NEW PRODUCT DEVELOPMENT

Course objectives
After the completion of this course, students will be able to understand the basic principles and concepts of new product development strategies, the product life cycles.

Course outline

1. Concept and Definition of New Product and New Product Development (6 hours )
1. Defining a new product.
2. Defining new product Development


2. Innovation and Importance of New Product Development (8 hours)
1. Factors driving new product development.
2. Types of innovations that lead to new products.
3. Importance of new product development.


3. New Product Development in Goods and Service Industries (3 hours)


4. New Product Development and Growth Strategies. (3 hours)


5. New Product Development Process: Idea Generation to Commercialization (10 hours)
1. Idea generation.
2. Evaluating product ideas.
3. Conducting business analysis.
4. Product development.
5. Market testing.
6. Launching new product

Group Project Work, Reporting
Students will be divided into 6 to 8 groups and a project work will be assigned and the class teacher will appraise the project reports of each group.

References:

1. Gilbert A. Churchill, Jr. and J. Paul Peter; “Marketing: Creating Value for Customers” Austin Press, 1995.
2. Kenneth Kahn, “The PDMA Handbook of New Product Development”, 2nd Edition, 2004.
3. Philip Kotler, “Marketing Management: Analysis, Planning, Implementation and Control”.

Evaluation Scheme:
The Questions will cover all the chapters in the syllabus. The evaluation scheme will be as indicated in the table below:

*There could be minor deviation in mark distribution.