Marketing and New Product Innovation
| Module title | Marketing and New Product Innovation |
|---|---|
| Module code | BEMM069 |
| Academic year | 2023/4 |
| Credits | 15 |
| Module staff | Dr Mihaela Bishop (Convenor) |
| Duration: Term | 1 | 2 | 3 |
|---|---|---|---|
| Duration: Weeks | 11 |
| Number students taking module (anticipated) | 350 |
|---|
Module description
Marketing is the term given to those activities that occur where an organisation and its customers come into contact and result in a mutually beneficial and satisfying exchange relationship. It is the driving force behind modern business and is concerned with ensuring the closest possible fit between what an organisation does and what its customers need and want. This involves offering the ‘right’ marketing mix.
However, marketing also depends on the constant updating of ideas and development of new products and services. Consumers can be fickle and change their needs and wants, competitors alter their strategies, and forces within the marketplace regularly change. These factors require organisations to implement New Product Development (NPD) programmes, with a view to integrate and coordinate their marketing efforts through strategic decision-making, reflected in the production of marketing plans.
The module will provide students with the relevant skills and techniques necessary for implementing marketing strategy and planning around the framework of developing a new product/service development programme. Working in project teams, students will develop their project management, communication and team-working skills during the development of a formal presentation of their marketing plan. Students will be asked to reflect on the reasons for new product/service development and how businesses develop a product into a commercial idea.
The assessment structure for this module is subject to review and may change before the start of the new academic year. Any changes will be clearly communicated to you before the start of the term and if you wish to change modules as a result of this you can do so in the module change window.
Module aims - intentions of the module
The aim of the module is to provide knowledge of the concept of marketing planning and its applications around the framework of a New Product/Service Development programme. In addition, it will enable students to develop an understanding of marketing as both a principle (a way of doing business) and a job function (what marketers do on a day-to-day basis), by rationalising the necessity for new product/service development and how organisations develop a product idea into a commercial product.
Additional Information:
Sustainability
The module covers sustainability related issues by addressing concepts such as social and environmental responsibility.
Internationalisation
The mixture of case studies from a range of global firms will enhance students’ understanding of international issues affecting the design and implementation of marketing strategy in the context of new product or service innovation.
Employability
Students will have the opportunity to put theory to practice in a realistic application that will enhance their practical marketing and problem-solving skills and also their own marketability with potential employers.
Intended Learning Outcomes (ILOs)
ILO: Module-specific skills
On successfully completing the module you will be able to...
- 1. Evaluate and design a marketing plan
- 2. Apply a framework for the analysis of business situations, considering relevant internal and external factors
- 3. Explain the reasons for NPD and how businesses develop a product idea into a commercial product
- 4. Identify a coherent marketing strategy by using relevant marketing mix tools to achieve effective implementation of plans
ILO: Discipline-specific skills
On successfully completing the module you will be able to...
- 5. Explain the role of the marketing plan within the context of the organisations' strategy and culture and the broader marketing environment
- 6. Realise how marketing is integrated with other business functions
- 7. Research, analyse and apply key innovation literature concepts
ILO: Personal and key skills
On successfully completing the module you will be able to...
- 8. Critically assess competing theories
- 9. Improve written and communication skills
Syllabus plan
The following subjects will be taught through the course of the term:
- Marketing Planning process
- The Market Audit
- Understanding markets and consumers
- Strategic marketing planning
- Planning for products, services and brands
- NPD concept generation, evaluation and testing
- Financial budgets and operational considerations
- Market potential and sales forecasting
- Integrated marketing communications
- Price and distribution strategies
- Strategic implementations and control
Learning activities and teaching methods (given in hours of study time)
| Scheduled Learning and Teaching Activities | Guided independent study | Placement / study abroad |
|---|---|---|
| 20 | 130 | 0 |
Details of learning activities and teaching methods
| Category | Hours of study time | Description |
|---|---|---|
| Scheduled learning and teaching | 20 | Lectures and seminars |
| Guided independent study | 130 | Independent work |
Formative assessment
| Form of assessment | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|
| In class discussion on pre-assigned topic | 10 minutes introduction followed by class discussion | 1-9 | In class verbal |
Summative assessment (% of credit)
| Coursework | Written exams | Practical exams |
|---|---|---|
| 100 | 0 | 0 |
Details of summative assessment
| Form of assessment | % of credit | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|---|
| Individual assignment 1 | 30 | 1 x PowerPoint slide or similar to include max. 500 words + use of graphics/images | 3-9 | Individual feedback |
| Individual assignment 2 | 70 | 3500 words | 1-9 | Individual feedback |
Details of re-assessment (where required by referral or deferral)
| Original form of assessment | Form of re-assessment | ILOs re-assessed | Timescale for re-assessment |
|---|---|---|---|
| Individual assignment 1 | Individual assignment 1 30% | 3-9 | Reassessment period |
| Individual assignment 2 | Individual assignment 2 70% | 1-9 | Reassessment period |
Indicative learning resources - Basic reading
Basic reading:
- Annacchino, M. (2003). New product development: from initial idea to product management. Elsevier.
- Bouncken, R. B., Fredrich, V., Ritala, P., & Kraus, S. (2017). Coopetition in new product development alliances: advantages and tensions for incremental and radical innovation. British Journal of Management.
- Chang, W., & Taylor, S. A. (2016). The effectiveness of customer participation in new product development: A meta-analysis. Journal of Marketing, 80(1), 47-64.
- Cui, A. S., & Wu, F. (2017). The impact of customer involvement on new product development: Contingent and substitutive effects. Journal of Product Innovation Management, 34(1), 60-80.
- Megicks, P., & Blythe, J. (2010). Marketing planning: strategy, environment and context: Harlow: Financial Times Prentice
- Trott, P. (2015), Innovation Management and New Product Development (5th Edition), Harlow: Financial Times Press
- Walton, B., Petrovici, D., & Fearne, A. (2017). Factors Impacting the Success of new Product. Development in the UK Grocery Retail Industry: An Empirical Examination of Product Innovation Performance. In The Customer is NOT Always Right? Marketing Orientations in a Dynamic Business World(pp. 182-185). Springer, Cham.
- Wood, M. B. (2005). The marketing plan handbook: Prentice Hall.
- Wood, M. B. (2013). Essential guide to marketing planning (3rd ed.). Harlow: Pearson Education.
| Credit value | 15 |
|---|---|
| Module ECTS | 7.5 |
| Module pre-requisites | None |
| Module co-requisites | None |
| NQF level (module) | 7 |
| Available as distance learning? | No |
| Origin date | 17/07/2018 |
| Last revision date | 13/03/2023 |
