MRKT 4545 New Product Development

4 semester hours

The development of new products represents one of the most promising avenues by which firms can maintain and expand their market position in today’s dynamic markets. The course provides a practical introduction to the process of designing and marketing new products covering the major phases of product development and launch. Critical steps in the new product development process will be discussed in detail, including: opportunity identification and analysis, concept development and testing, product design and pre-market testing and forecasting, and the management of the product launch. The focus of this class is upon the marketing function. Thus, the class will concentrate on market measurement, the use of that information to develop the benefit targets for the new product, and the ultimate development of marketing mixes (product, price, place, promotion) that will improve the chances for success. The class will provide techniques that combine the marketing function with the functions of R&D, design engineering, and manufacturing. At the conclusion of this course, students will be able to use conjoint analysis in identifying customers’ preferences, designing new products, and performing market simulations. The course will be important to students who aim to work directly in brand or product management as well as those whose interests are in general management and consulting.

This is a COIN Pathway Elective course and an MA Pathway Elective course.

Prerequisites: BCOR 3510 and MRKT 3513 or MRKT 3516 or MRKT 4517 or MRKT 4527 .