Programs

Digital Marketing

Innovation, product and service development

  • Class 15
  • Practice 30
  • Independent work 90
Total 135

Course title

Innovation, product and service development

Lecture type

Obligatory

Course code

20-04-006

Semester

3

ECTS

5

Lecturers and associates

Course objectives

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. The aim of the course is to familiarize students with basic concepts, methods, tools and best practices in developing new products and services, which is a complex process that requires multifunctional collaboration and interdisciplinary skills. By participating in discussions and analyzing case studies, students will master the underlying marketing concepts by deepening their understanding of the strategic and management aspects of innovations that create value on existing and emerging markets and enable company to grow and retain its competitive edge.

Content

An introduction to innovation management. Managing innovation within firms. Innovation and managing intellectual property. Managing organisational knowledge. Strategic alliances and networks. Introduction to research and development. RandD management. Business models. Product and brand strategy. New product development. New service development. Market research and its influence on new product development. Managing the new product development process.

Required reading

Paul Trott: Innovation Management and New Product Development'', 6th edition, Pearson International, 2017

Additional reading

Karl T. Ulrich and Steven D. Eppinger: „Product Design and Development“, 6th edition, McGraw-Hill Education, 2016

Peter F. Drucker: "Innovation and entrepreneurship", HarperBusiness, 2006

Velimir Srića: "Creativity and Innovation Management: A Storytelling Approach", Kindle Store on Amazon (digital book), 2016

Journal of Product Innovation Management

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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