Module Overview

Growth is dominating discussions in boardrooms around the world. When asked, the majority of Chief Executive’s cite “growth through new products and services” as their number one strategic objective. The globalization of markets has created a highly competitive arena where survival depends on a continuous stream of successful new products and services. The next round of competitive positioning will be based on innovation, and a company’s innovation capabilities will determine its future growth potential. This is creating a special challenge for senior management.  Only innovation increases the size of the pie, which means its mastery is vital to a company’s long-term well-being.

But just how to innovate can be a difficult and complex problem. Unfortunately, many managers today may be better at, and even more comfortable with, controlling costs than creating innovative products that fuel top-line growth. Innovation is more than ‘good engineering’ and broader than the engineering function, it is the result of informed, cross-disciplinary teams (marketing, field service, finance, procurement, etc.) working to a common model and supported with world-class processes and tools. This course will provide an overview of the fundamentals of product and service innovation.

Summary of Aims

The aim of this module is to provide a framework for successful innovation management based on the core competencies an organization must develop to create highly valued products, processes and services.

Intended Learning Outcomes

On completion of this module, participants will be able to:

·         Define innovation management in terms of five competencies (Idea, Market, Portfolio, Platform and Project management).

·         Understand how to link the five competencies together into a cohesive, end-to-end system for producing winning products and services.

·         Build a strong case for the evaluation of an innovation concept based on market understanding;

·         Understand the role of creativity and aesthetics in innovation management.

Assessment Criteria

In order to achieve the threshold standard for the award of credits for this module, the student must meet the following criteria related to the learning outcomes described above:

·         Demonstration of the ability to define innovation within real, tangible settings.

·         Exhibit an understanding of the fundamental concepts of innovation.

Teaching and Learning Strategy and Methods

The teaching and learning strategy is designed to ensure that the above criteria are met within a context that is reflective and situated in practice.

The teaching and learning methods include:

·         18 hours of in class experience based around fundamental concepts and examples.

·         A further 18 hours of specific classes and sessions concerned with unique aspects and examples.

·         Personal study.

Indicative Content

The topics covered are the following:

·         Innovation management

·         The five competencies

·         Evaluation of innovations

·         Marketing related understanding

·         The role of creativity

·         Aesthetics

As a two week summer programme, sessions are scheduled for 10 consecutive working days. When delivered in the Spring semester, 10 sessions will be scheduled one per each semester week.

Assessment Strategy, Methods and Weighting

The assessment strategy is designed to ensure that all students meet all learning outcomes and can share the evidence and their experience.

The assessment methods for each outcome are as follows:

·         Demonstration of the ability to define innovation within real, tangible settings. Students will be asked, in groups, to identify an innovative product or service and analyse it using the taught concepts.

·         Exhibit an understanding of the fundamental concepts of innovation. A small exam will be used to test fundamental concepts.

Selected Reading

Essential Readings

Jones, A.M. (2008), Innovation Acid Text Axminster, Triarchy Press 

ISBN 9780955008153

08/09/2010