University of Technology SydneyHandbook 2008

24742 New Product Management

Faculty of Business: Marketing
Credit points: 6 cp

Subject level: Postgraduate

Result Type: Grade and marks

Requisite(s): 24734 Marketing Management OR 24746 Marketing: Concepts and Applications
These requisites may not apply to students in certain courses.
There are also course requisites for this subject. See access conditions.

Handbook description

This subject exposes students to the literature on, and the nature of, the marketing task involved in the development and launch of new products. Students are also required to carry out a project whereby a marketing feasibility study and strategy are developed for an actual new product innovation calling on knowledge gained in previous marketing subjects.

Subject objectives/outcomes

On successful completion of this subject students should be able to:

  1. Understand the role of new products in contemporary organisations
  2. Understand key issues in launching new products to market
  3. Learn the steps and phases involved in managing new products and services
  4. Gain sufficient knowledge to be able to coordinate new product projects
  5. Gain insights to the pitfalls which can occur during the new product cycle
  6. Gain insights how new products should be positioned in the market
  7. Positively contribute to new product teams
  8. Understand the critical role of branding in new product strategy.

Contribution to graduate profile

This subject explores the role and importance of new products and services in contemporary organisations. It will make students ware of both the internal and external aspects of managing a product or service through from idea generation to appropriate positioning in the market.

The course approach is to educate students in the fundamentals of new product process so that they are in a position to observe and evaluate how the new product process is managed in practice.

The subject will equip students with a sound understanding of what is involved in developing and launching a new product or service.

Teaching and learning strategies

Students will be encouraged to undertake research, study the literature and monitor the media on subjects related to new product management. By creating a broader perspective on the topic, class debate and student learning should be made more effective than if it was confined only to text material.

Each week the three hour session will be made up of a number of components which will emphasise student input and enhance the learning process. A typical week will consist of a combination of the following; a lecture, a student presentation on their own literature or field research findings, a team workshop. All of these activities will take place in an atmosphere of active discussion and debate.

Content

  • Introduction to the subject including its aims and rationale.
  • Overview of the role of new products and services in achieving growth and maintaining relevance with both existing and new customers.
  • New product process.
  • Market positioning of new products
  • Brand management and strategy
  • The role of technology in new product management.

Assessment

New Product Review (Individual)20%
Each student will undertake the research and evaluation of a new product or service. This will enable students to demonstrate that they have met objectives 1and 2.
Group Assignment (Group)30%
This will assess students understanding of the concepts of new product management and their ability to influence team project management. It will also build students understanding of the application of new product concepts and theory. This assignment will allow students to demonstrate that they have met objectives 4, 5 and 7.
Final Exam (Individual)50%
This exam, consisting of essay answer questions, will test students understanding of the theory and their ability to apply the theory to new product applications. This will enable students to demonstrate that they have met objectives 3, 4, 6 and 8.

Recommended text(s)

Crawford C. M. 2003, New Products Management, Seventh Edition, Irwin McGraw-Hill, Boston.

Indicative references

Aaker D A 1991, Managing Brand Equity, The Free Press, New York

Best R J, 2004, Market Based Management, Prentice Hall, New Jersey

deChernatony L, 2001, From Brand Vision to Brand Evaluation, Buterworth Heinemann, Oxford

Keller K.L, 2003, Strategic Brand Management, Prentice Hall, New Jersey

Thomas R. J. 1993, New Product Development, John Wiley and Sons, New York.

Urban G. L. and Hauser J. R. 1993, Design and Marketing of New Products, Prentice Hall, New Jersey.