Marketing for New ProductsModule Details

Marketing for New Products introduces students to the key concepts, methods, and current practices for the new product development activities of business firms. It will help the students recognize the value of Marketing Research to identify the voice of the customer and incorporate the findings into the new product development process. It also provides students with practical applications and examples of tactics and strategies through the new product development process, from idea generation to commercialization.          

At the end of the course students will be expected to:

1) Distinguish the various stages of the new product development process.

2) Explain the relevant concepts and methods which are used at the different stages of the new product development process.

3) Relate new product ideas to customer needs, and to select new product strategy which fits the corporate objectives.

4) Criticize existing strategies and suggest new approaches in identifying customers’ needs and new product ideas.

5) Propose solutions for problematic cases in the new product development process.

6) Organize and implement a primary market research for a new product/service idea, analyze findings and suggest a course of action for product development and marketing the new idea.

7) Design or improve a product/service for a company assigned to them and propose its marketing mix.

8) Forecast sales before the market launch based on the testing of the product and the marketing plan.