Product Development & Innovation

  • The course covers the following topics:
    1. Introduction:
    - Product definition
    - Why do we need new products?
    - Types of new products
    - The product life cycle
    - The New Product Development Dilemma
    - Why products fail?
    - Why products succeed?
    2. Understanding Consumer needs for new products:
    - Consumer's needs, wants, and demands
    - Consumer markets and consumer buying behavior

    3. Building New Product Concepts
    - Concept development
    - Developing new products
    - Developing ideas for new products
    - Concept development and testing
    - Business analysis for new products: estimating costs and sales

    4. The product development process:
    - Implementation
    - Market entry timing
    - Market entry location
    - Introductory marketing strategy
    o Developing a marketing strategic plan
    - The consumer adoption process
    - Commercializing a new product:
    o Target market prospects
    - The Adoption Process:
    o Adoption stages
    o Forces that influence adoption

    5. Innovation and Innovation Management processes

    6. Drivers of Innovation

    7. The Concept of Entrepreneurship and Creativity