Year
2024Credit points
10Campus offering
Prerequisites
Nil
Incompatible
MGMT314 New Product and Service Development
Teaching organisation
3 hours per week for twelve weeks or equivalent.Unit rationale, description and aim
A new start-up recognises that it has a novel product, process, or service to advance, and needs processes to be ready promptly to scale up and commercialise in global markets. To achieve this start-ups, invest significant resources and capabilities in R&D activities. Developing and launching ground-breaking products and services at the right time is fundamental to start-up’s survival and achieving profit (in long-term). Nevertheless, despite the substantial investment in R&D projects and screening and developing new products and services, statistics in a global scale confirm continued high failure rates for start-ups usually because of their first product’s failure. This underscores the need for better management of new product and service processes and R&D projects in start-ups.
The aim of this unit is to develop and enhance students’ knowledge and practical skills of strategic R&D management in start-ups and how it interacts with marketing to create value for customers and community.
Students will develop their knowledge in how new product and new service development- in particular R&D capability and how it creates value for a start-up/new venture and its stakeholders. The unit concentrate on new product and service development and launch in start-ups from a strategic R&D perspective, emphasising the advancement of knowledge of the strategic foundations for new product and service development. The unit is organised around a broad six-phase new product development process in the context of start-ups and new ventures. There is no doubt that a standard process may not work consistently well in all settings and situations, and the universal process that students focus on will need to be adapted for specific industries and contexts.
Learning outcomes
To successfully complete this unit you will be able to demonstrate you have achieved the learning outcomes (LO) detailed in the below table.
Each outcome is informed by a number of graduate capabilities (GC) to ensure your work in this, and every unit, is part of a larger goal of graduating from ACU with the attributes of insight, empathy, imagination and impact.
Explore the graduate capabilities.
| Learning Outcome Number | Learning Outcome Description |
|---|---|
| LO1 | Evaluate the key theories and concepts associated with strategic R&D management and new product development in start-ups |
| LO2 | Apply strategic and critical thinking to R&D and new product development issues in start-ups |
| LO3 | Examine the ethical and social issues (i.e. improving social and economic well-being) that are intimately intertwined with start-ups’ R&D and new product development activities |
| LO4 | Utilise the technological and market information/data that are relevant to key new product and R&D decisions in start-ups |
| LO5 | Appraise factors that impact new product and service development and R&D decisions in start-ups through effective communication skills |
Content
Topics will include:
- strategic new product development: definition, evolution and impact
- practical new product launch in start-ups
- the application of innovation models in start-ups’ R&D projects
- different stages of new product development
- evaluation of key R&D management theories and concepts
- service innovation in start-ups
- communication in the R&D context
- innovation strategies for new ventures
- product concept and prototype development
- first product commercialisation for start-ups
- product development issues: marketing R&D collaboration in start-ups
- high-tech start-ups’ survival
- ethical and social issues in R&D management (improving the social and economic well-being of all the stakeholders)
- the role of customer involvement in R&D projects.
Learning and teaching strategy and rationale
This unit adopts a multimodal learning approach to guide students in development of knowledge and skills related to R&D, new product development and commercialisation by an entrepreneurial start-ups.
Students will be able to learn the application of theories and concepts underpinning new product development and R&D management in a series of workshops/sessions and number of guest speaker sessions supporting natural link between theory and industry expectations. These workshops/sessions are designed to support students to actively participate in the development of this knowledge both individually and in team settings. Each workshop/session includes mini seminars focusing on the core theories followed by practical exercises. By participating in these workshops/sessions, students will systematically develop their understanding of the practical knowledge of strategic R&D and new product development management that can impact start-up’s success.
A variety of learning materials (real-life examples, case studies from current issues relating to the theory and practice of R&D, new product development and commercialisation by an entrepreneurial start-ups journal article, videos, workshop/session capture and invited guest speakers) will be used. Deep learning is likely to be fully realised as students are exposed to this variety of learning tasks.
Assessment strategy and rationale
In order to pass this unit, students are required to demonstrate mastery of all learning outcomes and achieve an aggregate mark of at least 50%.Marking will be in accordance with a rubric specifically designed to measure student levels of achievement of the learning outcomes for each item of assessment. Students will also be awarded a final grade which signifies their overall achievement in the Unit.
