Unit code                           J/508/0534

Unit level                           QCF Level 5/ NFQ Level 6/7

Credit value                       15

Introduction

This unit explores the journey from ideas generation through to the launch of a new product or service. It examines the processes behind new product development (NPD) and it also considers the potential risks involved. Through the combination of theory and practice students will develop knowledge and understanding and be able to apply that knowledge within either an organisational or entrepreneurial context.

Almost every day we encounter new products and services through a variety of marketing promotions. But how do they get from a single idea to, in some cases, becoming a household item and brand? How did, for instance, the mobile phone, e- books, 24/7 banking services and fast food become part of our lives? Moreover, why do some products enjoy a long and profitable life span, whilst others disappear almost overnight? What are the secrets to success?

Learning Outcomes

By the end of this unit a student will be able to:

1. Explain and demonstrate processes involved in new product or service development.
2. Assess the life-cycle stage of the products or services in a company’s portfolio and evaluate whether innovation, adaptation or renovation are needed for the individual products or services.
3. Design and pitch a new/renovated product or service.
4. Demonstrate an ability to critically reflect on the skills of team working, creative development and presentation