New Product and Service Development
Your upfront cost: $0
- 10 Jul 2023
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Our student advisors are here to guide you with:
- Enrolling and eligibility
- Fee and loan information
- Credit and recognition for prior learning
Upon completion of this subject, the student should be able to:
- Critically evaluate the theories and concepts of new product and service development and apply them to practice.
- Research market opportunity and plan commercialization strategies for a new product and service in context of dynamics of market entry timing and potential trajectory for market development.
- Plan commercialisation strategies and develop implementation plans for new product and service development.
- Develop implementation plans for new product and service launch.
- Week 1 - Innovation management-Introduction to assessments and Group formation
- Week 2 - Product/Service Development and Innovation Strategy 1
- Week 3 - Product/Service Development and Innovation Strategy 2
- Week 4 - Generating New Product/Service ideas
- Week 5 - Concept generation and Testing; Idea Development
- Week 6 - Business and financial analysis
- Week 7 - Strategic launch and commercialisation Planning (business to business and consumer)
- Week 8 - No Lecture
- Week 9 - No lecture-Assessment two Essay: New Product Success or Failure
- Week 10 - One hour Drop – in session will be organised during the workshop
- Week 11 - One hour Drop – in session will be organised during the workshop
- Week 12 - No Lecture-New Product/Service Proposal submission
- Week 13 - Pitchfest – will organised during the workshop-Due October during workshop
You won't be able to enrol into this subject if you've already successfully completed or currently enrolled in the following subject(s) as they are considered anti-requisites due to the similarity of the content.
- TAS-BMA608-New Product and Service Development (No longer available)
You are recommended to have completed the following subjects(s) or have equivalent knowledge before starting this subject:
It is strongly recommended that students complete TAS-BMA506 Foundations of Marketing and TAS-BMA604 Consumer Decision-Making before undertaking this subject to ensure students have the necessary level of knowledge to successfully complete assessments.
No additional requirements
Firms are paying more attention to the development of new products and services to enhance their market position. Commercialising innovative products and services on a timely basis is a key to not only profit but in some industries, survival. However, despite the significant investment in screening and developing new products and services, statistics reflect continuing high failure rates. This underscores the need for better management of new product and service commercialisation.
This subject will develop your knowledge of how new product and new service development creates value for a firm and its stakeholders. It will focus on new product and service commercialisation from a strategic perspective, emphasising the development of knowledge of the strategic foundations for new product and service development. These foundations comprise the sources for product and service innovation, the timing of market entry, competition and product market issues, market adoption, developing new service bundles, and strategies for marketing new products and services.
- New Product Pitch and Proposal (40%)
- Workshop Activities -Individual and Group (35%)
- Essay – New Product Failure (25%)
Current study term: 09 Jul 23 to 15 Oct 23
Check the learning management system (LMS) of your university for textbook details.