• Semester 2 (External)

Pre-requisite: 55506

Synopsis

This  unit considers the role of the product as an important component
of the marketing mix. Australia has generally been considered to be  a
highly  innovative  nation with many products that have  emerged  from
institutions and through individual creativity but many have not  been
successfully  commercialised in this country. This  unit  attempts  to
provide  an  overview of the steps necessary in developing  a  product
from  an  idea  through  to commercial reality.  This  unit  considers
product concept as a physical product or a service and its role in the
firm's  overall  strategic  directions. Although  products  are  often
developed through ideas and the availability of technologies, many are
also  in  response to demonstrated customer needs.  The  latter  is  a
fundamental  aspect  of  marketing and  draws  on  areas  of  consumer
behaviour.  Formal and informal idea generation methods are considered
as  well  as  techniques for evaluating the product concepts  as  they
progress through the new product development process. The formal  role
of  market  research  and  techniques such as  conjoint  analysis  and
perceptual mapping are considered. The process then includes technical
evaluation,   physical   design  and  product   testing   and   formal
commercialising processes.