GBUS 8130 DEVELOPING NEW PRODUCTS AND SERVICES

 

This action-oriented course takes students through the key steps involved in developing a new product or service. 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 market (user) needs, develop alternative product or service concepts to meet those needs, flesh out the concepts through a process of iterative design and prototyping, and examine product/service economics. Teams will be provided with a budget to spend toward their project on a reimbursement basis. Final working prototypes will be presented at a design fair open to the media, product development practitioners, design and innovation experts, potential investors, and members of the University of Virginia community. Classes will be a mix of readings, case discussions, group exercises, guest speakers, and learning to manage innovation and product/service development projects. Classes meet in the iLab and a significant portion of class time will be devoted to project work to help teams complete their projects. For more information, visit the course website from previous years.

 

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 ideas and develop them into working prototypes through a process of iterative concept generation and selection, design, and prototyping

·         Present a prototype of the product or service to potential users, experts, and investors via a design fair held at the end of the course

 

Elements of the course grade:

 

Class participation                               30%

Project-related deliverables                 70%