Overview
This unit aims to introduce theories and strategies of new product development and product management over its life cycle. In an increasingly competitive global market, the importance of developing and improving an existing or new product with a greater brand value is challenging. A new product development and its branding strategies require a substantial budget, time, institutional resources and collaboration. In this unit, you will learn the new product development processes, market appraisal and cost-benefit analysis of new product development and implementation. You will examine effective brand management processes and strategies to launch a new product. This unit will introduce a number of proven models and frameworks to analyse each of the stages of new product development processes, life cycle strategies, social challenges, brand equity models and brand strategies.
Details
Pre-requisites or Co-requisites
Pre-requisite: MRKT11029
Important note: Students enrolled in a subsequent unit who failed their pre-requisite unit, should drop the subsequent unit before the census date or within 10 working days of Fail grade notification. Students who do not drop the unit in this timeframe cannot later drop the unit without academic and financial liability. See details in the Assessment Policy and Procedure (Higher Education Coursework).
Offerings For Term 1 - 2019
Attendance Requirements
All on-campus students are expected to attend scheduled classes – in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).
Recommended Student Time Commitment
Each 6-credit Undergraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.
Class Timetable
Assessment Overview
Assessment Grading
This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of ‘pass’ in order to pass the unit. If any ‘pass/fail’ tasks are shown in the table above they must also be completed successfully (‘pass’ grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the ‘assessment task’ section (note that in some instances, the minimum mark for a task may be greater than 50%). Consult the University’s Grades and Results Policy for more details of interim results and final grades.
All University policies are available on the CQUniversity Policy site.
You may wish to view these policies:
- Grades and Results Policy
- Assessment Policy and Procedure (Higher Education Coursework)
- Review of Grade Procedure
- Student Academic Integrity Policy and Procedure
- Monitoring Academic Progress (MAP) Policy and Procedure – Domestic Students
- Monitoring Academic Progress (MAP) Policy and Procedure – International Students
- Student Refund and Credit Balance Policy and Procedure
- Student Feedback – Compliments and Complaints Policy and Procedure
- Information and Communications Technology Acceptable Use Policy and Procedure
This list is not an exhaustive list of all University policies. The full list of University policies are available on the CQUniversity Policy site.
Feedback, Recommendations and Responses
Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.
Feedback from "Have Your Say" survey
Students felt that a specific textbook for this unit would be helpful.
This is relatively a new unit and includes some current topics, such as innovation, entrepreneurship, product/service development, strategies, and branding etc. Hence, multiple and updated study resources would benefit the students. A few recommended textbooks for the students are also placed in the unit profile now and the library has been requested to keep a few copies of each of those books for students.
- Assess the social and business challenges of new product development, and the importance of socially innovative products/services in an organisation
- Evaluate new product development processes, including product portfolio analysis, marketing planning models, cost-benefit analysis, and brand equity concepts
- Critically examine the factors contributing to success and failure of new product development
- Develop a new product development plan and branding strategies.
Alignment of Assessment Tasks to Learning Outcomes
Assessment Tasks | Learning Outcomes | |||
---|---|---|---|---|
1 | 2 | 3 | 4 | |
1 - Case Study - 20% | ||||
2 - Practical Assessment - 40% | ||||
3 - Report - 40% |
Alignment of Graduate Attributes to Learning Outcomes
Graduate Attributes | Learning Outcomes | |||
---|---|---|---|---|
1 | 2 | 3 | 4 | |
1 - Communication | ||||
2 - Problem Solving | ||||
3 - Critical Thinking | ||||
4 - Information Literacy | ||||
5 - Team Work | ||||
6 - Information Technology Competence | ||||
7 - Cross Cultural Competence | ||||
8 - Ethical practice | ||||
9 - Social Innovation | ||||
10 - Aboriginal and Torres Strait Islander Cultures |
Alignment of Assessment Tasks to Graduate Attributes
Assessment Tasks | Graduate Attributes | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |
1 - Case Study - 20% | ||||||||||
2 - Practical Assessment - 40% | ||||||||||
3 - Report - 40% |
Textbooks
There are no required textbooks.
Additional Textbook Information
Baker, M. and Hart, S. (2007), Product Strategy and Management, (2nd Ed). Pearson: UK.
Chitale, A.K. and Gupta, R. (2016), Product Policy and Brand Management: Text and Cases (3rd Ed). Prentice-Hall: India.
