The capstone of this first part is a real project in which student teams conceptualize and develop a new product or service up to the completion of a fully functional prototype. Second, the course discusses a number of challenges related to product development as encountered by management consultants, members of cross-functional development teams as well as general managers. A key element of Managing New Product Development is a real project in which student teams conceptualize and design a new product or service. The course will include concepts applicable to software and hardware development, thus projects related to internet-driven products or services are as much of an option as are physical products. Over the course of the spring semester, the student team will act as an entrepreneurial start-up.
Some class meetings are devoted to project reviews and consulting with peers and the instructor.
Other sessions provide the necessary tools and concepts for the projects, such as identifying customer needs, testing and selecting product concepts, as well as using prototypes for evaluating a new product. All of these projects lead to functional prototypes that could be demonstrated in class to fulfill currently open user needs. The teams have to develop a functional prototype, not a 30 page financial plan. A number of outside speakers will also help to enrich the learning experience with first-hand practical experience. The cases represent various sector of the economy.