New Product Development

An effective process for conceiving, developing and launching new products or services is critical to becoming competitive in most industries. This course includes key concepts like new product development strategy, types of product development strategies and steps.This course involves(a) Organizational integration of the work of functional specialists, industrial designers, and other key participants within the firm.(b) Reducing the time-to-market while meeting cost and quality targets.(c) Managing cross-functional projects and inherent technological risks while keeping a focus on changing customer requirements.These challenges are examined in relation to the business level strategy of the firm, its competitive challenges, the technology life cycle and the product life cycle. We will also focus on the potential for firms to build markets and create demand for new products.What you'll learn:Understand the entire product development process from the product idea to eventual launch with an appropriate business model.Learn how emerging market firms gain competitive advantage through design and development of locally relevant products.

Week 1 – Managing Product Development• Introduction• Business Models for New Products• Managing Product Development

Week 2 – Understanding Customer Needs• Identifying New Product Opportunities• Market Research for New Product Development

Week 3 – Organizing Product Development• Product Architecture, Design for manufacturing and Prototyping• Organizing for Product Development• Developing Services and Product Service Systems

Week 4 – New Product Strategy• Building Markets and Creating Demand for New Products• Intellectual Property Issues in Product Development• New Product Business Plans – Strategy Consulting for New Products

Week 5 – Design Thinking for New Products• Designing Products for Emerging Markets• Design Thinking for New Products