Course Catalogue

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This course provides students with a comprehensive understanding of the processes and strategies involved in developing and innovating new products within the dynamic business environment. While new product development is a key strategic process for commercial success and organisation survivability, at the same time it is a very risky and uncertain process with about 40% of new products failing at launch. The course explores the rationale, theory, and processes underpinning successful new product development and innovation management, to support sustainable growth and competitive advantage of organisations. Throughout the course students will explore and examine various issues encountered by organisations in new product development, encompassing aspects such as opportunity identification and selection, concept development and evaluation, market testing, product development and testing and product launch management.

Blended learning sessions: 2hrs x 10 weeks on-campus, supplemented by offline pre-class activities.

Tutorials: 2hrs x 2 weeks on-campus.

Mandatory:

Entry to an Honours programme in Business and Management or a GPA of 12 in the level 2 courses listed below for students taking an Honours programme in another subject:
• MGT2010 Business Decision Analysis
• MGT2011 Fundamentals of Human Resource Management
• MGT2012 Services and Operations Management
• MGT2014 Entrepreneurship

Recommended: Students to be in their final year of their Business and Management Honours. 

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Students will be assessed in the following ways:

Reassessments are normally available for all courses, except those which contribute to the Honours classification. Where, exceptionally, reassessment on Honours courses is required to satisfy professional/accreditation requirements, only the overall course grade achieved at the first attempt will contribute to the Honours classification. For non-Honours courses, students are offered reassessment in all or any of the components of assessment if the satisfactory (threshold) grade for the overall course is not achieved at the first attempt. This is normally grade D3 for undergraduate students and grade C3 for postgraduate students. Exceptionally it may not be possible to offer reassessment of some coursework items, in which case the mark achieved at the first attempt will be counted towards the final course grade. Any such exceptions for this course are described below. 

This course aims to:

■ Equip students with the ability to critically examine, navigate and comprehend the inherent risks and uncertainties associated with the new product development process.

■ Provide students with the knowledge and tools required to engage in successful new product development projects.

■ Develop analytical, evaluative and decision-making skills and knowledge of industry best practices for successful development of new products.

■ Promote innovative thinking by encouraging students to develop strategies for mitigating risks and uncertainties in new product development.

■ Promote collaborative and communicative skills.

By the end of this course students will be able to:

1. Explain the nature of innovation and new product development and their role in increasing competitive advantage of organisations.

2. Apply relevant concepts and theories to address and resolve challenges within the context of new product development.

3. Appraise the new product development process as a system and the linkages of its essential components.

4. Collaborate with a team on developing a new product development strategy for a potential innovation.

Students must submit at least 75% by weight of the components (including examinations) of the course's summative assessment.