Gsba 528

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  • Gsba 528 - University of Southern California
  • Gsba 528
  • Gsba 528 - USC Marshall

Gsba 528 - USC Marshall

UNIVERSITY OF SOUTHERN CALIFORNIAMarshall School of Business MKT 530 – New Product Development Tuesday Nights from 6:00 – 10:00 p.m. - JKP 110Summer 2015____________________________________________________________________________________________Professor:Dr. Diane M. BadameTelephone:(213) 740-5053Office:Bridge Hall, Room 307BE-Mail:badame@marshall.usc.eduOffice Hours:By appointment____________________________________________________________________________________________Reasons to Take This CourseA successful new product does more good for an organization than anything else that can happen. Over $100 billion are spent annually on the technical phase alone. This course provides you with an understanding of why organizations continually need to innovate and bring to market products and services that clearly distinguish themselves from the competition by offering higher value to specified target markets. You will learn how to most effectively develop and implement a new product or service to an existing or potential target market. Course DescriptionNew product development encompasses a myriad of processes and proven methodologies. During the course, you will learn how to apply the most current new product development techniques and frameworks to a multitude of case analyses from a variety of industries and countries around the world in an active and engaged classroom environment. The learning throughout the course will be supplemented by personal experiences, exercises, and updates on current new product developments. You will learn how to write an effective New Product Development (NPD) Plan that integrates all of the components of new product development into a cohesive, integrated plan for any new product or service.Learning OutcomesCourse learning objectives support all six of the AACSB USC Marshall Graduate Programs Learning Goals to varying degrees. Details may be found in the Appendix of this syllabus on pages 15 – 18. Upon the successful completion of this course, students will have acquired the skills and knowledge to effectively:Explain why innovation should be a key strategic initiative in an organization.Discuss current business problems and cases using the language of new product development (NPD). Determine why new products fail or succeed and illustrate examples of each.? Demonstrate critical thinking, problem-solving, analytical and organizational skills in the context of new product development. Apply the New Product Development (NPD) Framework to a New Product Development (NPD) Plan for a new product or service concept. Work collaboratively to create an effective New Product Development Plan. Persuasively communicate a New Product Development Plan to executive decision makers.Required ReadingsCrawford, Merle and Di Benedetto, Anthony (2015). New Products Management (11th Edition). McGraw-Hill/Irwin. Course Reader of cases and exercise. Recommended or Additional ReadingsUlrich, Karl and Eppinger, Steven (2012). Product Design and Development (5th Edition). McGraw-Hill Irwin.Bettencourt, Lance (2010) Service Innovation: How to Go from Customer Needs to Breakthrough Services. McGraw-Hill Irwin. Grade Breakdown and ExpectationsThe following 1000 point grading system will be utilized for the course:TopicPercentage of GradePointsDue Date(See Course Schedule) Two Case Write-ups Case in PairsIndividual Subtotal10%20%30%1002003006/16 – 7/14 7/21 – 8/4 Mid-Term Exam35%3507/14 Final NPD Project Report35%3508/11 Total100%1000A detailed course schedule is shown on page 6. Final grades represent how you perform in the class relative to other students. Your grade will not be based on a mandated target, but on your performance. Historically, the average grade for a marketing elective class is about a B+/A-. Three items are considered when assigning final grades:Your average weighted score as a percentage of the available points for all assignments (the points you receive divided by the number of points possible).The overall average percentage score within the class. Your ranking among all students in the class.Course FormatStudents are expected to be prepared for all sessions and have completed the assignments and readings before each class. Exercises, short and longer cases will be utilized to apply various aspects of new product development to real world settings. Due to the condensed nature of this course in 11 weeks, it is critically important to keep up with the assignments.AttendanceStudents are expected to attend all class sessions. Class discussions are an integral part of the learning experience throughout this course. It follows that the frequency and quality of your participation in and contribution to these discussions will have a direct and meaningful relationship to the value as well as the short and the long term benefits you will derive from the course. Please notify me in advance if you are unable to attend any class whenever possible.Laptop or Other Communication Devices PolicyTo maximize the richness of the learning experience, eliminate distractions and to demonstrate the utmost respect for all, you are expected to refrain from using laptops, smart phones, iPads or any other electronic devices during class. Class ParticipationStudent participation in class discussions is a valuable and effective component of the learning process. Thus, while the extent and nature of a student’s