The development, innovation and commercialisation of new products and services are crucial business functions for most organisations. New products are developed to explore new market opportunities and existing products are revised and innovated to exploit existing market opportunities. This unit (BHO2259) builds on knowledge of marketing concepts and complements this knowledge by developing a deeper understanding of new product development, research and competency development, innovation management and marketing strategies in transforming markets and businesses for new and existing products and services. Organisation resources and practices that foster innovation through strategic alliances and research are examined alongside investigating the value creating activities through strategic usage of a firm's assets and knowledge.
Unit details
Location:
Study level:
Undergraduate
Credit points:
12
Unit code:
BHO2259
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Learning Outcomes
| 1. | Evaluate the impact of new product development on organisational growth, profitability and overall business success; | ||
| 2. | Analyse competitive environments to identify market opportunities for not only "new" but also revising and innovating "existing" products and services; | ||
| 3. | Conceptualise the factors that underlie new product and innovation performance and investigate how organisational competency is enhanced through research and managing knowledge; | ||
| 4. | Justify the use of theoretical frameworks and models to evaluate real world and industry scenarios in order to probe strategic and best practices for product ideas and innovative business processes; and | ||
| 5. | Formulate and present knowledge and ideas through presentations and reports working effectively in teams. |
Assessment
Melbourne campuses
Students studying under the VU Block Model.
| Assessment type | Description | Grade |
|---|---|---|
| Test | Online Test (Individual) | 15% |
| Report | Strategy report (team work) | 30% |
| Presentation | Group presentation | 15% |
| Test | In-class Test | 40% |
Other locations
| Assessment type | Description | Grade |
|---|---|---|
| Test | Test (Individual) | 15% |
| Report | Strategy report (team work) | 30% |
| Presentation | Tutorial presentations | 15% |
| Examination | Final examination | 40% |
Required reading
Innovation Management and New Product Development (6th Ed.).
Trott, P. (2017).
New Jersey: Prentice Hall/Pearson.
Where to next?
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