Keller, K.L. (2013) Strategic Brand Management: Building, Measuring, and Managing Brand Equity (4th Ed). Pearson: UK.
Various research papers from top journals, including the Journal of Brand Management, the Journal of Product and Brand Management.
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
All submissions for this unit must use the referencing style: American Psychological Association 6th Edition (APA 6th edition)
For further information, see the Assessment Tasks.
m.lewis@cqu.edu.au
Module/Topic
Key issues underlying new product development
Chapter
The key social and business challenges of new product
development (NPD); the importance, context and examples of socially innovative products and services globally; the marketing concepts and Porter's competitive theories.
Events and Submissions/Topic
Module/Topic
Design thinking and new product development
Chapter
The design thinking process and the importance of social innovation in the present context; identification and creation of business opportunities for a new product/service development; co-creation/co-production in public and private sectors; comparative assessment of conventional and social business models for product/service.
development/innovation
Events and Submissions/Topic
Module/Topic
New product development
process
Chapter
Definitions and the key issues of new product development processes; factors affecting successful product development; challenges of new product development process; the importance-performance framework and how it contributes to a new product development/innovation; new product launch cycle; mathematical modelling to estimate expected profit
from a new product venture; and the Australian government's initiative to analyse product cost.
Events and Submissions/Topic
Module/Topic
Managing product lifecycle
strategies
Chapter
Definitions, characteristics, and classifications of products/services; analysing the product lifecycle stages,
marketing considerations and relevant strategic implications of a new product lifecycle and consumer adoption processes; mathematical modelling to estimate lifecycle curve and finding a product's/service's current lifecycle stage, and the lifecycle extension strategies.
Events and Submissions/Topic
Module/Topic
Product portfolio analysis
Chapter
Critical issues of product portfolio design; balance and imbalance product portfolios; mathematical modelling to estimate product portfolio models, including BCG portfolio matrix, General Electric (GE) portfolio matrix, the McKinsey’s matrix and the Arthur D. Little (ADL) model; strategic implications of the product portfolio models across product lifecycle (PLC) strategies, and Michael E. Porter’s Competitive strategies.
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Key concepts of brand management
Chapter
Definition and meaning of branding; why commercial firms, institutions and non-profit organizations consider branding their products and services; brand equity concepts; antecedents of brand equity; and the strategic brand management process.
Events and Submissions/Topic
Module/Topic
Co-branding, employer branding and B2B branding
Chapter
Definitions and importance of cobranding and brand extension, B2B branding and employer branding; internal and external factors, and antecedents and consequences of branding a product/service; effects of employer branding; key considerations of B2B branding.
Events and Submissions/Topic
Module/Topic
Brand positioning and brand building
Chapter
Definition of customer-based brand equity (CBBE) model; and sources and outcomes of CBBE; components of brand positioning; characteristics of a good brand; developing a better brand; brand mantra; factors to consider when building a strong brand; and brand value chain.
Events and Submissions/Topic
Module/Topic
Brand elements and marketing mix strategies to enhance brand equity
Chapter
Types of brand elements; general criteria and key tactics of choosing brands' elements; key considerations of marketing mix elements to enhance brand equity; key tactical issues in evaluating different communication
options; and the choice criteria evaluation in developing an integrated marketing communication program.
Events and Submissions/Topic
Module/Topic
Measuring brand equity
Chapter
Models to estimate brand's return on marketing investment (ROMI); steps of implementing a brand equity management system, qualitative and quantitative research techniques to evaluate consumers' brand knowledge, brand awareness, image, responses, and relationships; the outcomes of brand equity, and its
challenges.
Events and Submissions/Topic
Module/Topic
Managing brands
Chapter
The key factors affecting manager's decision to consider building a global brand; advantages and disadvantages
of standardizing a global brand; marketing strategies; key considerations of a global brand positioning; and unique characteristics and examples of the brand building in various developing markets.
Events and Submissions/Topic
Module/Topic
Contemporary thoughts in new product development and branding
Chapter
Key studies on new product development and branding;
managerial perspectives on crowdsourcing in the new product development process; how big data's 3Vs facilitate the new product development process; the role of online members in co-creating a brand; and antecedents and consequences of brand authenticity; and a review of the whole unit.
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
1 Case Study
This assessment task requires you to prepare a case for a new product or a service recently launched in Australia. You can also choose a new product for the business/organisation you currently work for or the business/organisation you want to work with. If you are unable to use your business/organisation you might like to Google “New products 2019” for some ideas. Please check with your tutor that the product/service you have chosen is appropriate.
