Week |
Subject |
Related Preparation |
1) |
• Define new product development
• Explain the reasons why new product development is important
• Explain the importance of process in new product development
• Explain how ideas for new products can be obtained
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2) |
• Explain the stages of new product development
• Define idea generation, idea screening and concept testing
• Explain the importance of business analysis
• Describe product development, test marketing and commercialization
• Discuss the review of market performance
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Homework: to be posted by email |
3) |
• Define idea generation in new product development
• Explain the importance of innovativeness in generating new ideas
• Identify the techniques and tools that are used in idea generation
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Homework: to be posted by email |
4) |
• Define idea screening in new product development
• Describe the criteria to evaluate the ideas
• Discuss how to examine competition, existing products and their shortcomings together with the needs of the market
• Explain the role of idea screening for eliminating unsound concepts prior to devoting resources to them
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Homework: to be posted by email |
5) |
• Define concept testing in new product development
• Explain how to evaluate consumer responses to a product before market introduction
• Explain how concept testing can be useful in altering existing attitudes towards existing products in the market
• Identify the quantitative and qualitative techniques used in concept testing
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Homework: to be posted by email |
6) |
midterm exam |
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7) |
• Define business analysis
• Explain why business analysis is crucial in terms of predicting whether the product is likely to be profitable or not if produced
• Explain the steps in business analysis: examination of the likely demand for the product, possible licensing of technologies associated with the product, cost appraisal, analysis of competition and customer feedback, identification of selling price and break-even point
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8) |
• Define test marketing stage in new product development
• Explain how all the elements of the marketing plan are tested
• Discuss the difference between initial product testing and test marketing
• Explain the risks of test marketing such as high initial marketing costs, competitiors’ copying the product
• Identify the tools for deciding on the selection and number of test cities as well as the sample size
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Homework: to be posted by email |
9) |
• Define commercialization in new product development
• Discuss the challenges of launching a new product
• Explain the tools for deciding on the correct timing of the launch and for preventing cannibalization
• Explain how to decide on the target group and location
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Homework: to be posted by email |
10) |
• Explain how to track market performance by key performance indicators, return on marketing investment and accountable marketing tools
• Explain why key performance indicators must be integrated within the business and management of the company
• Discuss how companies can employ a common scale to ensure meaningful comparisons among activities and to quantify measurement error
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Homework: to be posted by email |
11) |
• Explain the relationship between technology development and new product development
• Discuss the importance of a formal technology integration process and technology portfolio management
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Homework: to be posted by email |
12) |
• Identify the relationship between new product development and human resource management
• Explain the role of organizational learning capability and describe its components such as experimentation, risk taking, interaction with the external environment, dialogue, and participative decision making
• Discuss the relationship between human capital and organizational learning capability
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Homework: to be posted by email |
13) |
• Explain the importance of considering ethics and social responsibility in business analysis stage of new product development
• Discuss the examples of ethical practices carried out during new product development process
• Identify the methods for taking into account ethical issues at each stage of new product development
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Homework: to be posted by email |
14) |
• Explain the role of technology in the rise of new product development trends
Discuss the short and long-lasting plan by analyzing the current issues affecting the formation of new product development ideas |
Homework: to be posted by email |
15) |
final exam |
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Program Outcomes |
Level of Contribution |
1) |
Explain the essential body of knowledge in the area of business administration, including evolution of the discipline, the state-of-the-art concepts, scientific methodology, theories and models |
4 |
2) |
Employ the appropriate tools and analytical techniques to collect and analyze quantitative and qualitative data in the related areas, interpret results and propose solutions |
5 |
3) |
Recognize the importance of technological development, especially in information technologies, and utilize them in business administration |
5 |
4) |
Evaluate the body of knowledge in the dynamic business world and business functional areas to asses needs, manage and lead change by using critical and innovative thinking |
1 |
5) |
Discover and create entrepreneurial opportunities and expertise to successfully establish and develop their own ventures |
5 |
6) |
Fulfill their responsibility in teamwork and projects in businesses, and act as a leader |
5 |
7) |
Communicate in written and oral English with people from diverse backgrounds, and have the English proficiency to follow and interpret the global dynamics in the areas of business administration |
5 |
8) |
Recognize individual and multi-cultural diversity, and can emphatically interact with individuals from diverse cultural backgrounds in social and professional settings |
2 |
9) |
Identify standards of personal, professional, social and business ethics, evaluate the ethical implications of various practices in the related areas, and be aware the importance of ethical behavior in adding value to the society |
2 |
10) |
Recognize interrelationship among business and other disciplines, and relate knowledge from diverse areas to formulate novel solutions in the area of business administration |
3 |