contribution to a case discussion and participation in other classroom activities will not be graded, participation will not only enrich your learning experience but also that of your classmates. As an added benefit to all, participation provides an opportunity to those who lack speaking and presentation skills to develop them in a non-threatening setting and to others, it provides a forum to hone their skills and broaden their experience.You are encouraged to give careful thought to sharing the observations and conclusions that result from your case analysis, that occur to you during classroom activities and from your past experiences and insight with your classmates. I welcome your contributions and look forward with anticipation to many lively, productive and enriching conversations.Case StudiesCases are viewed not only as vehicles for developing analytical skills and for applying new product development concepts and frameworks introduced in readings and lectures but also as examples of the issues and challenges that are common to real world settings. Some cases demonstrate successful implementation of objectives and strategies while others illustrate those that failed. Oftentimes, we learn at least as much from failures as we do from successes.The most relevant and recent case studies have been selected for each session. It should be noted, however, that while those that reflect the current business environment frequently provide the best illustration, cases on most topics presented in this course have not been published within the past year or so. As a result, a selection of the best and most recent cases available will be utilized to maximize the learning outcomes of each class session.As for exhibits utilized during case discussions, copyright laws typically prohibit the sharing of most materials that support each case discussion. In those cases when such is not the case, I will make that material available to you.In preparing for cases prior to class, I recommend reading a case more than once. The first reading should give you a sense of what the case is about and the types of data contained in the case. In subsequent readings, it is recommended that you underline or otherwise mark up each case to easily identify important points relating to the business and the situation. I encourage you to devote equal attention to the exhibits in the case as they contain information that will be most useful in the development of a comprehensive analysis of each case. The case analysis outline on page 7 is intended to be used as a guide to the comprehensive analysis of all cases.Learning from a case is typically achieved in two steps. The first involves pre-class preparation that encompasses the efforts to identify the problems and issues presented in the case, to select and apply the appropriate forms of analysis (e.g., quantitative, logic, experience, conceptual) and, finally, to develop effective, comprehensive solutions and recommendations, all of which you will be expected to complete before coming to class. Additionally, you will be expected to substantiate your conclusions based on your analyses of the assigned case during class discussions. Marketing strategies should be specific and support the overall objectives and recommendations and incorporate relevant material presented in class assignments and/or case exhibits. The second step is taken in the classroom during the discussion of the case as a variety of methodologies applicable to a successful diagnosis, analysis, and solution to business issues, which at times will differ from yours, are introducedand found to be equally appropriate solutions. Understanding others’ positions, learning from them and counteringand/or enhancing them with your own are a critical part of the learning experience. To do so, you must listen to each other as well as speak. Only when you have defended your position can you fully understand its strengths and weaknesses. There is rarely a single right answer for a case, just as there is rarely a single right marketing decision in actual practice. The facts and research results must be analyzed, noted and subsequently followed by the application of sound logic and reasoning to fully evaluate the manner in which the information provided affects the points in the case and will influence your conclusions and recommendations. You are also encouraged to expand your analysis beyond the data in the case to formulate recommendations that, with the benefit of your additional analysis, will more effectively address and/or resolve the business issues.A typical request I will make during case discussions is to ask for recommendations. It is important to know that the case method of learning does not typically provide the only answers. In most case discussions, there will not be a single conclusion to be reached but, rather by design, several viable solutions that may be developed and supported equally well.While it is important to identify the purpose of the case in general terms, the most critical learning outcomes to be derived from each case are to acquire the ability to develop solid analytical skills, gain an understanding of the new product development and other marketing principles that apply to the situation presented, evaluate the effectiveness of various alternatives in given applications and to present well developed and solidly-grounded recommendations that are underpinned by strong supporting evidence.As an aside as well as a word of advice, information you may gather regarding the strategies actually