| Title: | New Product Development |
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| Long Title: | New Product Development |
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| Field of Study: |
Business & Management
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| Valid From: |
Semester 1 - 2016/17 ( September 2016 ) |
| Module Coordinator: |
CAROLINE O REILLY |
| Module Author: |
Lisa Murphy |
| Module Description: |
Students will participate in entrepreneurial teams with non-business students in designing a new product e.g. MECH8009 IPD Laboratories 1. Students will complete some fundamental market research and analysis to assess product viability for further business development and develop a business plan in the process. Business students will contribute in assessing the size of the market opportunity and potential market demand for the product, cost and margin estimation, legal and IP issues, sales and distribution, sources of finance and business planning.
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| Learning Outcomes |
| On successful completion of this module the learner will be able to: |
| LO1 |
Participate in developing a new product from concept stage to design stage. |
| LO2 |
Complete basic primary and secondary market research to establish the size of the market opportunity and potential market demand for the product. |
| LO3 |
Conduct a feasibility analysis to assess the commercial viability of pursuing the idea past concept stage. |
| LO4 |
Develop costing and profit margin estimates to establish financial viability for the product. |
| LO5 |
Develop communication, problem solving and networking abilities through the process of working with a multidisciplinary team. |
| LO6 |
Formulate a complete business plan for a new product. |
| Pre-requisite learning |
Module Recommendations
This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named CIT module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s). |
| No recommendations listed |
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module. You may not earn additional credit for the same learning and therefore you may not enrol in this module if you have successfully completed any modules in the incompatible list. |
| No incompatible modules listed |
Co-requisite Modules
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| No Co-requisite modules listed |
Requirements
This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. You may not enrol on this module if you have not acquired the learning specified in this section. |
| No requirements listed |
Co-requisites
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| No Co Requisites listed |
Module Content & Assessment
| Indicative Content |
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Opportunity Recognition and Idea Generation
Creativity and the product concept; explore sources of new ideas, techniques for creative problem solving, methods for idea generation and screening ideas.
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Market Feasibility Analysis
Approaches to Primary and Secondary Market Research. Sources of information. Market assessment; profiling industry and competitors and customer/end user behaviours and needs. Target market identification and market sizing, identifying routes to market. Positioning and the marketing mix.
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Financial Planning
Pricing, sales forecasting, profit and loss, balance sheet, cash flow, break even analysis, start-up costs, license fees.
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Finance for the new Product
Estimation of financial needs. Sources of public and private finance: government funding and supports, investors, term loans, leasing, overdraft.
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Business Plan
Definition, purpose and contents of a business plan. Writing and evaluating the business plan.
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Effective Networking and Team Work
Introduction to Networking for business; definition, scope and value. How to work effectively in teams, roles and barriers to communication, the art of negotiation.
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| Assessment Breakdown | % |
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| Course Work | 100.00% |
| Course Work |
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| Assessment Type |
Assessment Description |
Outcome addressed |
% of total |
Assessment Date |
| Presentation |
Pitch presentation of product concept to Rubicon Incubation Centre management team. |
1,2,3,4,5 |
20.0 |
Week 8 |
| Written Report |
Feasibility analysis to assess the size of the opportunity and potential demand. This will involve target market identification and market sizing, competitor and customer profiling, product positioning, marketing and sales strategy and identifying routes to market. |
1,2,3,4,5 |
30.0 |
Week 9 |
| Presentation |
Group Commercial Feasibility presentation. |
1,2,3,4,5 |
15.0 |
Week 10 |
| Written Report |
Business plan submission. |
6 |
20.0 |
Week 12 |
| Reflective Journal |
Reflective learning log which captures personal participation in all team building, teamwork, networking and problem solving activities and student perception of these activities in relation to personal development. |
5 |
15.0 |
Sem End |
| No End of Module Formal Examination |
| Reassessment Requirement |
Coursework Only
This module is reassessed solely on the basis of re-submitted coursework. There is no repeat written examination.
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The institute reserves the right to alter the nature and timings of assessment
Module Workload
| Workload: Full Time |
| Workload Type |
Workload Description |
Hours |
Frequency |
Average Weekly Learner Workload |
| Lecture |
Lecturer delivery of course material. |
3.0 |
Every Week |
3.00 |
| Lecturer-Supervised Learning (Contact) |
Mentoring, provide guidance and feedback. |
1.0 |
Every Week |
1.00 |
| Independent & Directed Learning (Non-contact) |
Work with project team members. |
1.0 |
Every Week |
1.00 |
| Independent & Directed Learning (Non-contact) |
Assess market feasibility, cost estimation, financial projections, business plan. |
2.0 |
Every Week |
2.00 |
| Total Hours |
7.00 |
| Total Weekly Learner Workload |
7.00 |
| Total Weekly Contact Hours |
4.00 |
| Workload: Part Time |
| Workload Type |
Workload Description |
Hours |
Frequency |
Average Weekly Learner Workload |
| Lecture |
Lecturer delivery of course material. |
1.5 |
Every Week |
1.50 |
| Lecturer-Supervised Learning (Contact) |
Mentoring, provide guidance and feedback. |
0.5 |
Every Week |
0.50 |
| Independent & Directed Learning (Non-contact) |
Work with project team members. |
1.0 |
Every Week |
1.00 |
| Independent & Directed Learning (Non-contact) |
Assess market feasibility, cost estimation, financial projections and business plan. |
4.0 |
Every Week |
4.00 |
| Total Hours |
7.00 |
| Total Weekly Learner Workload |
7.00 |
| Total Weekly Contact Hours |
2.00 |
Module Resources
| Recommended Book Resources |
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- Kathleen Allen 2015, Launching New Ventures, an Entrepreneurial Approach, 7th Ed., Cengage Learning USA [ISBN: 9781305102507]
- Paul Trott 2011, Innovation Management and New Product Development, 5th Ed., Prentice Hall [ISBN: 978-02737365]
| | Supplementary Book Resources |
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- Ron Immnick and Brian O'Kane 2009, Starting your own Business, A workbook, 3rd Ed., Oak Tree Press Ireland [ISBN: 9781904887355]
- David Gibson 2010, The Street Wise Guide to Being Enterprising, Oaktree Press Ireland [ISBN: 978-1-904887-32-4]
- John Tidd & Joe Bessant 2014, Strategic Innovation Management, 1st Ed., Wiley UK [ISBN: 9781118457238]
- Bernard O'Hara 2011, Entrepreneurship in Ireland, 1st Ed., Gill and Macmillan Ireland [ISBN: 9780717149766]
| | Recommended Article/Paper Resources |
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- Harvard Business Review 2009, Spotlight on Innovation (4 articles), Harvard Business Review, Vol 87, Number 12, Dec 2009
| | Other Resources |
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- Website: Enterprise Ireland
- Website: Bank of Ireland
- Website: Irish Patents Office
- Website: European Patents Office
- Journal: Journal of Small Business Venturing
- Journal: The International Journal of
Entrepreneurial Behaviour and Research
- Website: Irish Venture capital Association
Website
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Module Delivered in
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