This is a course from IILM Institute for Higher Education, delivered by Prof.Smitha Girija andis developed under the guidance of Prof. Jagdish Sheth, Charles H. Kellstadt Professor of Marketing, Goizueta Business School, Emory University, Atlanta GA
This course will make participants leverage marketing concepts to influence the outcomes of new products and innovations and will help students understand the basics of innovation, types of innovation, diffusion of innovation and barriers to Innovation. They will also learn about how to evaluate market attractiveness, think about the design and management of distribution channels and understand pricing architectures to market innovation and innovative products. This strategic approach is applied to real world examples to help technical executives learn to identify the right product for the right market opportunity.
Develop a strategic framework for assessing market opportunities
Anticipate and take advantage of the customer decision process with consumer insight
Leverage innovation and design thinking to capture value for customers
Choose marketing channels best suited for their product and market
Communicate more effectively with the marketing team
Link between Innovation, marketing and meaning of customer value
Week 1: Innovation as key source of Business
Why is it hard to innovate?
What Makes Innovators Different?
Types of Innovation
Innovator’s Dilemma – the essence of marketing to resolve the dilemma
The link between innovative ideas, innovation and Marketing
Week 2: How to Succeed in Marketing
Marketing Remix- Introducing 4A’s
Think like a customer
Applying 4 A Analysis
Week 3: Understanding ConsumerBehavior
Do Consumer really have a Hierarchy of Motivations?
Why we buy, what we buy?
Consumer Decisions and Relationships
Climate Consumption and Culture
Online Consumer Behavior
Week 4: Setting New Product Development Goals
Introduction to New Product Development
A framework for successful New Product Development
The factors of success for new product development
Product Development Methodologies and Organization
Opportunity Identification and Selection
Week 5: Design Thinking Process for Product development
Building Capabilities for Execution
Applying design thinking to drive innovation
Improving product development and innovation strategy
Examining the best practices in prototyping and experimentation
Week 6: Managing Innovation
Why do most innovations fail?
How to Develop Affordable innovations?
Disruptive Innovation Model
Week 7: New Product Adoption
Diffusion of Innovation Theory
Assessing the drivers of new product adoption
Consumer Adoption Patterns
Determining promotional strategy
Considering overall product positioning
Factors of the success of Product innovation
Week 8 - Topic: Linking Innovation strategy to Product Launch