selected by the firms in the cases should be incorporated into your recommendations with caution. Firms make many strategic mistakes and strategies they actually pursue are often inferior to alternative strategies they could have chosen.Case AssignmentsTwo cases will be assigned to each student between Tuesday, June 16th and Tuesday, August 4th with one being an assignment with two students paired together and one being an individual assignment. The assignment with the pair of students is worth 10 percent of the grade or 100 out of 1,000 points and will be completed during Sessions 3 – 7. The second individual case worth 20 percent of the grade for a total of 200 out of 1,000 points will be completed during Sessions 8 – 10. You will be asked to address the case questions in your write-up. (Please see pages 8 – 9 for details.)Mid-Term ExamA mid-term exam based on the Ch?teau Margaux: Launching the Third Wave case found in the Course Reader will be conducted during the last half of class on Tuesday, July 14th. The in-class, open book, open notes exam will consist of addressing key questions pertaining to the case and its new product development process and initiatives. More details on the content and format will be discussed in class. Please submit your exams to Blackboard. The degree of similarity will be checked in Blackboard so please make sure that your work is original and not copied from any other student or source. The exam represents 35 percent of the final grade or 300 out of 1,000 points.New Product Development ProjectTeams of 4 – 5 students will be assigned to develop a new product or service using the New Product Development (NPD) framework utilized throughout the course. (Please see pages 10 – 13 for details.) Your topics are due by Tuesday, June 16th before class or by email. This assignment is worth 35 percent of the total course grade or 350 out of 1,000 points. Late reports will be penalized ten (10) percent for missing the deadline and ten (10) percent for each day thereafter. The grade for this assignment may be influenced by each team member’s contributions. If you believe participation was disproportionate among team members, please complete the peer evaluation form on page 14 and submit it at the time the assignment is due. All other team members will also be asked to complete the form.Students with DisabilitiesAny student requesting academic accommodations based on a disability is required to register with Disability Services and Programs (DSP) each semester. A letter of verification for approved accommodations can be obtained from DSP. Please be sure the letter is delivered to the professor as early in the semester as possible. DSP is located in STU 301 and is open 8:30 a.m. – 5:00 p.m., Monday through Friday. The telephone number for DSP is (213) 740-0776.Academic IntegrityStudents must adhere to the USC Marshall Code of Professionalism and Academic Integrity at all times. Plagiarism is a violation of the Code and will result in a failing grade. The use of unauthorized material, communication with fellow students during an examination, attempts to benefit from the work of another student, and similar behavior that defeats the intent of an examination or other class work is unacceptable to the University. If you have any questions, please contact me or course assistants for clarification. Where a clear violation has occurred, I may disqualify your work as unacceptable and assign a failing mark on the paper and/or course.Statement of Academic Conduct and Support SystemsAcademic Conduct Plagiarism – presenting someone else’s ideas as your own, either verbatim or recast in your own words – is a serious academic offense with serious consequences. Please familiarize yourself with the discussion of plagiarism in SCampus in Section 11, Behavior Violating University Standards. Other forms of academic dishonesty are equally unacceptable. See additional information in SCampus and university policies on scientific misconduct, . Discrimination, sexual assault, and harassment are not tolerated by the university. You are encouraged to report any incidents to the Office of Equity and Diversity or to the Department of Public Safety . This is important for the safety whole USC community. Another member of the university community – such as a friend, classmate, advisor, or faculty member – can help initiate the report, or can initiate the report on behalf of another person. The Center for Women and Men provides 24/7 confidential support, and the sexual assault resource center webpage describes reporting options and other resources. Support Systems A number of USC’s schools provide support for students who need help with scholarly writing. Check with your advisor or program staff to find out more. Students whose primary language is not English should check with the American Language Institute , which sponsors courses and workshops specifically for international graduate students. The Office of Disability Services and Programs certification for students with disabilities and helps arrange the relevant accommodations. If an officially declared emergency makes travel to campus infeasible, USC Emergency Information provide safety and other updates, including ways in which instruction will be continued by means of blackboard. Returning Graded PaperworkReturned paperwork, unclaimed by a student, will be discarded after 4 weeks and, hence, will not be available should a grade appeal be pursued by a student following the receipt of his/her grade.Professor/Student InteractionIf