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Innovative Product Development Project for CIBACS Sophomore Students

In this project, students will act as a Research and Development team to create a new product for a business partner. They will analyze the industry, survey the market, and pitch their product idea. Each student will have specific project responsibilities but will collaborate closely with the team. The project culminates in a final presentation for the business partner, showcasing their product and business impact analysis. Students will also learn about cost analysis, earnings forecasting, business writing, design, and marketing strategies.

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Innovative Product Development Project for CIBACS Sophomore Students

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  1. Introduction to the Sophomore CIBACS On Ramp Project Students will act as members of a Research and Development team who will work together for the course of their Sophomore On Ramp project.

  2. The two driving questions for this project: • Phase 1: What is the best new product that can be developed for our business partner? • Phase 2: How will this new product impact all aspects of the business?

  3. Students will learn about the industry of their business partner so they can accurately determine a product they think will be of benefit. They will survey and analyze the target market for the industry to understand what is needed.

  4. Each student in the group will be responsible for different aspects of the project, but will communicate with other team members so all are informed of the ins and outs of the product development, leading to a product pitch to their business partner.

  5. Students will keep an Activity Log document (aka accountability/evidence log) that keeps track of all meeting notes and research conducted in this process, and everything they do connected with the project.

  6. Once a product is pitched to the business partner, and the business partner gives the go-ahead, the R and D group will continue with their research to determine how the creation and distribution of this product impacts all areas of the business. • Students will use appropriate techniques to determine a cost analysis and forecast annual earnings.

  7. In the process, students will learn proper business writing, persuasive techniques, design elements, marketing strategies and analysis, and will culminate in a final presentation vying for the “contract” with the business partner.

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