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MGMT8026 - New Product Development

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Title:New Product Development
Long Title:New Product Development
Module Code:MGMT8026
 
Duration:1 Semester
Credits: 5
NFQ Level:Advanced
Field of Study: Business & Management
Valid From: Semester 1 - 2022/23 ( September 2022 )
Module Delivered in 4 programme(s)
Module Coordinator: CAROLINE O REILLY
Module Author: Lisa Murphy
Module Description: Students will participate in entrepreneurial teams with students from different disciplines in designing a new product. 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.
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 MTU module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).

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
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
 

Module Content & Assessment

Indicative Content
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.
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.
Financial Planning
Pricing, sales forecasting, profit and loss, balance sheet, cash flow, break even analysis, start-up costs, license fees.
Finance for the new Product
Estimation of financial needs. Sources of public and private finance: government funding and supports, investors, term loans, leasing, overdraft.
Business Plan
Definition, purpose and contents of a business plan. Writing and evaluating the business plan.
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.
Assessment Breakdown%
Course Work100.00%
Course Work
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Presentation Pitch presentation of product concept. 1,2,3,4,5 25.0 Week 8
Written Report Feasibility analysis to assess the size of the opportunity and presentation of findings. 1,2,3,4,5 50.0 Week 10
Written Report Business plan submission. 6 25.0 Week 12
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.

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
  • Kathleen Allen 2016, Launching New Ventures, an Entrepreneurial Approach, 7th Ed., Cengage Learning Boston [ISBN: 978130510250]
  • Paul Trott 2021, Innovation Management and New Product Development, 7th Ed., Prentice Education UK [ISBN: 9781292251547]
Supplementary Book Resources
  • Ron Immnick and Brian O'Kane 2009, Starting your own Business, A workbook, 3rd Ed., Oak Tree Press Ireland [ISBN: 9781904887355]
  • David Gibson 2009, The Street Wise Guide to Being Enterprising, Oaktree Press Ireland [ISBN: 9781904887324]
  • 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
  • Harvard Business Review 2009, Spotlight on Innovation (4 articles), Harvard Business Review, Vol 87, Number 12, Dec 2009
Other Resources
 

Module Delivered in

Programme Code Programme Semester Delivery
CR_BBUSS_8 Bachelor of Business (Honours) 1 Elective
CR_BACCT_8 Bachelor of Business (Honours) in Accounting 7 Group Elective 2
CR_BIBLA_8 Bachelor of Business (Honours) in International Business with Language 7 Elective
CR_BMRKT_8 Bachelor of Business (Honours) in Marketing 7 Elective

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