Delivered at:: School of Psychology

Course type:: Elective course

When:: 4 year, 2 module

Abstract

This course will highlight the potential of quantitative marketing research for assessing new product opportunities. In addition to focusing on the skills and practices for a successful New Product Development (NPD), the course will illustrate the multi-faceted challenges of NPD using authentic business situations. The first module will provide business practice foundations to help learners devise creative solutions to problems using a design-thinking framework. Learners will experience the idea creation process and then apply the role of surveys for evaluating consumer responses to an idea before introducing a product to market. The second module will explore the technique of conjoint analysis for quantifying the customer benefits, customer values, and the trade-off he or she is willing to make between the price of the product and desired features of the product or service. Concept testing identifies perceptions, wants, and needs of a product or service as the foundation of targeting and positioning a product in the marketplace. The third module will describe a multitude of tools for assessing technology readiness and defining the product features to target the key customer need requirements. Learners will hear an in-depth interview with one of the leading U.S. business executives on the management challenges of innovation. Learners will develop a survey (with appropriate data privacy agreements) and analyze the data for decisions about the pricing and positioning a new product into a focused market. The fourth module will illustrate the use of the tools to create a sales and pricing forecast for a new product. Three new product ideas representing three different types of market unknowns will be analyzed using market research tools.

Learning Objectives

- Highlight the potential of quantitative marketing research for assessing new product opportunities. - Studying the process of creating an idea. - To apply the role of surveys to assess consumer reactions to an idea before launching a product on the market.

Expected Learning Outcomes

The first three modules will provide the foundations to help learners identify creative solutions to problems using a design thinking framework, introduced in Module 4.
Using the technique of conjoint analysis, learners will be able to use the information to determine product positioning, price, and development of product extensions.
In this third module, we will discuss examples of how to test market a product idea on a small scale in order to get customer feedback on the feasibility of a product or business idea.
Upon successful completion of this course, you will be able to: Understand idea generation and devise a unique product concept. Develop a conjoint analysis method to trade-off product features with price. Collect and analyze customer data. Devise decisions for a product’s business case based on customer data. Develop a detailed sales and revenue forecast for a new product concept.

Course Contents

Idea Generation
This course will highlight the potential of quantitative marketing research for assessing new product opportunities.
Test Marketing Processes
In this third module, we will discuss examples of how to test market a product idea on a small scale in order to get customer feedback on the feasibility of a product or business idea.
Concept Testing
This second module will explore a method for quantifying the customer benefits, customer values, and the trade-off they are willing to make between the price of the product and desired features of the product or service.
Estimating the Size of the Market
This final module will expose learners to the techniques used to determine the market and sales potential for a new product or idea.

Assessment Elements

Lesson 1-1 Quiz
Product Idea Form
Lesson 2-1 Quiz
Conjoint Plan
Lesson 3-1 Quiz
Conjoint Analysis
Lesson 4-1 Quiz
Estimating Revenue Potential from Your Idea

Interim Assessment

Interim assessment (2 module)
0.15 * Conjoint Analysis + 0.15 * Conjoint Plan + 0.15 * Estimating Revenue Potential from Your Idea + 0.1 * Lesson 1-1 Quiz + 0.1 * Lesson 2-1 Quiz + 0.1 * Lesson 3-1 Quiz + 0.1 * Lesson 4-1 Quiz + 0.15 * Product Idea Form

Bibliography

Recommended Core Bibliography

James Lenz,The Management of Innovation Handbook: Transforming from a User of Technology to a Manager of Technology Paperback – September 1, 2016., - URL: https://d3c33hcgiwev3.cloudfront.net/_a210540767ecc131e44169d9cf147cb5_Management-of- Innovation-Lenz.pdf?Expires=1568678400&Signature=edqvmT0J-UejSsebUUZICIj6iHNcsgtw7Fa~~ KzxUZt4-UUq- QCUiphGQ9rN6KMAt3nLRRwo~wdlwJ5HI4do66W6Lo2EsBCTjQwGyOvokdBeV9TxeSpOo 5WXOq-tIXubqpyQ4zrgrfOFVuBU43uowzXqleCrO9MTOYMSLtJwDs_&Key-Pair- Id=APKAJLTNE6QMUY6HBC5A

Recommended Additional Bibliography

Schieffer, R.Ten key customer insights: unlocking the mind of the market / R. Schieffer. – Mason: Thomson, 2005. – 250 с. - ISBN 1-587-99206-X

Bachelor’s Programme 'Psychology'

Customer Insights: Quantitative Techniques

Course Syllabus