at any time during the course you have questions regarding the preparation of assignments or other course-related issues, please do not hesitate to contact the professor to arrange a mutually convenient time to meet.My philosophy is to create a community of learners whereby I facilitate discussions in which we construct knowledge together. Additionally I will give you as much feedback as you would like to help you become better new product development marketers and to achieve your personal objectives for this course.MKT 530 – New Product DevelopmentCourse ScheduleSummer 2015SessionDateTopicAssignments 1Tues., 6/2Introduction and the Strategic Elements of Product Development Chapter 1 – New Products Management textbookNational Cultures and Work-Related Values: The Hofstede StudyWM Wrigley Jr. Company: Innovation in China’s Confectionery Market Case Marks and Spencer Enters China Case2Tues., 6/9The New Products Process and Opportunity Identification and SelectionGuest Speaker, Shivram Vaideeswaran, Taco BellChapters 2 – 3 The New Product Strategy at Kellogg Case, pp. 88 – 90 Colgate Max Fresh: Global Brand Roll-out Case 3Tues., 6/16Creativity and the Product Concept and Finding and Solving Customers’ Problems Chapters 4 – 5 Positioning the Tata Nano (A) Case Vincor International: Project Twist Case NPD Project Topics and First Case Assignments Due4Tues., 6/23Analytical Attribute Approaches and The Concept Evaluation SystemChapters 6 – 8Comparing Smartphones (A) and (B) Cases, pp. 169 – 170, 242Chipotle Mexican Grill Case, pp. 210 – 212 Product Innovation at Aguas Danone Case5Tues., 6/30Concept Testing and The Full ScreenGuest Speaker, Bianca Suchter, NestleChapters 9 – 10 Full Screen Exercise (in Course Reader) Montreaux Chocolate USA: Are Americans Ready for Healthy Dark Chocolate? Case 6Tues., 7/7DesignGuest Speaker, Tom Fournier, ToyotaChapter 13Hyundai Motor Company: Design Takes the Driver’s Seat Case 7Tues., 7/14Sales Forecasting and Financial Analysis and the Product ProtocolChapters 11 – 12 Cradle-to-Cradle Design at Herman Miller: Moving Toward Environmental Sustainability Case Mid-Term Exam – Ch?teau Margaux: Launching the Third Wave Case8Tues.,7/21Development Team Management and Product Use TestingGuest Speaker, Barry CalpinoChapters 14 – 15 3M Taiwan: Product Innovation in the Subsidiary CaseGenzyme: The Renvela Launch Decision Case 9Tues.,7/28LaunchChapters 16 – 18 Alpen Bank: Launching the Credit Card in Romania Case Diageo: Innovating for Africa Case10Tues., 8/4Launch Management andPublic Policy Issues and Course ReviewChapters 19 – 20 Cisco Systems: Launching the ASR 1000 Series Router Using Social Media Marketing CaseReversing the AMD Fusion Launch Case Last Case Assignments Due11Tues.,8/11Final Project PresentationsNPD Project Presentations and Projects DueCase Analysis OutlineStatement of the Issues – A concise summary of the underlying issues in the case. Situation Analysis – A thorough analysis of the industry, competition, customer and company and development of an expanded SWOT analysis.Industry/Market Industry/Market sizeTrendsTechnological changesLegal/Regulatory issuesCompetitive Major players in the marketplaceCompetitive strategiesMarket shares (if available)Value ChainPartners who are included in the value chain (i.e., suppliers, distributors, retailers, etc.)Groups that have some influence on the customer experience (media, government, activist organizations, etc.)Customer Customer needs/perceptionsMarket segmentsTrendsCompany Core competenciesRevenue and profit of firmPositioningMarketing mix Expanded SWOT Strengths, weaknesses, opportunities and threatsStrategies to mitigate weaknesses and threatsStrategies to capitalize on strengths and opportunitiesAlternatives and Analysis – Alternative ways of addressing identified issues and analysis of each alternative (pros and cons) including supporting evidence to provide a compelling rationale for resolving the identified issues. Integrate germane concepts from the course readings where appropriate.Recommendations – Recommended courses of action that should be taken in addressing the identified issues. Provide a cogent rationale that supports the recommendations accompanied by supporting data and exhibits. Additionally, a means or method for feedback should accompany these.Target Markets – Clearly and specifically define the primary and secondary target markets.Objectives – Define revenue, profit, market share, and the 4 P marketing objectives for at least a one year period following the last year that data is provided in the case.Strategies – Develop comprehensive marketing strategies for each of the 4 P’s that will accomplish the established objectives.Profit-and-Loss Statement – Develop a P&L for the year following the last year of data in the case if financials are provided.Implementation Plan – Develop in a pert chart planned activities with persons responsible to accomplish recommended objectives and strategies.Contingency Plans – Define metrics to monitor the objectives and back-up plans that have been developed in the event that objectives based on recommendations are not being met or exceeded.Appendices – Supporting information relevant to issues, alternatives or recommendations.Case AssignmentsDue on the Date the Case is Discussed in Class –Tuesday, June 23rd – Tuesday, August 4th Cases have been assigned to apply integrated new product development concepts, techniques and frameworks to real world business situations and enhance your analysis, critical thinking and problem-solving skills.Case