of product launches.
  • Evaluate available options for distribution.

Product Economics and Profitability

  • Evaluate product economics.
  • Assess the financial feasibility of new product proposals.
  • Evaluate product profitability and returns based on a variety of marketplace outcomes.

Stakeholder Relations and Management System

  • Evaluate the impact of key inputs from stakeholder groups on new product development efforts.
  • Analyze the role that key stakeholder groups can play in contributing to new product success.
  • Examine strategies to enfranchise stakeholders in new product projects.
  • Assess any competitive advantage that information technology capabilities deliver.

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