| Title: | New Product Launch |
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| Long Title: | New Product Launch |
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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: |
CAROLINE O REILLY |
| Module Description: |
In teams with engineering students e.g. MECH8010 IPD Laboratories 2, students collaborate in developing a product prototype, develop and present a professional standard business plan to expert assessors and Government enterprise agencies. In the second half of the semester, students evaluate business strategy for new ventures. |
| Learning Outcomes |
| On successful completion of this module the learner will be able to: |
| LO1 |
Make costed recommendations on the issue of make or buy or outsource. |
| LO2 |
Recommend an appropriate strategy in regard to intellectual property (IP) and patenting. |
| LO3 |
Recommend appropriate sources of finance and an effective capital structure for a new venture. |
| LO4 |
Critically assess and write an optimised business plan. |
| LO5 |
Participate in a cross disciplinary pitch of the new product to an expert panel of assessors. |
| LO6 |
Perform a detailed analysis and critically evaluate a business model / business scenario. |
| 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). |
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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.
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| MGMT8026 New Product Development |
Module Content & Assessment
| Indicative Content |
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Cost Estimation
Calculation and decision to make, buy or outsource. Collaborate with engineering team-members on Bill of Materials, identification of supply partners.
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Company formation and operation
Forming a Limited Company, Memorandum and Articles of Association, Directors, Organisation structure, Becoming an employer, VAT, Payroll, Hiring staff, tax issues.
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IP and Patenting
Intellectual Property: Patents, trade marks, Copyright, Trade Secrets, non disclosure agreements, Benefits and costs of filing a patent.
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Financing the New Product
Finance sources for the new venture. Projected profit and loss account, Balance Sheet, Breakeven point, DCF, Estimation of risk.
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Reassessing the Business Model:
Explore alternative applications of the product, and other market segments; Marketing Strategy, Value Proposition, Target Market, Product positioning, pricing, Marketing and sales, Distribution channels. Weigh costs and benefits of outsourcing all or part of operations.
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Revise and Optimise the Business Plan
Nature, purpose and contents. Integrating the operations and marketing plan with financial projections. Forensic assessment of all aspects of the proposal.
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Resourcing the Venture
Assembling resources for launch of new venture. Role of informal and formal support and resources. Presenting a new business proposition and plans to a bank, VC, grant agency or prospective investor.
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Further steps in Product Development
Explore possibilities for strategic partnerships, promotional tools and literature, a product website
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Case Study
Using the knowledge and skills acquired in Semester 1 and Semester 2 perform a detailed analysis of a business model / case study. Identify strengths, weaknesses, opportunities and threats. Make appropriate recommendations supplying detailed supportive workings.
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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 |
| Written Report |
Draft of Business Plan for CIT prize for Innovation |
1,2,3,4 |
20.0 |
Week 2 |
| Presentation |
Professional team presentation of business plan for internal panel and at CIT innovation competition. |
5 |
20.0 |
Week 6 |
| Exhibition Evaluation |
Contribution to exhibition stand and presentation of product prototype in competition |
2,5 |
10.0 |
Week 7 |
| Written Report |
Case Study. A detailed analysis of a business model and the challenges facing a company. |
1,2,3,4 |
50.0 |
Sem End |
| No End of Module Formal Examination |
| Reassessment Requirement |
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.
