GBUS 8130 DEVELOPING NEW PRODUCTS AND SERVICES

 

 

This action-oriented course covers the key stages involved in developing a new product or service. The early part of the course focuses on the issue of how to identify untapped customer needs and generate new product or service ideas. Throughout the course, students will learn how firms convert ideas into actual products or services. The learning process will be highly experiential as students work in groups to develop a viable new product or service via a hands-on team project. Each team of students will identify an untapped market need, develop alternative product or service concepts to meet that need, flesh out product concepts through a process of iterative design and prototyping, and examine product economics. Each team will be provided with a budget to spend toward its project on a reimbursement basis. Final working prototypes will be presented at a design fair and judged by a panel of product development practitioners, innovation experts, and members of the University community. Classes will be a mix of case discussions, group exercises, and guest speakers with experience managing development projects. A significant portion of class time will be devoted to project work to help teams complete their development projects.

 

Academic course objectives:

 

·         Use the basic tools of new product development in the context of a hands-on, team-based, product or service development project

·         Generate new ideas and develop them into working prototypes through concept generation and selection, iterative design and prototyping, intellectual property management, and product economics

·         Incorporate feedback from potential users and investors via a design fair held at the end of the course

 

Elements of the course grade:

 

Class participation                               40%

Project-related deliverables                 60%