School of Management, Unit Catalogue 2006/07

MN50246 Managing product and service innovation

Credits: 6

Level: Masters

Modular: no specific semester

Semester: 2

Assessment: CW100

Requisites:

Aims: This module aims to equip students with an understanding of the skills required to manage product innovation at operational and strategic level. It will explore how firms can create market advantage, increase revenues and reduce costs, and enhance competitiveness through product innovation. The module will also explore the more practical mechanisms used for the commercial potential of product innovations - such as platforms - and managing multifunctional teams from early conceptual idea-generation through to product launch.
Learning Outcomes:
By the end of this unit students should be able to:
* Identify best practice in managing product innovation across multiple sectors, such as benchmarking.
* Appreciate the commercial potential of key product innovations, such as platforms.
* Understand the issues faced by mature firms in ensuring flow of new product innovation and methods of tackling this, such as intrapreneurship and new venturing.
* Apply basic tools and methodologies which are used to enhance product innovation.
Skills:
Intellectual skills
* the facility to apply subject-specific knowledge into a range of complex situations, taking into account the overall implications for the other areas of the business (T)
* a critical awareness of current issues and frameworks in management (T)
* the ability to acquire and analyse data, information and situations; to evaluate relevance and validity, and to synthesise it in the context of topical business problems (T/F)
Professional Practical skills
* evaluate the current standing of an organization and practically contribute to the attainment of their company's strategies and objectives (F)
* operate effectively both independently as well as within teams and assume leadership roles where appropriate (F)
Transferable/Key skills
* an openness and capacity to continue learning with the ability to reflect on earlier knowledge and practice and integrate the new with past experience and effectively apply it to the present situations (T/F)
Personal/Interpersonal
* an ability to manage and work in international teams with an awareness of issues such as culture, gender, etc., to identify learning/working styles and to use these to the benefit of the individual and the team (F)
* the facility to communicate including presenting and marketing themselves and their ideas; preparation and production of effective business plans and reports (A)
Content:
Explores how firms are able to develop new products/services that are differentiated from their competitors and how firms can out-perform their competitors, whether measured in terms of market share, profitability and growth, or market capitalisation. Examines the inherently difficult and risky process involved, and explores the reasons why most new technologies fail to be translated into products/services, and why most new products/services are not commercial successes. Specifically, examines the factors that increase the likely success of new products/services, the use of practical development processes and tools, and proven strategies for development and commercialisation. The module includes concepts of product planning; regulatory and political environment in which innovation takes place and issues concerned with licensing of products.

University | Catalogues for 2006/07