Reference no: EM133569894 , Length: word count:2000
New Product Design
Learning Outcome 1: Demonstrate an advanced understanding of contemporary new product design theory and practice.
Learning Outcome 2: Demonstrate an ability to apply innovative approaches and techniques as well as ethical perspectives throughout the development of new product designs.
Learning Outcome 3: Evaluate complex business concepts and issues to deliver an evidence-based rationale for new product designs.
Learning Outcome 4: Communicate new product design knowledge, skills and ideas to others clearly, persuasively and credibly.
Task
In Assessment 1, you will outline the initial three phases of the new product process by writing a 2,000-word report. In assessment 2 you will complete the final two phases of the process. For assessment 1, you will focus on the conceptualisation and preliminary development stages of a new product, service, experience, or idea tailored to a local or international market. Choose an organisation you're affiliated with or have comprehensive knowledge about, bearing in mind that this chosen product/service and organisation will also be the focus assessment 2.
Procedure
Describe your selection of a new product or service to be developed for your own organisation (or a business you are familiar with) using the first 3 phases of the new product process:
Introduction (150 words)
• Provide a brief introduction to the organisation and purpose of the product or service selection.
Phase 1 Opportunity Identification and Selection (900 words)
• Choose a notable product failure documented within the last 12 months in any business context. From this failure, pinpoint and elaborate on one product opportunity your company can consider for new product or service development.
• Draft Product Innovation Charter (PIC): Describe the background, objectives, focus areas, guidelines, and expected outcomes for the new product/service
Phase 2 Concept Generation (400 words)
• With the PIC as your blueprint, ideate and detail at least two new product concepts. These can be services, tangible products, or experiences, but they should align seamlessly with previously identified opportunities.
• Justify why the specific concept was chosen for development based on potential market need, feasibility, and alignment with the organisation's goals.
Phase 3 Concept Evaluation (400 words)
• Evaluate the chosen product concept using the selected method, showcasing its viability, potential market acceptance, and alignment with the PIC. Use a recognised evaluation framework or tool (e.g. Scoring Model) to objectively determine the feasibility and potential success of each concept.
Recommendations and conclusion (150 words)
• Based on your evaluations, recommend the adoption of one product concept.
• Justify your selection and write a well-reasoned conclusion.
Requirements
• Use the AIB Report template (.docx)
• This assessment requires you to use a minimum of six (6) credible academic sources. You may also use current company, industry, government and media sources to support your statements, but these will NOT count toward the minimum required credible academic sources for your assessment. Most web-based sources are not sufficiently rigorous and credible for use in academic assessments and will NOT count toward the minimum required credible academic sources for your assessment. For further guidance, refer to Scholarly, academic & peer-reviewed journals.
• You must appropriately acknowledge all sources of information in your assessment with the AIB Harvard author-date referencing style - See section 10 in the AIB Style Guide. This includes the use of Generative Artificial Intelligence tools, such as ChatGPT. See relevant sections on 'Academic Integrity', 'Generative Artificial Intelligence' and 'Referencing' in the AIB Style Guide.