Customer Insights: New Product Development Orientation

The high risk and cost of new product failure highlights the importance of understanding the reasons for new product successes and failures. In this module, we will identify and discuss the major reasons for new product development successes and failures. You will experience first-hand the value of creativity in developing a new product and examine the best practices of successful firms and entrepreneurs.

This module will begin by providing an overview of the customer knowledge requirements across stages of the product development cycle. It will then provide a brief overview of qualitative and quantitative research methods and its benefits in understanding customer needs in product development.

This module will provide a conceptual overview of the voice of the customer method for identifying customer needs and expectations for a product or service. This module emphasizes the use of active and passive methods of observing customer behaviors.