The assessment strategy for this unit allows students to sequentially develop their knowledge and skills of strategic R&D and new product development to the point where students can design, justify and defend a concept / prototype of a new product ready for commercialisation.
To develop this level of capacity, students will present their knowledge associated with R&D management and new product development in start-ups in an Analytical Report. Considering a broad range of product development factors as a team project in the form of a video presentation (including transcript) students will further defend a new product concept/prototype for a start-up. To develop this level of capacity, students will demonstrate their knowledge of the application of new product and service development models to real-world business situations and in particular, new ventures/start-ups, taking into account social and economic well-being of the stakeholders in R&D management.
Overview of assessments
| Brief Description of Kind and Purpose of Assessment Tasks | Weighting | Learning Outcomes |
|---|---|---|
Assessment Task 1: Analytical Research Report This assessment task consists of a 1500-word analytic Report. This task requires students to evaluate theories associated with R&D management and new product development in start-ups in a form of a Report critically analysing the key issues associated with new product and service development and R&D management in start-ups. A contemporary and real-world/authentic R&D topic will be introduced to students which requires their external research and analysis of the relevant literature and secondary data. In completing the Report students have to use very recent source e.g. journal articles. Submission Type: Individual Assessment Method: Analytical Research Report Artefact: Written Report | 30% | LO1, LO2 |
Assessment task 2: Quality New Product Development Report in a form of a Team First Product Pitch/Team Video Presentation + Written Transcript This assessment task consists of a team presentation along with slides/notes. This task requires students to develop their R&D idea, apply strategic thinking and demonstrate their communication skills and understanding of new product development and R&D processes in the context of start-ups and new ventures to develop a product pitch. In providing figures, statistics and trends students have to use very recent citations and sources. Submission Type: Team Assessment Method: Presentation/Transcript Artefact: Video Presentation, and Transcript Document | 30% | LO1, LO2, LO4, LO5 |
Assessment Task 3: Case Study Report This assessment task consists of a 1700-word written Case Study Report. This task requires students to analyse concepts and practices relating to R&D and new product development to real-world business situations and in particular, new ventures/start-ups, taking into account social and economic well-being of the stakeholders in R&D management. Where needed students have to use external sources such as recent journal articles. Submission Type: Individual Assessment Method: Case Study Report Artefact: Written case study Report | 40% | LO2, LO3 |
Representative texts and references
Crawford, C.M. and DiBenedetto, A 2020, New products management, 12th edn, Boston: Irwin/McGraw – Hill Series in Marketing.
Trott, P 2017, Innovation Management and New Product Development, 6th edn. Pearson Education Limited, Essex
Kahn, K.B., 2012. The PDMA handbook of new product development, John Wiley & Sons.
Mohr, J, Sengupta, S & Slater, S 2010, Marketing of high technology products and innovations, 3rd edn. Prentice Hall, New Jersey.
Kshetri, N. 2018, Global Entrepreneurship: Environment and Strategy, 2nd edn, Routledge, USA.
Matthews, CH & Brueggeman, R. 2015, Innovation and Entrepreneurship: A Competency Framework, Routledge, USA.
McAdam, M 2014, Female Entrepreneurship, Routledge, USA.
Terziovski, M (ed) 2009, Energizing management through global innovation and entrepreneurship research and practice, Routledge Taylor & Francis, New York.
Tidd, J & Bessant, J 2015, Strategic Innovation Management. John Wiley & Sons, New York.
Journals
Strategic Entrepreneurship Journal
Journal of Business Strategy
Journal of Business Venturing
Entrepreneurship Research Journal
Entrepreneurship Theory and Practice
European Journal of Innovation Management
Innovation Policy and the Economy
International Journal of Entrepreneurship Theory and Research
Journal of Entrepreneurship, Management and Innovation
Journal of Innovation and Entrepreneurship
Journal of Social Entrepreneurship
Journal of Small Business Management
Journal of Product Innovation Management
Industrial Marketing Management
R&D Management
Tehnovation