Marketing and New Product Innovation

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.

Full module specification

Module title:Marketing and New Product Innovation
Module code:BEMM069
Module level:M
Academic year:2019/0
Module lecturers:
  • Dr Mihaela Bishop - Convenor
Module credit:15
ECTS value:

7.5

Pre-requisites:

None

Co-requisites:

None

Duration of module: Duration (weeks) - term 1:

0

Duration (weeks) - term 2:

11

Duration (weeks) - term 3:

0

Module aims

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.

ILO: Module-specific skills

  • 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

  • 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

  • 8. Critically assess competing theories
  • 9. Improve written and communication skills

Learning activities and teaching methods (given in hours of study time)

Scheduled Learning and Teaching ActivitiesGuided independent studyPlacement / study abroad
381120

Details of learning activities and teaching methods

CategoryHours of study timeDescription
Scheduled learning and teaching22Lectures
Scheduled learning and teaching16Tutorials
Guided Independent Study112Assignment work

Formative assessment

Form of assessmentSize of the assessment (eg length / duration)ILOs assessedFeedback method
In class discussion on pre-assigned topic10 minutes introduction followed by class discussion1-9In class verbal

Summative assessment (% of credit)

CourseworkWritten examsPractical exams
10000

Details of summative assessment

Form of assessment% of creditSize of the assessment (eg length / duration)ILOs assessedFeedback method
Individual Assignment (Poster)301 x PowerPoint slide to include max. 500 words + use of graphics/images3-9Individual feedback
Individual Assignment (Report)703500 words1-9Individual feedback

Details of re-assessment (where required by referral or deferral)

Original form of assessmentForm of re-assessmentILOs re-assessedTimescale for re-assessment
Individual Assignment (Poster)Individual Assignment (Poster) 30%3-9August reassessment period
Individual Assignment (Report)Individual Assignment (Report) 70% 1-9August reassessment period

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

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 Marketing80(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 Management34(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.

Module has an active ELE page?

Yes

Origin date

17/07/2018

Last revision date

14/08/2018