Write-up Assignments with Pairs of StudentsYou will be assigned to prepare a case analysis write-up in pairs from the following list of cases that will be covered between Tuesday, June 16th and Tuesday, July 14th. Positioning the Tata Nano (A) – Due 6/16Vincor International: Project Twist – Due 6/16Product Innovation at Aguas Danone – Due 6/23Montreaux Chocolate USA: Are Americans Ready for Healthy Dark Chocolate? – Due 6/30Hyundai Motor Company: Design Takes the Driver’s Seat – Due 7/7Cradle-to-Cradle Desgn at Herman Miller: Moving Toward Environmental Sustainability – Due 7/14Individual Case Write-up AssignmentsYou will be assigned to prepare an individual case analysis write-up from the following list of cases that will be covered between Tuesday, July 21st and Tuesday, August 4th. 3M Taiwan: Product Innovation in the Subsidiary – Due 7/21Genzyme: The Renvela Launch Decision – Due 7/21Alpen Bank: Launching the Credit Card in Romania – Due 7/28Diageo: Innovating for Africa – Due 7/28Cisco Systems: Launching the ASR 1000 Series Router Using Social Media Marketing – Due 8/4Reversing the AMD Fusion Launch – Due 8/4 Please answer the case questions that can be found in the Course Reader the page before the case or in the PowerPoint slides for the class session in which the case will be discussed. The length of the paper is to be no longer than 5 single-spaced pages, excluding exhibits. With the first case analysis worth 10 percent of the grade and the second worth 20 percent of the grade, case write-ups are worth a total of 30 percent of the grade or 300 out of 1.000 points. Case assignments are to be handed in at the end of the class in which the case is discussed. Late papers will not be accepted. If you have a preference for writing up any of the assigned cases, please send me an email identifying your preferred cases by 5:00 p.m. on Friday, June 5th and I will attempt to make assignments according to your interests and preferences.Case Assignments (Continued)Guidelines for Effective Case AnalysesCase write-ups should incorporate the readings on the topic area in which the case is assigned and focus on new product development issues. You are also highly encouraged to expand your analysis beyond these questions to issues that you think should be addressed to more effectively analyze the case. Using information outside of the case is encouraged because it brings a real perspective to the case.The following are general guidelines for preparing an effective case analysis:Clearly identify upfront all of the major issues identified in the case.Provide a coherent, well-organized analysis, not just a regurgitation of facts presented in the case.Be concise. Provide a strong, logical flow throughout your paper. Do not spend time rehashing or paraphrasing the details of the case.The supporting analysis should be thorough, carried out correctly and consistently, and should draw, whenever relevant, on material presented in class or assigned in readings.Be sure to consider alternatives to recommendations with support of the pros and cons of each.Recommendations should be practical, cost-effective, and appropriate to the timing (short-term or long-term) of the problem at hand and supported with case data and exhibits where relevant. Tie your appendices to the text of the report.Specifically address and answer all of the case preparation questions in your write-up. GradingThe following criteria will be utilized to grade the case analyses:Statement of the relevant issues presented in the caseAnalytical soundnessQuality of addressing case questionsQuality and support of recommendationsNew Product Development (NPD) ProjectPresentation and Project Due on Tuesday, August 11th Project OverviewThis project is designed to enhance both students’ learning and professional market value through direct, hands-on experience with the key managerial activities that are involved in moving a new product, service, or other marketing innovation from its early inception through the development stages that help refine and optimize it. Students work with a variety of analytic and creative tools at each NPD development stage. The output of the process is a new product planning document that summarizes the nature and rationale for the project, alternative product or service concepts, consumers’ reactions to each concept, the subsequent marketing strategy and tactics and a self-evaluation of the strategy’s overall soundness. You will work in project teams of 4 – 5 individuals. Initially project teams will likely consider several, often quite different NPD projects. To make your final selection, be opportunistic, and consider factors such as the availability of relevant secondary information, your access to primary information sources (e.g., industry players and experts), your ability to locate prospective customers and obtain feedback from them, time-frame implementation issues and your personal interest in a particular product or service category or brand. Topics and team members are due on Thursday, March 26th which can be emailed or handed in to me in class.NPD Project Report The final NPD written report should include all the following elements to total approximately 15 – 20 pages, excluding exhibits. All reports should begin with a Table of Contents and use footnotes at the bottom of each page using APA format. (Please see NPD Project Report Outline on pages 12 – 13 for details.) Executive Summary This summarizes your NPD “story” and highlights the key aspects of your marketing strategy and recommendations NPD