MGMT314 - New Product and Service Development
Teaching Organisation 3 hours per week for twelve weeks or equivalent
Nowadays more than at any time, start-ups commence with the aim of turning a novel concept into a profitable product or service. Therefore, they invest lots of resources and capabilities in R&D activities and developing new products and services. Developing and launching ground-breaking products and services on a timely basis is a key for profit (in long-term), and survival for start-ups. Nevertheless, in spite of the substantial investment in R&D projects and screening and developing new products and services, statistics show ongoing high failure rates for start-ups because of their first product’s failure. This underscores the need for better management of new product and service processes and R&D projects in start-ups.
The concentration of this unit is on advancing students’ knowledge of how new product and new service development- in particular R&D capability- creates value for a start-up/new venture and its stakeholders. It will concentrate on new product and service development and launch in start-ups from a strategic R&D perspective, emphasising the advancement of knowledge of the strategic foundations for new product and service development. The unit is mainly organised around a broad six-phase new product development process in the context of start-ups and new ventures. There is no doubt that a standard process may not work consistently well in all settings and situations, and the universal process that students focus on will need to be adapted for specific industries and contexts.
The major aim of this unit is to develop and enhance students’ knowledge of strategic R&D management in start-ups and how it interacts with marketing to create value for customers and community.