Product Innovation Management from Coursera

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.

This course can be taken for academic credit as part of CU Boulder’s Master of Engineering in Engineering Management (ME-EM) degree offered on the Coursera platform. The ME-EM is designed to help engineers, scientists, and technical professionals move into leadership and management roles in the engineering and technical sectors. With performance-based admissions and no application process, the ME-EM is ideal for individuals with a broad range of undergraduate education and/or professional experience. Learn more about the ME-EM program at https://www.coursera.org/degrees/me-engineering-management-boulder.

What's inside

Syllabus

Course Overview; Marketing 101

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.

Building the Business Case

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.

The Product Development Proposal Presentation

Module 3 shows the steps to prepare a product development presentation proposal suitable for presentation to upper management or investors.

Product Development and the Circular Economy

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.

Sustainability and Product Development

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.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Suitable for students or professionals interested in business side of product development

Presented by Michael J. Readey, Ph.D., a recognized expert in product development

Aligns with industry practices in pricing and marketing strategies

Provides a strong foundation for understanding financial metrics used in project evaluation

Prepares learners to present product development proposals to upper management or investors effectively

Introduces the concept of the Circular Economy and its relevance to sustainable product design

Emphasizes the importance of sustainability in product development, addressing environmental and social concerns

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Product Innovation Management with these activities:

Guided Tutorial on Market Segmentation

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Gain a deeper comprehension of market segmentation, enabling you to identify target customers and tailor your product development strategies effectively

Browse courses on Market Segmentation

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Review the principles of market segmentation
Practice applying market segmentation techniques using the 4Ps of Marketing: Product, Price, Promotion, and Place
Identify and analyze target market segments for a specific product or service

Read 'Marketing Management' by Philip Kotler

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Provides a comprehensive understanding of marketing principles and their application in the business world, forming a solid foundation for your product development journey

View Reimagining Operational Excellence:... on Amazon

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Read chapters 1, 2, and 3 on the fundamentals of marketing
Read chapters 6, 7, and 8 on market segmentation, targeting, and positioning
Read chapters 10, 11, and 12 on marketing research, product development, and pricing

Pricing Case Challenge

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Helps strengthen your understanding of pricing theory, allowing you to maximize profit while remaining competitive in the market

Browse courses on Pricing

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Review lesson in Module 1 on pricing strategies
Read chapters 4, 8, and 11 in Principles of Marketing
Calculate optimal price point and associated profit margin for a given product based on prior sales data and projected demand

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Career center

Learners who complete Product Innovation Management will develop knowledge and skills that may be useful to these careers:

Product Manager

A Product Manager is responsible for the development and launch of new products. They work closely with engineers, designers, and marketers to define product requirements, create marketing plans, and launch products to market. This course can help Product Managers develop the skills they need to succeed, including marketing, pricing, and financial analysis.

See salaries and explore the career path for Product Manager

Marketing Manager

A Marketing Manager is responsible for developing and executing marketing campaigns. They work with product managers, sales teams, and other stakeholders to create and implement marketing plans that drive sales and build brand awareness. This course can help Marketing Managers develop the skills they need to succeed, including marketing, pricing, and financial analysis.

See salaries and explore the career path for Marketing Manager

Financial Analyst

A Financial Analyst is responsible for analyzing financial data and making recommendations to businesses. They work with executives, investors, and other stakeholders to develop financial plans and make investment decisions. This course can help Financial Analysts develop the skills they need to succeed, including financial analysis and business case development.

See salaries and explore the career path for Financial Analyst

Sales Manager

A Sales Manager is responsible for leading and managing a sales team. They work with sales representatives to develop sales strategies, close deals, and build customer relationships. This course can help Sales Managers develop the skills they need to succeed, including marketing, pricing, and financial analysis.

See salaries and explore the career path for Sales Manager

Business Analyst

A Business Analyst is responsible for analyzing business processes and making recommendations for improvement. They work with stakeholders to identify business needs, develop solutions, and implement change. This course can help Business Analysts develop the skills they need to succeed, including marketing, pricing, and financial analysis.

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Project Manager

A Project Manager is responsible for planning, executing, and closing projects. They work with stakeholders to define project scope, develop project plans, and manage project risks. This course can help Project Managers develop the skills they need to succeed, including project management and financial analysis.

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Consultant

A Consultant is responsible for providing advice and guidance to businesses. They work with clients to identify business needs, develop solutions, and implement change. This course can help Consultants develop the skills they need to succeed, including marketing, pricing, and financial analysis.

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Entrepreneur

An Entrepreneur is responsible for starting and running their own business. They work with investors, customers, and other stakeholders to develop and launch new products and services. This course can help Entrepreneurs develop the skills they need to succeed, including marketing, pricing, and financial analysis.

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Product Designer

A Product Designer is responsible for designing and developing new products. They work with engineers, marketers, and other stakeholders to create products that meet customer needs. This course can help Product Designers develop the skills they need to succeed, including marketing and design.

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Software Engineer

A Software Engineer is responsible for designing, developing, and testing software applications. They work with product managers, designers, and other stakeholders to create software that meets business needs. This course may be useful for Software Engineers who want to develop their understanding of marketing, pricing, and financial analysis.

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Data Analyst

A Data Analyst is responsible for collecting, analyzing, and interpreting data. They work with stakeholders to identify trends, patterns, and insights that can be used to make business decisions. This course may be useful for Data Analysts who want to develop their understanding of marketing and financial analysis.

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Market Researcher

A Market Researcher is responsible for conducting research to understand customer needs and preferences. They work with marketers, product managers, and other stakeholders to develop products and services that meet customer demand. This course can help Market Researchers develop the skills they need to succeed, including marketing and research.

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Technical Writer

A Technical Writer is responsible for creating and maintaining technical documentation. They work with engineers, product managers, and other stakeholders to create documentation that is clear, concise, and accurate. This course may be useful for Technical Writers who want to develop their understanding of marketing and product development.

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Customer Success Manager

A Customer Success Manager is responsible for ensuring that customers are satisfied with a company's products and services. They work with customers to resolve issues, provide support, and build relationships. This course may be useful for Customer Success Managers who want to develop their understanding of marketing and customer service.

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Sales Engineer

A Sales Engineer is responsible for providing technical support to sales teams. They work with sales representatives to identify customer needs, develop technical solutions, and close deals. This course may be useful for Sales Engineers who want to develop their understanding of marketing and technical sales.

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