This third course in the product development specialization discusses the business side of product development. The course begins with an overview of marketing and pricing strategies, and how company’s price their products today. Learners are then introduced to the project’s financial business case, defining key financial metrics such as NPV, IRR and Payback Period. The course then shows how to make an effective presentation these to the executive office for funding. The course concludes with a discussion of sustainability and how to design innovative products for a circular economy. Throughout the course, the student is challenged to continue developing their own product idea, one they have followed throughout the specialization.
Product Innovation Management
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Product Innovation Management
This course is part of Product Development for Technical Managers Specialization
Instructor: Michael J. Readey, Ph.D.
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Gain insight into a topic and learn the fundamentals.
Beginner level
Recommended experience
15 hours to complete
3 weeks at 5 hours a week
Flexible schedule
Learn at your own pace
Build toward a degree
What you'll learn
How to design a compelling marketing brochure.
How to create a spreadsheet of a financial business case.
How to construct a prototype of your product concept.
Skills you'll gain
Details to know
Shareable certificate
Add to your LinkedIn profile
Assessments
3 quizzes
Taught in English
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This course is part of the Product Development for Technical Managers Specialization
When you enroll in this course, you'll also be enrolled in this Specialization.
- Learn new concepts from industry experts
- Gain a foundational understanding of a subject or tool
- Develop job-relevant skills with hands-on projects
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There are 5 modules in this course
Module 1 begins with an overview of the course and how it works. It then introduces several principles of Marketing, including the 4 and 5 "P's" of marketing. The course then looks at pricing strategies and how companies establish price. Customers within a market buy for different reasons, and the idea of market adoption is introduced with segments such as Innovators, Early Majority, and the Laggards. The module concludes with students constructing a tri-fold marketing brochure suitable for a tradeshow event.
What's included
9 videos5 readings1 quiz1 peer review1 discussion prompt
Module 2 introduces the process for creating a financial business case for a product development project. This involves estimating future sales, costs and then based on the resulting cash flows, the project's financial viability using financial metrics such as NPV, IRR and the Payback Period.
What's included
9 videos1 quiz1 programming assignment
Module 3 shows the steps to prepare a product development presentation proposal suitable for presentation to upper management or investors.
What's included
4 videos1 peer review
Module 4 introduces the concept of the Circular Economy, and how it differs from today's Linear Economy. The 3 Principles of the Circular Economy are described using examples of how they are applied. A more detailed view of the Circular Economy is presented using the Ellen MacArthur Foundation's Butterfly Diagram, highlighting the Technical and Biological Nutrient Cycles as foundational to circular product design.
What's included
5 videos1 quiz1 peer review
Module 5 links product development to environmental and social sustainability. The module begins by providing an overview of the sustainability imperative, essentially arguing why we as product developers need to focus on more sustainable products and services. The concept of "The Anthropocene" is introduced, as a description of how human activities are now shaping the planet's natural processes. Sustainability is then defined in terms of environmental and social responsibility. The module concludes with an overview of sustainable products, beginning with a case study of a typical t-shirt.
What's included
8 videos1 reading
Instructor
Offered by
Recommended if you're interested in Leadership and Management
University of Maryland, College Park
University of Colorado Boulder
University of Leeds
Advancing Women in Tech
Build toward a degree
This course is part of the following degree program(s) offered by University of Colorado Boulder. If you are admitted and enroll, your completed coursework may count toward your degree learning and your progress can transfer with you.¹
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