The case will address the following criteria
1. A description of why this new product/service is important to customers, society and/or the organisation;
2. Identify and provide an explanation of the two most important social challenges and the two most important business challenges of the new product/service; and
3. Explain the two most important strengths and the two most important limitations of the development stages of the new product/service you identified.
Notes for your assessment task
Your assessment task must be uploaded as a .doc or .docx file (word file) through the Assessment 1 submission link on the unit Moodle site.
The word limit for this assessment task is 1000 words (maximum).
Any assessment with a ‘Turnitin’ score of more than 20% will be checked by the marker for plagiarism although it may not necessarily mean that you have plagiarised. If we find a substantial matching rate in the ‘Turnitin’ report, your task will be forwarded to an appropriate office/authority for necessary actions.
Please familiarise yourself with the University’s assessment policy and procedure, grading policy, assessment extension policy, late submission penalty, plagiarism policies and the like.
Week 4 Monday (1 Apr 2019) 3:00 pm AEST
Please submit via Unit Moodle website
Week 6 Monday (22 Apr 2019)
Students receive an email when marks have been released in Moodle.
Title page (2 marks): Include your name, student ID, names of the lecturer and tutor, campus on which you are studying, course code and title, a table of contents, executive summary, and word count (from introduction to conclusion).
Identification of a new product/service, and a description of its importance to customers, society and organisation (5 marks).
Identification and explanation of the two most important social challenges and the two most important business challenges that the new product/service is currently facing (5 marks).
Identification and explanation of the two most important strengths and the two most important limitations of the development stages of the recently launched new product/service (5 marks).
Citation and reference styles (APA - style) [note: you need to provide 10 scholarly sources of academic journal articles, textbooks, authentic Websites etc.], structure and format of the report, and grammar and sentences (3 marks).
- Assess the social and business challenges of new product development, and the importance of socially innovative products/services in an organisation
- Develop a new product development plan and branding strategies.
- Communication
- Problem Solving
- Critical Thinking
- Information Literacy
- Team Work
- Cross Cultural Competence
- Ethical practice
2 Practical Assessment
The aim of this assessment task is to provide you with hands-on exercise for a new product/service idea development based on customers' online reviews. Consider two competing products/brands, for example, “Samsung Galaxy S9 Plus versus Apple iPhone XS”, "Canon versus Nikon entry-level DSLRs", or "Garmin versus Fitbit smartwatches" or any products/brands that you want to work with for Assessment 2. Alternately, you might like to examine new hotels that started in 2018 such as West Hotel Sydney, Curio Collection by Hilton versus the Felix Hotel in Mascot; or W Brisbane in the CBD versus Emporium Hotel South Bank. If you are a cat lover, you might consider “LavvieBot” by PurrSong versus “Litter-Robot” by Automated Pet Care Products. Let your imagination go wild!
Note: Assessment 2 and Assessment 3 are related so read Assessment 3 before deciding on your product/service. You should check your chosen products/services with your tutor before starting your research.
As an entry-level new product consultant, you need to develop and present the following tasks to your director:
1. List the product features and related feedback based on 10 customer reviews for each competing product/brand so 2 competing products/brands x 10 reviews = 20 customer reviews. Reviews may be available on various Websites (e.g. "productreview", "Facebook", “Tripadvisor” etc.).
2. Conduct a thematic data analysis procedure for the 20 customers' reviews and prepare two frequency tables for the identified themes for both competing products/brands;
3. Based on the frequency tables and the customers' feedback, prepare two "Importance-Performance frameworks" with its associated tables based on a five-point rating scale for two competing products/brands (see Week 3 discussion); and
4. Develop and justify two new product/service concepts for the two competing products/brands based on your analysis.
Use the information gained above to prepare your PowerPoint presentation in 15 slides (maximum). You will have 10 minutes (maximum) to present your task. Please ensure that your presentation includes relevant concepts, theories, tools, and models discussed in the unit. Please upload your PowerPoint slides via the Unit website in Moodle by the deadline.
For distance or online students: You will present in your Weekly Zoom session timeslot which is Tuesday night from 7 to 7:55PM AEST (Queensland time) at https://cqu.zoom.us/j/5375880343 in Weeks 6 to 8.
For face-to-face/metro-campus students: All in-class presentations should be completed between week 6 and week 8. Your local campus lecturer/tutor will schedule your presentation time and date.
