Consumer Centric New Product Development I: Generating a Branded Product

Key Info

Basic Information

Studypath:
Master in Business Administration
Semester:
1
Course Type:
Seminar
Language:
English
Cycle:
Winter term
Scheduling:
Entire semester
Course Units:
4.0
Credits:
5.0
Course Limit:
25
Erasmus Capacity:
5
Compulsory Attendance:
Yes

Lecturer

The following details taken from the examination regulations MSBWL/13, SMPO 6. Änderungsordnung (zum WS 2018/19) (08.02.2019) are for information purposes only and not legally binding. For legally binding information, please refer to the corresponding official examination regulations of the program Master in Business Administration.

Syllabus

This course deals with consumer-centric innovation - mainly for FMCG businesses, but the taught principles can be easily transferred to other businesses as well. I will address the fundamental “innovation curse“ according to which 60-80% of new introductions are no longer on the shelves just one year later, leading to massive value destruction for manufacturers, trade, and consumers. The main reason, among others, seems to be the poor quality of the underlying product concept. Generating consumer-centric product concepts must thus be considered the main task for brand management to create a continuous and successful innovation pipeline. This course will take the students through a conceptual model, called “The Spearhead“. This framework represents a pragmatic value chain on how to transform insights about consumers and markets into winning branded product propositions. As a consequence, the students will be able to generate consumer-centric product concepts in various business contexts - with increased odds that these concepts will thrive in the marketplace.

Objectives

(1) Getting to know various forms of innovation models that work in business practice
(2) Understanding how to use different formats of consumer insights and distill them into working knowledge as a basis for consumer-centric innovation
(3) Learn kow to transform working knowledge into consumer-centric offers by understanding the major tools of “Guided Creativity” and conceive and communicate conceptual proposals for new product development
(4) Understanding how to refine innovation proposals and differentiate more promising from less promising proposals, use co-creation and other forms of crowdsourcing as additional help in the refinement process
(5) Learn how to finally test the winning concepts in different testing formats and make a valid prediction on early in-market success

Prerequisites

None, although basic knowledge in marketing (e.g., „BWL B: Absatz und Beschaffung“) is recommended.

Examination

Colloquium (30%, graded, 30min.), Presentation (40%, graded, 15min.), Paper (30%, graded)

Further Information

No information available in English at the moment.

Literature

No information available in English at the moment.