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Innovation management and new product development

  • Class 30
  • Practice 30
  • Independent work 120
Total 180

Course title

Innovation management and new product development

Lecture type

Obligatory

Course code

21-04-509

Semester

1

ECTS

6

Lecturers and associates

Course overview

This module introduces students to the fundamentals of innovation management.
The objectives of this module are to enable students to:
• critically examine the innovation process and argue the importance of innovation in creating sustainable competitive advantage, as well as
• evaluate different innovation strategies and opportunities for new product or service development.
For all business organizations, especially those related to technology in the broadest sense, the development of new products and services and the successful management of innovations are the basic preconditions for long-term development and survival. This module teaches students the concepts, methods, tools and best practices in developing new products and services, which is a complex process that requires multifunctional collaboration.
It is important for students to take this module in order to develop interdisciplinary skills, which will make them better members of business organizations or managers of their own businesses. By participating in discussions and analysing case studies, students will master the underlying marketing concepts by deepening their understanding of the strategic and management aspects of innovations.

Literature

Essential reading:
1. Trott, P. (2017) Innovation management and new product development. 6th edn. Harlow: Pearson International

Recommended reading:
1. Ulrich, K.T. and Eppinger, S.D. (2016) Product Design and Development. 6th edn. New York: McGraw-Hill Education
2. Drucker, P.F. (2006) Innovation and entrepreneurship. [n.k.] New York: HarperBusiness

Further reading:
1. Srića, V. (2016) Creativity and Innovation Management: A Storytelling Approach. eReader version, accessed 20 April 2021 from Amazon.com
2. Journal of Product Innovation Management, Product Development and Management Association, Online ISSN: 1540-5885

Minimal learning outcomes

  • Argue the importance of innovation in creating sustainable competitive advantage and compare different forms of intellectual property protection.
  • Determine the importance of managing organizational knowledge and compare different forms of strategic alliances, technology transfer and methods for evaluating RandD projects.
  • Create a business model, interpret market research results and compare new product development models.

Preferred learning outcomes

  • Evaluate the role of innovation in creating a sustainable competitive advantage and choose the appropriate form of intellectual property protection depending on the specific business context.
  • Recommend the appropriate innovation strategy and choose the appropriate form of strategic cooperation with other companies in the given business context.
  • Evaluate opportunities for business model innovation and new product and service development and critically examine the role of market research.
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