What is the course about?
The module aims to provide an appreciation of the New Product Development process, giving practical experience that builds on learning delivered by taught modules on The Business Environment (SPCEGS04) and Technology Strategy (SPCEGT02). The focus on practical application of creativity and entrepreneurship will complement the concepts introduced in the two other modules.
The students will experience hands-on approach to the development of a new product of their choice, from idea to market, over the course of a week. Working in group, the students' projects will culminate in a presentation in which students pitch their business plans and show prototype products (physical or drawings / computer models of some sort) in a competitive situation ('Dragon's Den' style panel).
Students will apply creative design in an enterprise context. The NPD module will cover the key stages in developing and introducing new products, including:
- Understanding the customer. This will involve empathizing with potential customers for a particular product concept, and defining the requirements.
- Product design. This will involve coming up with creative solutions to the requirements.
- Prototyping. Students will build a model of the system.
- Test. Students will test their system, ideally through field work, and refine the design.
- Commercialization. Students will learn about writing effective business plans, including product definition, marketing, finance and supply chain aspects.
Students will receive a lecture to introduce key concepts, but the majority of each day will be spent with the students working in groups, sometimes in the classroom and sometimes outside doing their own 'field work' or market research to develop solutions to the concepts introduced. At the end of each day, groups will present their work and will receive formative feedback on their presentations.
The module usually runs anually and is taught through a mixture of lectures, interactive discussions and group exercises which facilitate networking among peers.
This module is 15 credits. It is an optional module on the MSc Technology Management.