The development, innovation and commercialisation of new products and services are crucial business functions for most organisations. New products are developed to explore new market opportunities and existing products are revised and innovated to exploit existing market opportunities. This unit builds on knowledge of marketing concepts and complements this knowledge by developing a deeper understanding of new product development, research and competency development, innovation management and marketing strategies in transforming markets and businesses for new and existing products and services. Organisation resources and practices that foster innovation through strategic alliances and research are examined alongside investigating the value creating activities through strategic usage of a firm's assets and knowledge.

Unit details

Study level:
Undergraduate
Credit points:
12
Unit code:
BHO2259

Learning Outcomes

On successful completion of this unit, students will be able to:
  1. Evaluate the impact of new product development on organisational growth, profitability and overall business success;  
  2. Analyse competitive environments to identify market opportunities for not only "new" but also revising and innovating "existing" products and services;  
  3. Conceptualise the factors that underlie new product and innovation performance and investigate how organisational competency is enhanced through research and managing knowledge;  
  4. Justify the use of theoretical frameworks and models to evaluate real world and industry scenarios in order to probe strategic and best practices for product ideas and innovative business processes; and  
  5. Formulate and present knowledge and ideas through presentations and reports working effectively in teams.  

Assessment

Assessment type Description Grade
Test Online Test (Individual) 15%
Report Strategy report (team work) 30%
Presentation Group presentation 15%
Test In-class Test 40%

Required reading

Innovation Management and New Product Development (6th Ed.).
Trott, P. (2017).
New Jersey: Prentice Hall/Pearson.

(ISBN- 978 -1 -292 - 13342 -3)

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