New product development is perhaps the most significant activity within a growth-oriented company. Successful companies manage to bring out value-added new products year after year. Innovation and New Product Development Process is a course that examines the strategies, processes and methods used by these companies, and the cutting-edge tools and techniques used for new-product development. This course reviews proven business processes, such as the Stage-Gate approach for managing different stages of product development, from idea generation to market testing. Although the primary focus of the course is on physical products, much of the material is also relevant for the design of new services.
After completing Innovation & New Product Development Process, students will be equipped with a basic understanding of the following:
- how to manage an idea generation process
- how to develop a business case for the idea
- how to conduct a feasibility review
- how to develop and define product options
- how to manage through the customer
- how to successfully scale up the product
- how to evaluate success
No prior experience or coursework required.
Students will be assigned 5 homework assignments, and 1 final exam.
What is Stage-Gate New Product Development?
Idea Generation Phase
- Idea generation process
- Developing a business case
- Assigning a project team
Product Design Phase
- Market & competitive analysis
- Defining of customer needs
- Product design options
- Freedom to operate (patent, regulatory, environment)
- Feasibility review
- Product design selection
- Product specifications
- Manufacturing options and considerations
- Prototype trial
- Customer evaluation
Scale Up and Qualification Phase
- Manufacturing process selection
- Initial production
Product Release Phase
Performance vs. Plan
This course is Instructor-led and delivered through our award-winning online Learning Management System.