INNOVATION AND NEW PRODUCT DEVELOPMENT

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1 1. Module Number: BM Module Title: Innovation and New Product Development 3. Number of Aston Credits: Total Number of ECTS Credits: 5 (European Credit Transfer) 5. Contributing School: Aston Business School 6. Percentage of Contribution: 100% 7. Staff Member Responsible for the Module: Dr Matti Jaakkola Lecturer in Marketing Aston Business School, Marketing Group Aston Triangle, Birmingham, B4 7ET, UK +44-(0) (tel) m.jaakkola@aston.ac.uk Book office hours using: Other Staff Contributing to the Module: Guest lecturers are used when and where appropriate 8. Pre/Co-Requisite(s) for the module and any prohibited combinations (if none please say so): BM1134 Introduction to Marketing Management 9. Accreditation/Exemptions from Professional Examinations: None ABS 2015/16 1

2 1. Aims of the Module: This module aims to provide students with a good understanding of the core concepts and analytic frameworks concerning the management of innovation and new product development from a marketing perspective. Having completed the module, students should also have knowledge of key managerial practices and processes related to innovation and new product development and the ability to apply these in practice. The knowledge gained from this module will build on and complement that of other modules to enable students to pursue successful careers in marketing in the contemporary business environment. 2. Module Learning Outcomes: On completion of this module, students will be able to: Demonstrate knowledge and understanding of the key marketing theories and concepts underpinning innovation and new product development. Apply the principles of innovation and new product development and management to case studies based on real-life contexts. Critically appraise the role of innovation management and new product development processes and reflect upon these within the corporate marketing context. Synthesise opinions from arguments emerging from peer discussions, further developing analytical, managerial, communication and report writing skills. 3. International Dimensions: The module draws widely on the international academic and case-study literature with a range of innovation and new product development cases of a diverse set of industries and organisations. 4. Corporate Connections: Contemporary examples and mini-cases of innovation and new product/service development success and failure will be provided throughout the lecture programme. Guest lecturers will also be utilised where and when appropriate. 5. Links to Research: Majority of the topics covered during this module are introduced in a textbook (Trott, P Innovation Management and New Product Development, 5th edition, Pearson.). Additionally, academic journal articles, assigned by the module leader form an important part of the module content. The module leader actively undertakes research in the field of innovation and new product development. This research along with studies conducted by other members of the Marketing Group is used in providing examples throughout the lecture program. ABS 2015/16 2

3 6. Ethics, Responsibility and Sustainability: Ethics, sustainability and corporate responsibility are recurring themes running through all marketing modules. It is expected that students will integrate these topics as relevant in their coursework. 7. Ethical Approval for Research: This module does not require any primary research and no ethical approval will be necessary. 8. Module Content: Through lectures, module readings and case studies (discussed in tutorials), and coursework, the module aims to cover the most important areas of innovation and new product development from marketing perspective. Indicative lecture content is presented below; subject to changes. Week 1: Course practicalities, interplay between marketing and innovation Week 2: Developing innovation strategy, managing innovation process Week 3: Building innovative and creative organisations Week 4: Capturing customer inputs and identifying innovation opportunities Week 5: Service and business model innovations Week 6: From closed to open innovation, business networks Week 7: NPD process I: From idea generation to concept testing and prototyping Week 8: NPD process II: From lead user testing to product launch and commercialization Week 9: Not just value creation, but also value appropriation Week 10: Assessing success of innovation and new product development Week 11: Revision All lectures will be recorded and accessed via Blackboard (Aston Replay). 9. Methods of Delivery: (These are UK government definitions) Scheduled Study Hours Lecture a presentation or talk on a particular topic 17 Seminar a discussion or classroom session focusing on a particular topic or project Tutorial A meeting involving one-to-one group supervision, 4 feedback or detailed discussion on a particular topic or project Project Supervision A meeting with a supervisor to discuss a 1 particular piece of work Demonstration A session involving the demonstration of a practical technique or skill Practical Classes and Workshops A session involving the development and practical application of a particular skill or ABS 2015/16 3

4 technique Supervised Time in Studio/Workshop Time in which students work independently but under supervision, in a specialist facility such as a studio or workshop Fieldwork Practical work conducted at an external site External Visit A visit to a location outside of the usual learning spaces, to experience a particular environment, event, or exhibition relevant to the course of study Work-based Learning Learning that takes place in the workplace Independent Study Might include preparation for i) scheduled 78 sessions, ii) follow-up work, iii) wider reading or practice, iv) completion of assessment tasks, v) revision etc Total 100 9a. Learning and teaching rationale behind chosen delivery methods: A blended learning format of lectures, tutorials and coursework will be used. The lectures will provide an outline of weekly innovation and/or new product development topic. In order to supplement lectures, tutorial sessions are included, as is coursework element and an examination. Together, these delivery methods provide students with a good opportunity to ensure that key concepts are well understood and that they are able to apply relevant innovation and new product development frameworks in a real-life setting. Readings to supplement lectures and give a wider perspective on the topics discussed in class are provided. Essential and further readings are taken from textbook(s) or comprise published articles made available via the module page on Blackboard. 10. Assessment Methods and Rationale: The module is assessed by final exam (70% of final mark) and one piece of individual coursework (30% of final mark). This rationale has been pursued to promote learning not only through lectures and reading, but also through individual reflection and application of theories and frameworks discussed in class/readings. Final Exam (70 % of final mark) The final term exam, 2 hours in duration, is in closed book format. Exam questions assess students knowledge and comprehension of key innovation and new product development topics. The examination will be a combination of short answer questions and essay questions. The short answer questions are based on the theoretical/technical content of the lecture material. In essay questions, students need to apply the contents covered in lectures and study materials in a company setting and, in doing so, integrate theory and practice. Individual coursework (30 % of final mark) As a second method for assessment, students are asked to write and submit a coursework (2000 words in length) in which they critically discuss selected elements of the module ABS 2015/16 4

5 contents from the perspective of a case company. Ideally, this exercise will deepen students understanding of the module contents and encourage them consider how innovation and new product development are managed in a firm. Especially in the final year, when final exams cause a lot of stress for students, the coursework element also allows students to earn marks for their final grade already before the exam. Furthermore, coursework and exam are related so efforts made during the coursework also prepare students towards the exam. Detailed guidelines for the individual coursework are provided on Blackboard in due course; these will also be discussed during the first lecture. 11. Feedback Methods and Rationale: Formative feedback will be provided during the module, for instance, through discussions in class which test students understanding of key topics of the module. Students are also encouraged to sign up for the module leader s office hours for additional feedback when needed, and discuss any issues facing them. ABS 2015/16 5