Pre-requisite: 55506
This unit acknowledges that the product is an important component of the marketing mix. While Australia has generally been considered to be a highly innovative nation, many product ideas have not been successfully commercialised in this country. This unit provides an overview of the steps necessary to develop a product from an idea through to commercial reality. While products are often developed through ideas and the availability of technologies, others are developed in response to demonstrated customer needs. 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 attribution analytic techniques such as conjoint analysis and perceptual mapping are also considered. Technical evaluation of the product, physical design and product testing are addressed. Finally the formal commercialisation process is examined.