Module Details
| Module Code: |
MGMT8026 |
| Title: |
New Product Development
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Long Title:
|
New Product Development
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| NFQ Level: |
Advanced |
| Valid From: |
Semester 1 - 2022/23 ( September 2022 ) |
| Field of Study: |
3450 - Business & Management
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| Module Description: |
Students will participate in entrepreneurial teams with students from different disciplines in designing a new product. Students will complete some fundamental market research and analysis to assess product viability for further business development and develop a business plan in the process. Business students will contribute in assessing the size of the market opportunity and potential market demand for the product, cost and margin estimation, legal and IP issues, sales and distribution, sources of finance and business planning.
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| Learning Outcomes |
| On successful completion of this module the learner will be able to: |
| # |
Learning Outcome Description |
| LO1 |
Participate in developing a new product from concept stage to design stage. |
| LO2 |
Complete basic primary and secondary market research to establish the size of the market opportunity and potential market demand for the product. |
| LO3 |
Conduct a feasibility analysis to assess the commercial viability of pursuing the idea past concept stage. |
| LO4 |
Develop costing and profit margin estimates to establish financial viability for the product. |
| LO5 |
Develop communication, problem solving and networking abilities through the process of working with a multidisciplinary team. |
| LO6 |
Formulate a complete business plan for a new product. |
| Dependencies |
Module Recommendations
This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named MTU module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
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Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module. You may not earn additional credit for the same learning and therefore you may not enrol in this module if you have successfully completed any modules in the incompatible list.
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| No incompatible modules listed |
Co-requisite Modules
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| No Co-requisite modules listed |
Requirements
This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. You may not enrol on this module if you have not acquired the learning specified in this section.
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| No requirements listed |
| Indicative Content |
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Opportunity Recognition and Idea Generation
Creativity and the product concept; explore sources of new ideas, techniques for creative problem solving, methods for idea generation and screening ideas.
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Market Feasibility Analysis
Approaches to Primary and Secondary Market Research. Sources of information. Market assessment; profiling industry and competitors and customer/end user behaviours and needs. Target market identification and market sizing, identifying routes to market. Positioning and the marketing mix.
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Financial Planning
Pricing, sales forecasting, profit and loss, balance sheet, cash flow, break even analysis, start-up costs, license fees.
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Finance for the new Product
Estimation of financial needs. Sources of public and private finance: government funding and supports, investors, term loans, leasing, overdraft.
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Business Plan
Definition, purpose and contents of a business plan. Writing and evaluating the business plan.
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Effective Networking and Team Work
Introduction to Networking for business; definition, scope and value. How to work effectively in teams, roles and barriers to communication, the art of negotiation.
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Module Content & Assessment
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| Assessment Breakdown | % |
|---|
| Coursework | 100.00% |
Assessments
| No End of Module Formal Examination |
| Reassessment Requirement |
Coursework Only
This module is reassessed solely on the basis of re-submitted coursework. There is no repeat written examination.
|
The University reserves the right to alter the nature and timings of assessment
Module Workload
| Workload: Full Time |
| Workload Type |
Contact Type |
Workload Description |
Frequency |
Average Weekly Learner Workload |
Hours |
| Lecture |
Contact |
Lecturer delivery of course material. |
Every Week |
3.00 |
3 |
| Lecturer-Supervised Learning (Contact) |
Contact |
Mentoring, provide guidance and feedback. |
Every Week |
1.00 |
1 |
| Independent & Directed Learning (Non-contact) |
Non Contact |
Work with project team members. |
Every Week |
1.00 |
1 |
| Independent & Directed Learning (Non-contact) |
Non Contact |
Assess market feasibility, cost estimation, financial projections, business plan. |
Every Week |
2.00 |
2 |
| Total Hours |
7.00 |
| Total Weekly Learner Workload |
7.00 |
| Total Weekly Contact Hours |
4.00 |
| Workload: Part Time |
| Workload Type |
Contact Type |
Workload Description |
Frequency |
Average Weekly Learner Workload |
Hours |
| Lecture |
Contact |
Lecturer delivery of course material. |
Every Week |
1.50 |
1.5 |
| Lecturer-Supervised Learning (Contact) |
Contact |
Mentoring, provide guidance and feedback. |
Every Week |
0.50 |
0.5 |
| Independent & Directed Learning (Non-contact) |
Non Contact |
Work with project team members. |
Every Week |
1.00 |
1 |
| Independent & Directed Learning (Non-contact) |
Non Contact |
Assess market feasibility, cost estimation, financial projections and business plan. |
Every Week |
4.00 |
4 |
| Total Hours |
7.00 |
| Total Weekly Learner Workload |
7.00 |
| Total Weekly Contact Hours |
2.00 |
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Module Resources
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| Recommended Book Resources |
|---|
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Kathleen Allen. (2016), Launching New Ventures, an Entrepreneurial Approach, 7th. Cengage Learning, Boston, [ISBN: 978130510250].
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Paul Trott. (2021), Innovation Management and New Product Development, 7th. Prentice Education, UK, [ISBN: 9781292251547].
| | Supplementary Book Resources |
|---|
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Ron Immnick and Brian O'Kane. (2009), Starting your own Business, A workbook, 3rd. Oak Tree Press, Ireland, [ISBN: 9781904887355].
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David Gibson. (2009), The Street Wise Guide to Being Enterprising, Oaktree Press, Ireland, [ISBN: 9781904887324].
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John Tidd & Joe Bessant. (2014), Strategic Innovation Management, 1st. Wiley, UK, [ISBN: 9781118457238].
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Bernard O'Hara. (2011), Entrepreneurship in Ireland, 1st. Gill and Macmillan, Ireland, [ISBN: 9780717149766].
| | Recommended Article/Paper Resources |
|---|
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Harvard Business Review. (2009), Spotlight on Innovation (4 articles), Harvard Business Review, Vol 87, Number 12, Dec 2009.
| | Other Resources |
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Website, Enterprise Ireland,
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Website, Bank of Ireland,
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Website, The Intellectual Property office of
Ireland,
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Website, European Patents Office,
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Website, Irish Venture capital Association
Website,
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