You will receive some brief feedback from your campus lecturer/tutor immediately after your presentation. Your campus lecturer/tutor is responsible for marking your assessment tasks; however, the marked tasks could be moderated by the unit coordinator.
Any assessment with a ‘Turnitin’ score of more than 20% will be checked by the marker for plagiarism although it may not necessarily mean that you have plagiarised. If we find a substantial matching rate in the ‘Turnitin’ report, your task will be forwarded to an appropriate office/authority for necessary actions.
Please familiarise yourself with the University’s assessment policy and procedure, grading policy, assessment extension policy, late submission penalty, plagiarism policies and the like
Week 8 Monday (6 May 2019) 3:00 pm AEST
Please submit via the Unit Moodle website
Week 10 Monday (20 May 2019)
Students will receive an email when the results are released.
1) Professionalism (2 marks): Demonstrates professional presentation, layout and style, including title slide containing your personal details, an outline of the presentation, use of appropriate headings and subheadings, English expression and grammar, creativity, use and explanations of tables, charts, graphs; overall analytical and communication skills.
2) Background (5 marks): Includes the aim of this assessment task, a brief background of the identified and competing brands including current market position analysis, sales and market shares etc.
3) Data Collection Method (secondary source) (10 marks): Includes a brief outline of the sources of 20 customer reviews and at least two justifications of why the source(s) is relevant to this assessment task, data analysis procedure and justification of the data analysis techniques with relevant citations.
4) Findings (4 x 5 marks = 20 marks):
a) Listed and demonstrated product features based on 20 customer reviews with their sources for two competing products/brands;
b) Conducted a thematic data analysis procedure for the 20 customers' reviews and prepared two frequency tables for the identified themes for two competing products/brands;
c) Prepared two "Importance-Performance frameworks" with its associated tables based on a five-point rating scale and for two competing products/brands; and
d) Formulated two new product/service concepts for two competing brands based on the analyses and justified the two new product/service concepts.
5) Academic quality (3 marks):
a) Provided a brief conclusion of the presentation at the end.
b) Demonstrated breadth and quality of research by using a minimum of 10 relevant academic sources.
c) Correctly used the APA in-text citation and referencing system to cite academic sources.
- Assess the social and business challenges of new product development, and the importance of socially innovative products/services in an organisation
- Evaluate new product development processes, including product portfolio analysis, marketing planning models, cost-benefit analysis, and brand equity concepts
- Critically examine the factors contributing to success and failure of new product development
- Communication
- Problem Solving
- Critical Thinking
- Information Literacy
- Team Work
- Cross Cultural Competence
- Ethical practice
3 Report
Assessment 2 (practical assessment) and Assessment 3 (report) are related. Assessment 2 was the development and presentation of the two new product/service concepts for two competing brands based on customers' reviews.
Assessment 3 (report) requires you to consider one of the two new product/service concepts you developed for Assessment 2 and prepare the brand's promotional plan for its first-year entry in the global market. The promotional plan should include, among others, competitive strategies based on Porter's competitive theory/framework, importance-performance framework, BCG portfolio matrix analysis and product lifecycle theory/strategy analysis.
N.B.: You can use the importance-performance framework you developed for assessment task 2 and can develop hypothetical data/figure and construct a BCG portfolio matrix and a product lifecycle curve (PLC), and position the competing brands. Place your new concept brand, which is about to enter in the market, in that BCG matrix and on PLC to demonstrate your intended position and to formulate and analyse relevant strategies.
You need to demonstrate the innovative and effective development of a new product/service concept and brand management strategies.
Where applicable, data related to the BCG matrix, market share, product life cycle (PLC), importance-performance framework etc. can be hypothetically developed. This is applicable if you do not find relevant data in various secondary sources. In these cases, simply write “source: assumed and prepared for this assignment task only”.
It is expected that the report will be based on the concepts, theories, tools introduced in this unit and your own research findings. You are encouraged to include recent journal articles and relevant theories and research findings, where appropriate. Use of data and information from the Australian Bureau of Statistics, Austrade, relevant and authentic Web sites, textbooks etc. will enrich your report.
You are strongly suggested to attend the lecture, tutorial, and discussion sessions. Please also follow the study resources available on the Moodle site and/or on the Web.
Please remember that the data/information that is readily available on the Web or in other published resources cannot be 'assumed' for this assessment task. Please cite and reference relevant data and information, where applicable. Your examiners expect authentically citations/references by using the APA referencing and citation styles.
