The New Product Lab

1. The New Product Lab • Develop student understanding of the New Product Development process by providing them tools needed to successfully launch new products that are consumer acceptable, commercially viable, and financially feasible. • Provide practical experience through the opportunity to address and solve actual business new product problems that organizations face. • Present the opportunity to work on an actual business new product initiative that is in one or more of the following phases: • Opportunity Identification/Selection • Concept Generation • Concept/Project Evaluation • Development • Launch • Launch Evaluation

2. NPL “Target Market” • Designed for students interested in: • Brand management • New product management • Marketing consulting • Entrepreneurship • But most importantly, an interest in applying the New Product Development Process in a real world setting

3. NPL Project Overview • Students are assigned to a sponsoring firm who is encountering a current new product issue • Teams of no more than 6 students per project • Complex enough for a student team to tackle the issue in multiple ways. • Require students to engage in consumer, customer, or business qualitative and/or quantitative research to make a solid recommendation • Client is required to budget for agreed upon research • Have ongoing interaction/updates between the client and student consultant team

4. Class Overview • Key deliverables throughout semester • Problem Definition • Project Plan • Proposed Primary Research Tool • Research Findings and Implications • Recommendations • Final Presentation (Exam week) • Each step is approved by client partner and instructor • Ongoing coaching sessions with instructor and update meetings with client • Class new product discussions • Project sponsor guest lectures

5. Historic Clients 9. Kraft Foods 8. Atlanta Braves