Innovation is the lifeblood of modern economies. At the same time, the ultimate success of a new offering, whether a product or service, is fraught with uncertainties. For example, 30,000 new consumer products are launched every year and 95% of them fail. Thus, the development and marketing of new products, services and processes is one of the most critical challenges and daunting tasks faced by any firm. This course covers different stages of the development and marketing process, from opportunity identification to launch.
Course description for study year 2022-2023. Please note that changes may occur.
The course comprises three key parts: (1) Innovation Generation and New Product Development, (2) Launching and Positioning Innovations in the Marketplace, and (3) Adoption and Diffusion of New Offerings. As such, the course illustrates recent developments in innovation and marketing and showcases the opportuinites to involve consumers in the process (e.g., co-creation, crowdsourcing).
On completion of this course, students will have knowledge of:
Innovation idea generation, the selection in firms and the possibilities of involving consumers (e.g., co-creation, crowdsourcing) in these processes;
Innovation introduction and take-off;
Diffusion of new products or services to consumers;
Innovation pioneering and entering existing markets with innovations;
Quantitative tools to study new products and services and new markets.
On completion of this course, students will be able to:
Apply different conceptual frameworks for marketing decisions in the context of innovation;
Apply acquired theoretical knowledge to real-life business problems in the field of marketing and innovation;
Develop an innovative mindset to assess market opportunities.
Required prerequisite knowledge
In-class exam and Portfolio (group)
Form of assessment
Students failing the portfolio evaluation will be given the opportunity to take a deferred exam. This exam will take the form of new written individual assignments
Presentation and powerpoint submission, Attendance 70%
70% attendance at all mandatory sessions starting from week 1 of teaching in the course.