Opportunity Identification and Situation Analysis This describes your basic innovation idea in a product innovation charter (PIC) and what industry, competitive, consumer and other factors support its potential for success. This section presents an abbreviated 3-C and 4-P analysis of the product or service category you seek to enter as well as a value chain and expanded SWOT to include strategies to maximize strengths and opportunities and mitigate weaknesses and threats. Concept Generation Once your team has selected a general NPD idea to pursue, it is highly likely that various alternative possibilities exist with respect to different features, benefits, positioning, and customer target. Use your own logic to identify the most important alternatives, then represent these variations on your basic concept through the generation of between 3 and 5 written concepts. Briefly explain how you selected your 3 – 5 concept finalists, and include the written concepts as exhibits in your report.Concept/Project Evaluation and Testing Each student team member needs to interview 5 prospective customers, conduct focus groups and administer online surveys to obtain their reactions to the alternative concepts. This report section explains your research methodology, including questionnaire, and describes results including consumers’ overall reactions, specific likes and dislikes, purchase intentions and other metrics. New Product Development (NPD) Project (Continued)Development and Strategy Soundness Evaluation This section presents your critical evaluation of the validity of your plan’s underlying assumptions, including a perceptual map, and a feasibility analysis that identifies must criteria and uses profile sheets and scoring models to assess its vulnerabilities, the risk that is involved and its prospects for success and for producing a sustainable advantage. RecommendationsThis section includes all recommendations for the project including target markets, revenue, profitability, market share and marketing mix objectives, marketing strategies, a profit-and-loss statement, implementation plan and contingency plans if objectives are not met or exceeded. Evaluation CriteriaAnalysis and assessment of the NPD opportunityQuality and analysis of the alternative NDP conceptsQuality and comprehensiveness of the NDP concept development and evaluation researchComprehensiveness and quality of the NPD strategy soundness evaluationComprehensiveness, quality and soundness of the recommendationsQuality of the in-class presentationYour team will present your findings during a 15-minute presentation on Tuesday, August 11th. It is strongly encouraged to develop prototypes, if feasible, to be included in your presentation. Details will be discussed in class. Please submit in advance hard and soft copies of the PowerPoint presentation. The NDP Project write-up is to be handed in before class begins on Tuesday, August 11th.This assignment is worth 35 percent of the course grade or 350 out of 1,000 points. Peer EvaluationsIf team contributions were not equal while preparing and presenting the assignment, please complete the project peer evaluation form on page 14. If one form is handed in at the end of the class in which the presentation is given, all other team members will be asked to complete the form. Unequal contributions may affect the individual grade of this assignment. If no peer evaluation forms are completed, it will be assumed that contributions were equal among team members.NPD Project Report OutlineExecutive Summary - A brief synopsis (preferably one page) of the NDP Project that provides highlights of the situation analysis, target markets, objectives, strategies, and financial expectations.2. NDP Opportunity Identification and Situation Analysis – The product innovation charter (PIC) and relevant background data on the industry, competition, customers, the company, value chain and the resulting expanded SWOT analysis that supports the NDP opportunity Product Innovation Charter (PIC)BackgroundFocusGoals/Objectives GuidelinesIndustry/Market Industry/Market sizeTrendsTechnological changesLegal/Regulatory issuesCompetition Major players in the marketplaceCompetitive strategiesMarket shares (if available)Value ChainPartners who are included in the value chain (i.e., suppliers, distributors, retailers, etc.)Groups that have some influence on the customer experience (media, government, activist organizations, etc.)Customer Customer needs/perceptions Current primary and secondary target markets TrendsCompany Description, core competencies of the firm and current revenues and profits PositioningMarketing mix for applicable products and/or servicesProduct/ServicePlace – distribution Promotion – integrated marketing communicationsPricingExpanded SWOT StrengthsWeaknessesOpportunitiesThreatsStrategies to maximize strengths and opportunitiesStrategies to mitigate weaknesses and threats NPD Project Report Outline (Continued)3. Concept GenerationTop 3 – 5 Written Concepts (shown in Exhibits)Rationale for selectionWritten concepts for primary target market, features, benefits and positioning4. Concept/Project Evaluation and Testing – Results of your research on alternative concepts.Research MethodologySummary of ResultsOverall reactionsLikes and dislikesPurchase intentionsOther metrics5. Development and Strategy Soundness Evaluation – Assessment of the soundness and validity of the underlying assumptions of the recommendations.Validity of Underlying AssumptionsPerceptual mapFeasibility Analysis Identification of