Innovation and Marketing

“Any business enterprise has two – and only these two – basic functions: marketing and innovation… All the rest are costs.” (Peter F. Drucker)

Name of minor:

Innovation and Marketing

Code:

MINFEW13

Teaching language:

English

Offered by:

Erasmus School of Economics (ESE)

Other programmes which are contributing to the minor:

not applicable

Access:

See admissions matrix

Content

Innovation is the engine for growth in most modern firms. However, many organizations fail when bringing innovations to the market. The development and marketing of new market offerings is therefore arguably one of the most critical and most difficult challenges faced by any organization. This course is a must-take course for anyone with an interest in innovation, new markets and entrepreneurship. We will go through each stage of the new product development process, from opportunity identification until product launch. Throughout the lecture series, we will use business cases, simulation games, recent articles from the academic literature, and many practical examples to illustrate recent developments in innovation and marketing and the possibilities to involve consumers in the process.

Learning objectives:

This course will train “both sides of your brain”, because you will need to show creative and analytical skills at the same time. We will build on case studies, simulation games, conceptual frameworks and a business project to make the course applied and rigorous at the same time. The objectives of the course are to:
  • Provide you with an understanding of the specific nature of innovation-related marketing by going through the entire cycle from having a great new business idea to taking that idea to commercial success.
  • Equip you with conceptual frameworks to help you make better marketing decisions regarding the marketing of innovations.
  • Let you apply this knowledge to real world business problems.

Specific characteristics:

Please be aware that we recommend anyone taking this course not to also take the seminar “Developing and Marketing New Products” (FEM 11080) in the master program.

Organization

Maximum number of students that can participate in the minor:

40

Minimum number of students that can participate in the minor:

20

Overview modules:

  1. Innovation and New Product Development
  2. Adoption and Diffusion of New Products
  3. Launching and Positioning Innovations in the Marketplace
  4. Business Project

Module 1: Innovation and New Product Development

  • Content:

    Innovation and new product development are nowadays a leading principle in order to increase value to customers and citizens. It is the critical asset of companies and countries to remain successful. But how shall companies actually set their innovation strategy? How can they identify new product opportunities and generate, evaluate and select new product concepts? How does the product design influence the success of a new product? And how can product development projects be managed? We will use case studies and conceptual tools to study different aspects of the new product development process.
  • Teaching method:

    Plenary lectures combined with student's participation
  • Teaching materials:

    Reader and case studies
  • Programme offering the module:

    ESE; Marketing department: Dr. Vardit Landsman and Prof. dr. Stefan Stremersch
  • Content:

    This module is more quantitative and will stress the importance of scientific research undertaken in our department on the adoption and diffusion of new products. Scholars in the department and from abroad have developed methods to assess the likelihood of consumer’s adoption. This concerns diffusion models, takeoff models, conjoint analysis, survey research, user generated content, etc. Using the expertise of the whole department, a diversity of scientific subjects will be shown to the students, all related to recent advances in the domain of economics and innovation.
  • Teaching method:

    Plenary lectures combined with student's participation
  • Teaching materials:

    Reader and case studies
  • Programme offering the module:

    ESE; Marketing department: Dr. Vardit Landsman and Prof. dr. Stefan Stremersch
  • Content:

    This module is again more based on case studies. We review how companies have launched innovations. We will use some of the insights from the partners in our center to provide a very practical insight in the successful launch of innovations. We will review launch plans to learn how successful companies have reshaped markets. This module will be very hands-on with assignments on the cases we cover. Our intention is to discuss the newest insights from business and society as to how to revolutionize markets.
  • Teaching method:

    Plenary lectures combined with student's participation
  • Teaching materials:

    Reader and case studies
  • Programme offering the module:

    ESE; Marketing department: Dr. Vardit Landsman and Prof. dr. Stefan Stremersch
  • Content:

     We want you to apply the concepts and frameworks from the course to an actual business problem. You will work as consultants to work in a project within the domain of innovation and marketing.

Module 2: Adoption and Diffusion of New Products

Module 3: Launching and Positioning Innovations in the Marketplace

Module 4: Business Project

        Throughout the course, you will work in small groups on the business project. We will schedule individual feedback sessions for each group. At the end of the term, the groups will present their ideas and solutions. The grading of this module will be based on different business criteria as well as academic criteria.
  • Teaching method:

    Group work and feedback sessions
  • Teaching materials:

    Reader and case studies
  • Programme offering the module:

    ESE; Marketing department: Dr. Vardit Landsman and Prof. dr. Stefan Stremersch

Contact hours:

6 hrs a week during the first 7 weeks.

Examination

Method of examination:

There will be one written exam at the end of the minor that evaluates the different modules of the course.
Besides, students will have to actively participate during the lectures, work on individual case assignments, and contribute to the group work during the business project (including the final presentation) in order to pass the course. To qualify for 15 ECTS students have to work on additional individual case assignments (in comparison to students opting for 12 ECTS).

Feedback:

Students will have the possibility to look into their exam after grading.

Contact information

Tulay Varisli
be-marketing-secr@ese.eur.nl 

Faculty website

http://www.eur.nl/ese/students/minor