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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 |
Marketing, Financing, Legal & IP issues, Outsourcing, business plan, Pitching the plan. |
3.0 |
Every Week |
3.00 |
| Lecturer Supervised Learning (Non-contact) |
Collaboration with project team mates in product and business plan development. |
2.0 |
Every Second Week |
1.00 |
| Independent & Directed Learning (Non-contact) |
Assessing feasibility, Cost estimation, raising finance, Exploring IP issues, outsourcing and strategic partnerships, Business case analysis. |
3.0 |
Every Week |
3.00 |
| Total Hours |
8.00 |
| Total Weekly Learner Workload |
7.00 |
| Total Weekly Contact Hours |
3.00 |
| Workload: Part Time |
| Workload Type |
Workload Description |
Hours |
Frequency |
Average Weekly Learner Workload |
| Lecture |
Marketing, Financing, Legal & IP issues, Outsourcing, business plan, Pitching the plan. |
2.0 |
Every Week |
2.00 |
| Lecturer Supervised Learning (Non-contact) |
Collaboration with project team mates in product and business plan development. |
1.0 |
Every Second Week |
0.50 |
| Lecturer Supervised Learning (Non-contact) |
Assessing feasibility, Cost estimation, raising finance, Exploring IP issues, outsourcing and strategic partnerships, Business case analysis. |
4.5 |
Every Week |
4.50 |
| Total Hours |
7.50 |
| Total Weekly Learner Workload |
7.00 |
| Total Weekly Contact Hours |
2.00 |
Module Resources
| Recommended Book Resources |
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- Brealey & Myers 2013, Principles of Corporate Finance, 11th Ed., McGraw-Hill/Irwin United States [ISBN: 0078034760]
- Kathleen Allen 2015, Launching New Ventures, an Entrepreneurial Appoach, 7th Ed., Cengage Learning USA [ISBN: 9781305102507]
- Peter Atrill and Eddie McLaney 2015, Management Accounting for Decision Makers, 8th Ed., Pearson USA [ISBN: 9781292072432]
| | Supplementary Book Resources |
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- Bernard O'Hara 2011, Entrepreneurship in Ireland, Gill and MacMillan [ISBN: 9780717149766]
- William D. Bygrave, Andrew Zacharakis, 2011, Entrepreneurship, 2nd Ed., Wiley [ISBN: 9780470450376]
- David Deakins 2009, Entrepreneurship and Small Firms, McGraw Hill [ISBN: 9780077121624]
- Henry William Chesbrough 2003, Open Innovation: The New Imperative for Creating and Profiting from Technology, Harvard Business School Press Boston, Massachusetts [ISBN: 1578518377]
- Guy Kawasaki 2015, The Art Of The Start, Portfolio New York [ISBN: 1591840562]
- Ron Immink and Brian OKane 2002, TenBizPlan:Dynamic Business Planning for Start-ups, Oaktree Press Cork [ISBN: 1860762441]
- Peter F. Drucker 1994, Innovation and entrepreneurship, Butterworth-Heinemann Oxford [ISBN: 0750619082]
- Paul Burns 2008, Corporate Entrepreneurship, 2nd Ed., Palgrave Macmillan Basingstoke [ISBN: 9780230542631]
- Colm O'Gorman, James Cunningham, 2007, Enterprise in Action, Oak Tree Press [ISBN: 9781904887171]
- Kathleen Allen 2010, Entrepreneurship for Scientists and Engineers, International Ed., Pearson Prentice Hall USA [ISBN: 9780132357272]
| | Recommended Article/Paper Resources |
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- Tim Brown 2008, Design Thinking, Harvard Business Review, Vol 86, Number 6, June 2008
- Joachim Henkel and Markus Reitzig 2008, Patent Sharks, Harvard Business Review, Vol 86, Number 6, June 2008
- Journal Journal of Small Business Venturing
| | Supplementary Article/Paper Resources |
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- Journal International Small Business Journal
- Journal Journal of Small Business Management
- Journal European Small Business Journal
| | Other Resources |
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- website: Irish Government,Irish Government advice for business
- website: forfas 2009, Reports on Creativity and Innovation, Dublin
- website: Enterprise Irelandwww.enterprise-ireland.com
- website: South Cork Enterprise BoardSouth Cork Enterprise Board
- website: Irish Venture Capitalists Association
- website: The Entrepreneurship CornerThe Entrepreneurship Corner
- website: amarach research
- website: Biz Plus
- website: Chambers Ireland
- website: Dept of Jobs, Enterprise and Innovation
- website: Small Firms Association
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Module Delivered in
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