Consumer Centric New Product Development I: Generating a Branded Product
This course deals with consumer-centric innovation - mainly for FMCG businesses, but the taught principles can be easily transferred to other businesses as well. I will address the fundamental “innovation curse“ according to which 60-80% of new introductions are no longer on the shelves just one year later, leading to massive value destruction for manufacturers, trade, and consumers. The main reason, among others, seems to be the poor quality of the underlying product concept. Generating consumer-centric product concepts must thus be considered the main task for brand management to create a continuous and successful innovation pipeline. This course will take the students through a conceptual model, called “The Spearhead“.
This framework represents a pragmatic value chain on how to transform insights about consumers and markets into winning branded product propositions. As a consequence, the students will be able to generate consumer-centric product concepts in various business contexts - with increased odds that these concepts will thrive in the marketplace.
Students will follow the various steps of ”The Spearhead“ by conducting an own innovation project along the respective stages and finally present an innovation pipeline for a selected product group/ market.
(1) This will be done in groups (4-6 students per group).
(2) The current list topics is as follows: (The list can be extended depending on participants’ requests)
(3) Convenience Food “Con Campus”
(4) Redefining Season‘s Chocolates (Easter/ Christmas)
(5) Special Culinary Offers for Women (Gender Food)
(6) Invigorating the Non-Alcoholic Beer Market
(7) Strolling for Strollers: New Mobility with Children
Further information on this course and the application procedure can be obtained via RWTHonline.