Notes for your assessment task
The word limit of this individual report is 2000 words (maximum) between the introduction and conclusion sections.
The assessment must be uploaded as a .doc or .docx file (word file).
Any assessment with a ‘Turnitin’ score of more than 20% will be checked by the marker for plagiarism although it may not necessarily mean that you have plagiarised. If we find a substantial matching rate in the ‘Turnitin’ report, your task will be forwarded to an appropriate office/authority for necessary actions.
Please familiarise yourself with the University’s assessment policy and procedure, grading policy, assessment extension policy, late submission penalty, plagiarism policies and the like.
If you have any difficulty, please discuss this with your lecturer/tutor and unit coordinator.
Week 12 Monday (3 June 2019) 3:00 pm AEST
Please submit via the Unit Moodle website.
Results will be released after Certification of Grades.
· Professionalism (2 marks): Professional report layout and style, including title page, executive summary, use of appropriate headings and subheadings, table of contents, tables of figures, English expression and grammar, creativity, use and explanations of tables, charts, graphs; overall analytical and communication skills.
· Executive summary (2 marks): Demonstrates the complete brand promotional plan’s findings and recommendations, including, but not limited to the promotional objectives, main strategies and key budget and time-related implications for management.
· Background (4 marks): Includes the aim of this assessment task, a brief justification of the new brand including current market position analysis against competitors' brands and their sales and market shares, customer feedback etc. Where appropriate, introduce and place relevant marketing analytics tools, such as market share calculation, expected profitability calculation etc. A brief description of the new brand's market segmentation and target markets, and the aim(s) of the new brand's promotional plan.
· Competitive strategy (4 concepts/theories/strategies x 5 marks = 20 marks): Following the aims/objective of the new brand's promotional plan, briefly explain the concepts of Porter's competitive theory/framework, Importance–Performance framework, BCG portfolio matrix and product lifecycle theory, and formulate relevant and consistent strategies. You can use hypothetical data/figure and Assessment 2's findings to provide further support.
· Brand promotion (10 marks): Determine the promotional objectives for the first-year entry of the new brand. Prepare a detail and consistent promotional plan with media and budget details and provide brief justifications for brand equity management strategies. The discussion should include relevant literature to address a concept, argument and confirm your arguments.
Academic quality (2 marks): Demonstrated breadth and quality of research by using a minimum of 15 relevant academic sources. Correctly used the APA in-text citation and referencing system to cite academic sources. Provided a conclusion of the report at the end.
- Evaluate new product development processes, including product portfolio analysis, marketing planning models, cost-benefit analysis, and brand equity concepts
- Critically examine the factors contributing to success and failure of new product development
- Develop a new product development plan and branding strategies.
- Communication
- Problem Solving
- Critical Thinking
- Information Literacy
- Team Work
- Cross Cultural Competence
- Ethical practice
As a CQUniversity student you are expected to act honestly in all aspects of your academic work.
Any assessable work undertaken or submitted for review or assessment must be your own work. Assessable work is any type of work you do to meet the assessment requirements in the unit, including draft work submitted for review and feedback and final work to be assessed.
When you use the ideas, words or data of others in your assessment, you must thoroughly and clearly acknowledge the source of this information by using the correct referencing style for your unit. Using others’ work without proper acknowledgement may be considered a form of intellectual dishonesty.
Participating honestly, respectfully, responsibly, and fairly in your university study ensures the CQUniversity qualification you earn will be valued as a true indication of your individual academic achievement and will continue to receive the respect and recognition it deserves.
As a student, you are responsible for reading and following CQUniversity’s policies, including the Student Academic Integrity Policy and Procedure. This policy sets out CQUniversity’s expectations of you to act with integrity, examples of academic integrity breaches to avoid, the processes used to address alleged breaches of academic integrity, and potential penalties.
What is a breach of academic integrity?
A breach of academic integrity includes but is not limited to plagiarism, self-plagiarism, collusion, cheating, contract cheating, and academic misconduct. The Student Academic Integrity Policy and Procedure defines what these terms mean and gives examples.
Why is academic integrity important?
A breach of academic integrity may result in one or more penalties, including suspension or even expulsion from the University. It can also have negative implications for student visas and future enrolment at CQUniversity or elsewhere. Students who engage in contract cheating also risk being blackmailed by contract cheating services.
Where can I get assistance?
For academic advice and guidance, the Academic Learning Centre (ALC) can support you in becoming confident in completing assessments with integrity and of high standard.