MKTG 4523 - New Product Development

The development of new products and services is perhaps the most significant activity within a firm. It also one of the most risky - many years and millions of dollars are spent developing products that on average fail far more often than they succeed. The best companies, on the other hand, manage to bring out successful new products year after year. This course examines the strategies, processes and methods used by these companies, and the cutting-edge tools and techniques used for new-product development. The first part of the course focuses on new product development strategies. The second part considers techniques and processes for managing different stages of product development, from idea generation to market testing. Although the primary focus of the course is on physical products, much of the material is also relevant for the design of new services. Practical knowledge will be advanced through case study analysis of the effects, contributions, trends and competitive advantages of new product development. Class 3. Prerequisite(s): MKTG 2503 & Junior/Senior level standing.