BK317 - Product Innovation and Commercialisation
|15.00||BK202 Consumer Behaviour, BK210 Market Research, BK306 Strategic Marketing||N/A||36 contact hours|
Aims & Objectives
This is a third-year Core Unit in the Bachelor of Business major in Marketing, and offered as an elective unit in the Bachelor of Business major in Management. One of the key tasks of a company is to market and manage its products as well as establish and develop brands that can create long term value for the company. This unit focuses on this function and the role of the brand or product manager in an organisation.
The purpose of this unit is to provide the basic approaches to dealing with the major tasks facing a product and brand manager or an entrepreneur with a marketing focus. These major tasks include the analysis of the market environment, the development of objectives and strategies for products and brands, and the decisions involved in product development, pricing, distribution and integrated communications, all having the long-term aim of creating brand equity and value.
Students of this unit need to have a good knowledge of the basic fundamentals of marketing and management before taking this advanced unit. This unit deals with the practical application of the fundamentals of marketing and management in a typical environment faced by product managers and entrepreneurs.
Unit topics include:
- Business success through innovation
- Innovation strategy
- Idea management and open innovation
- The new product development and life cycle management
- Globalisation and innovation
- Product design
At the completion of this unit students should be able to:
- Predict the market characteristics and identify product innovation and commercialisation requirements that match with the organisational context
- Formulate strategies for product innovation and commercialisation by identifying appropriate theoretical frameworks and models.
- Strategise the product innovation and commercialisation process from the idea generation to product launch by considering organisational goals
- Adapt necessary analytical techniques in evaluating the opportunities and the risk involved with the product innovation and commercialisation in an organisational context
- Appraise the role of marketer for an effective product innovation and decide attributes of performance evaluation
Lecture: 2 hours
Tutorial/Workshop: 1 hour
Tutorial/Workshop: 1 hour
Face to Face
|Assessment Task||Learning Outcomes Assessed||Weighting|
|Contribution in class||a-e*||10%|
|Business Proposal (Group)||a-e*||25%|
|Business Proposal Presentation (Group)||a-e*||15%|
|Final Examination (3 hours)||a-e*||50%|
*refer to learning outcomes above.
Note: Students are required to purchase the prescribed text book and have it available each week in class.
Prescribed Text Book:
Griffin, A., Noble, C., Durmusoglu, S. (2016). Open Innovation: New Product Development Essentials (1st ed.). John Wiley & Sons.
- Keller, K. L. (2013). Strategic Brand Management (4th ed). England: Pearson Education Limited
- Kotler, Burton, Deans, Brown, and Armstrong (2013) Marketing (9th adaptation edition), Pearson Australia Group Pty Ltd
- Gorchels, L. (2012). The Product Manager’s Handbook (4th Ed), NY: McGraw-Hill
Adopted Reference Style: APA can be found in MIT library referencing
MIT is committed to ensure the course is current, practical and relevant so that graduates are “work ready” and equipped for life-long learning. In order to accomplish this, the MIT Graduate Attributes identify the required knowledge, skills and attributes that prepare students for the industry.
The level to which Graduate Attributes covered in this unit are as follows:
|Ability to communicate||Independent and Lifelong Learning||Ethics||Analytical and Problem Solving||Cultural and Global Awareness||Team work||Specialist knowledge of a field of study|
|Colour coding||Extent covered|
|The standard is covered by theory and practice, and addressed by assessed activities in which the students always play an active role, e.g. workshops, lab submissions, assignments, demonstrations, tests, examinations|
|The standard is covered by theory or practice, and addressed by assessed activities in which the students mostly play an active role, e.g. discussions, reading, intepreting documents, tests, examinations|
|The standard is discussed in theory or practice; it is addressed by assessed activities in which the students may play an active role, e.g. lectures and discussions, reading, interpretation, workshops, presentations|
|The standard is presented as a side issue in theory or practice; it is not specifically assessed, but it is addressed by activities such as lectures or tutorials|
|The standard is not considered, there is no theory or practice or activities associated with this standard|