must meet criteriaUse of profile sheets to justify recommendationsUse of scoring models6. Recommendations - Desired accomplishments for 2016.Target Markets – Clearly and specifically define the primary and secondary target markets in terms of demographics, geography, psychographics, etc.Objectives – Overall and specific objectives for the 4 P’s.RevenueProfitabilityMarket shareProductPlace – distribution PricePromotionMarketing Strategies – Defined strategies on how objectives will be accomplished.Product/Service to include positioningPlace Promotion PricingProjected Profit-and-Loss Statement – Detailed P&L statement for 2016, including assumptions and at least two previous years of financials if available with best case, worst case and most likely scenarios.Implementation Plan – A pert chart outlining the timeline and persons responsible for recommended tactics for plan period.Contingency Plan Measurements and processes to insure that the plan is monitored and evaluated.Alternative strategies to be implemented if objectives are not met or exceeded. New Product Development Project Peer EvaluationPlease identify your team and team members for the New Product Development Team Project that you worked on. Then rate all of your team members, including yourself, based on the contributions of each team member for the selected assignment according to the criteria listed below. On a scale of 0 – 2 with 0 equal to does not meet expectations, 1 meets expectations and 2 exceeds expectations, rate each person on each of the five criteria. Lastly, add up the points for each person with the maximum number of points for each person being 10. Team Members/Assessment Criteria of Team ContributionsTeam Member 1Team Member 2Team Member 3Team Member 4Yourself 1. Role Performance 2. Assists Team Members 3. Listening and Discussing 4. Research and Information Sharing 5. Time Management TotalIf you desire, please comment on the contributions of individual team members to the team Marketing Strategy ments: Appendix – Contribution of MKT 530 – New Product Development to Student Achievement of USC Marshall’s AACSB Six Graduate Program Learning GoalsMKT 530 – New Product Development Learning Objectives 1-7Explain why innovation should be a key strategic initiative in an organization.Discuss current business problems and cases using the language of new product development (NPD). Determine why new products fail or succeed and illustrate examples of each.? Demonstrate critical thinking, problem-solving, analytical and organizational skills in the context of new product development. Apply the New Product Development (NPD) Framework to a New Product Development (NPD) Plan for a new product or service concept. Work collaboratively to create an effective New Product Development Plan. Persuasively communicate a New Product Development Plan to executive decision makers.How MKT 530 – New Product Development Contributes to Student Achievement of USC Marshall’s Six Graduate Programs Learning Goals Marshall Graduate Programs Learning GoalsDegree of Emphasis(1=Low, 2=Moderate, 3=High)MKT 530 Objectives that support this goalLearning goal #1: Our graduates will develop a strategic level of understanding of the key functions of business and be able to comprehend the relationships between the core business disciplines in order to make holistic judgments and decisions in analyzing business situations.3Supported by MKT 530Learning Objectives 1-71.1?Students will demonstrate foundational knowledge of core business disciplines, including their interrelationships.1-71.2 Students will analyze business scenarios, such as cases, with a firm grounding of how each of the core fields play into decisions made.1-71.3 Students will apply theories, models, and frameworks to analyze relevant markets (e.g. product, capital, commodity, factor and labor markets).1-71.4 Students will show the ability to utilize technologies (e.g., spreadsheets, databases, software) relevant to contemporary business practices in a variety of disciplines and industries.1-71.5 Students will demonstrate the ability to utilize interdisciplinary business skills in case analyses, exams, presentations and projects, including capstone projects.1, 3-6How MKT 530 – New Product Development Contributes to Student Achievement ofUSC Marshall’s Six Graduate Programs Learning Goals (Continued)Marshall Graduate Programs Learning GoalsDegree of Emphasis(1=Low, 2=Moderate, 3=High)MKT 530 Objectives that support this goal Learning goal # 2: Our graduates will develop a global mindset and a competitive edge in this interdependent, fast-changing, diverse and volatile world through structured educational opportunities. They will acquire knowledge, both theoretical and practical as well as experiential, about America and the rest of the world, and the economic/financial interdependencies that signify current geopolitical, economic and financial relationships that impact business decisions so as to make a difference in the world.3Supported by MKT 530Learning Objectives 1-72.1 Students will understand how local, regional and global markets interact and are impacted by economic, social and cultural factors.1-72.2 Students will understand that stakeholders, stakeholder interests, business environments (legal, regulatory, competitor) and business practices vary across regions of the world.1-72.3 Students will demonstrate the ability to evaluate global business challenges and opportunities through experiential learning, immersion international trips, case studies, international business consulting projects and exams. 