BK317 - Product Innovation and Commercialisation
Credit Points: 15 credit points
Workload: 36 hours
Prerequisite: BK212 Marketing Research, BK202 Consumer Behaviour and BK303 Marketing Strategy
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. For Course Learning Outcomes and further information relating to Bachelor of Business programs please visit our website: http://www.mit.edu.au/study-with-us/programs/bachelor-business.
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
The Course learning outcomes applicable to this unit are listed on the Melbourne Institute of Technology’s website: www.mit.edu.au
At the completion of this unit students should be able to:
a. Predict the market characteristics and identify product innovation and commercialisation requirements that match with the organisational context.
b. Develop strategies for product innovation and commercialisation by identifying appropriate theoretical frameworks and models.
c. Strategies the product innovation and commercialisation process from the idea generation to product launch by considering organisational goals.
d. Adapt necessary analytical techniques in evaluating the opportunities and the risk involved with the product innovation and commercialisation in an organisational context.
e. Appraise the role of marketer for an effective product innovation and decide attributes of performance evaluation.
|Assessment Task||Due Date||A||B||Unit Learning Outcomes|
|1. Formative Assessment||Week 3||-||5%||c|
|2. Contribution and Participation||Weeks 1-12||-||5%||a-e|
|3. Ideation Report [Individual]||Week 5||15%||-||a-c|
|4. Product Innovation and Management Proposal [Individual]||Week 8||25%||-||a-e|
|5. Presentation [Individual]||Week 12||-||15%||a-e|
|6. Final Report [Individual]||Week 13||35%||-||a-e|
Task Type: Type A: unsupervised, Type B: supervised.
Contribution and Participation (5%)
This unit has class participation as an assessment. The assessment task and marking rubric will follow the Guidelines on Assessing Class Participation (https://www.mit.edu.au/about-us/governance/institute-rules-policies-and-plans/policies-procedures-and-guidelines/Guidelines_on_Assessing_Class_Participation). Further details will be provided in the assessment specification on the type of assessment tasks and the marking rubrics.
NOTE: All School of Business units 3-hour workshops Flipped Classroom Mode.
Textbook and Reference Materials
Note: Students are required to purchase the prescribed text book and have it available each week in class.
- Alam, M. M. (2018). Devise solution to determine feasibility. In Transforming an idea into a business with design thinking (O’Reilly ebook). Retrieved from https://learning-oreilly-com.mit.idm.oclc.org/library/view/transforming-an-idea/9781351266543/
- Barker, A. & Wood, B. (2019). Unlock you (O’Reilly ebook). Retrieved from https://learning-oreilly-com.mit.idm.oclc.org/library/view/unlock-you/9781292251158/html/title.html
- Bell, C. R. (2020). Inside your customer’s imagination (O’Reilly ebook). Retrieved from https://learning-oreilly-com.mit.idm.oclc.org/library/view/inside-your-customers/9781523090228/
- Gilber, P (2017). Case Study: How IBM applies design thinking. Retrieved from https://learning-oreilly-com.mit.idm.oclc.org/case-studies/design-thinking/how-ibm-applied-design-thinkin/9781491991336-video308653/
- Kalbach, J. (2018). Customer journey maps (O’Reilly ebook). Retrieved from https://learning-oreilly-com.mit.idm.oclc.org/library/view/customer-journey-maps/9781492031246/
- Lemay, Matt (2019). Fundamentals of product management (O’Reilly ebook). Retrieved from https://learning-oreilly-com.mit.idm.oclc.org/learning-paths/learning-path-fundamentals/9781098115340/
- Rissen, P. (2019). Experiment-driven product development: How to use a data-informed approach to learn, iterate, and succeed faster (O’Reilly ebook). Retrieved from https://learning-oreilly-com.mit.idm.oclc.org/library/view/experiment-driven-product-development/9781484255285/
- Samier, H. (2019). Intuition, creativity, innovation (O’Reilly ebook). Retrieved from https://learning-oreilly-com.mit.idm.oclc.org/library/view/intuition-creativity-innovation/9781786302915/c01.xhtml
- Seaver, M. (2018). Introduction to design thinking. Retrieved from https://learning-oreilly-com.mit.idm.oclc.org/learning-paths/learning-path-design/9781491999714/9781491959701-video248741
The Referencing style for this using is APA: See the MIT Library Referencing webpage: https://library.mit.edu.au/referencing/APA and the Unit Moodle page for additional referencing support material and weblinks.
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|
|Levels of attainment||Extent covered|
|The attribute 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 attribute 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 attribute 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 attribute 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 attribute is not considered, there is no theory or practice or activities associated with this attribute.|