1-7?Learning goal 3: Our graduates will demonstrate critical thinking skills by making the intellectual connection between quantitative and qualitative tools, theories and context to provide the basis for proper and effective problem solving and decision making as well as the development of new and innovative business opportunities to strategically navigate the complex demands of the current and dynamic national and international business environments.2Supported by MKT 530Learning Objectives 1-73.1 Students will understand the concepts of critical thinking, entrepreneurial thinking and creative thinking as drivers of innovative ideas.1-73.2 Students will critically analyze concepts, theories and processes by stating them in their own words, understanding key components, identifying assumptions, indicating how they are similar to and different from others and translating them to the real world.1-73.3 Students will be effective at gathering, storing, and using qualitative and quantitative data and at using analytical tools and frameworks to understand and solve business problems.1-73.4 Students will demonstrate the ability to anticipate, identify and solve business problems. They will be able to identify and assess central problems, identify and evaluate potential solutions, and translate a chosen solution to an implementation plan that considers future contingencies.1-73.5 Students will demonstrate the ability to be accurate, clear, expansive (thorough, detailed) and fair-minded in their thinking.1-73.6 Students will demonstrate their ability to apply critical thinking tools and the USC-CT Framework in designated exercises, cases, projects and exams.1-7?How MKT 530 – New Product Development Contributes to Student Achievement ofUSC Marshall’s Six Graduate Programs Learning Goals (Continued)Marshall Graduate Programs Learning GoalsDegree of Emphasis(1=Low, 2=Moderate, 3=High)MKT 530 Objectives that support this goalLearning Goal 4: Our graduates will develop people and leadership skills by demonstrating self-awareness, emotional intelligence, curiosity, visionary and strategic thinking, teamwork, refection and knowledge transfer skills to promote their effectiveness as business managers and leaders.2Supported by MKT 530 Learning Objectives 1-74.1 Students will recognize, understand, and analyze the motivations and behaviors of stakeholders inside and outside organizations (e.g., teams, departments, consumers, investors, auditors).1-74.2 Students will be able to demonstrate various emotional intelligences and leadership skills such as self-awareness, self-management, teamwork and collaboration to better understand the potential complexities in organizations in papers, exercises, cases, exams and projects. 1-74.2 Students will recognize, understand and analyze the roles, responsibilities and behaviors of effective managers and leaders in diverse business contexts (e.g., marketing, finance, accounting, etc.)1-74.3 Students will be able to demonstrate the understanding of visions and values of world-class companies and the impact it has had on financial results.1-74.4 Students will understand factors that contribute to effective teamwork.1-7Learning goal 5: Our graduates will demonstrate ethical reasoning skills, understand social, civic, and professional responsibilities and aspire to add value to society2Supported by MKT 530Learning Objectives 1-75.1 Students will understand professional codes of conduct. 1-75.2 Students will recognize ethical challenges in business situations and assess appropriate courses of action. 1-75.3 Students will be able to apply ethical principles and professional standards in analyzing situations and making informed decisions.1-75.4 Students will demonstrate an understanding of and consistently apply the ethical principles and professional standards related to the business world and show the ability to express and follow results of independence and the highest sense of professional ethics.1-75.5 Students will demonstrate the ability to research, critically analyze, synthesize, and evaluate information, including professional standards for decision making, in the local, regional and global business environment.1-75.6 Students will enhance their appreciation of values of social responsibility, legal and ethical principles and corporate governance through the analysis and discussion of pertinent articles and real business cases, seminars and summits.1-7?How MKT 530 – New Product Development Contributes to Student Achievement ofUSC Marshall’s Six Graduate Programs Learning Goals (Continued)Marshall Graduate Programs Learning GoalsDegree of Emphasis(1=Low, 2=Moderate, 3=High)MKT 530 Objectives that support this goalLearning Goal #6: Our graduates will be effective communicators to facilitate information flow in organizational, social, and intercultural contexts2Supported by MKT 530Learning Objectives 1-76.1 Students will identify and assess diverse personal and organizational communication goals and audience information needs.1-76.2 Students will understand individual and group communications patterns and dynamics in organizations and other professional contexts.1-76.3 Students will demonstrate an ability to gather and disseminate information and communicate it clearly, logically, and persuasively in professional contexts. 1-76.4 Students will be able to clearly communicate in oral and written formats the solutions to business issues and problems accurately and effectively.1-7

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