Product Design, Development and Commercialization - ELE00158M
Module summary
The role of engineers has evolved a lot in recent times. Today engineers are required to be ingenious and have a good understanding of the various aspects of business acumen. They need to understand how to generate and process innovative ideas, understand the market and customer segment for these ideas and drive the commercial viability to make their ideas successful. This module is designed to introduce the various concepts of idea generation techniques and applications within an organization and the importance of marketing tools for the success of any innovation. It looks at organizational creativity and how innovative employees can be facilitated by using a variety of approaches for idea refinement and selection. Students will work on the development of a new business idea in the field of engineering, create a marketing plan and branding strategies for its intended customer segment and explore its overall commercial prospects by using an innovative concept testing tool.
Module will run
| Occurrence | Teaching period |
|---|---|
| A | Semester 1 2025-26 |
Module aims
Subject content aims:
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To introduce students to the various idea generation and analysis techniques.
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To provide students with an understanding of marketing tools and strategies used for branding and promoting new technologies.
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To explore the commercialisation of a new business concept in the field of engineering and produce a detailed business plan.
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To conduct market research including data collection and testing on a new business concept.
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To communicate a new business idea through an ‘elevator pitch’.
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To explore and analyse the resources required, including finances, so as to exploit a potential market for this new business idea.
Graduate skills aims:
- To develop creativity and use of effective decision making and problem solving techniques.
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To develop skills in testing, critically evaluating and synthesising new information based on researched information and writing concise business portfolios and marketing plans appropriate for the target audience.
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To develop Public Speaking skills – through formative workshop presentations/activities and through a summative elevator pitch.
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To develop the ability to work in a team.
Module learning outcomes
Subject content aims:
- To introduce students to the various idea generation and analysis techniques.
- To provide students with an understanding of marketing tools and strategies used for branding and promoting new technologies.
- To explore the commercialisation of a new business concept in the field of engineering and produce a detailed business plan.
- To conduct market research including data collection and testing on a new business concept.
- To communicate a new business idea through an ‘elevator pitch’.
- To explore and analyse the resources required, including finances, so as to exploit a potential market for this new business idea.
Graduate skills aims:
- To develop creativity and use of effective decision making and problem solving techniques.
- To develop skills in testing, critically evaluating and synthesising new information based on researched information and writing concise business portfolios and marketing plans appropriate for the target audience.
- To develop Public Speaking skills – through formative workshop presentations/activities and through a summative elevator pitch.
- To develop the ability to work in a team.
Module content
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Introduction to Marketing
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Ideation techniques
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Approaches to Marketing Research
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New Product Development
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Managing Innovation
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Competitor Analysis
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Intellectual Property in Business
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Financial accounting in new business
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Power of Branding
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Pricing strategies
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Business Concept Testing and Analysis
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Professional Business Plan
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Sustainable Marketing Strategies
Indicative assessment
| Task | % of module mark |
|---|---|
| Essay/coursework | 70 |
| Groupwork | 30 |
Special assessment rules
None
Additional assessment information
There are three components in the module assessment:
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As part of the ideation workshops, students will work in groups to create a creative poster on a topic
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Students will work in groups to develop a new business idea in the areas of engineering and will present a group pitch.
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This will be followed by an individual report which will be a detailed business plan on this business idea.
Indicative reassessment
| Task | % of module mark |
|---|---|
| Groupwork | 30 |
Module feedback
'Feedback’ at a university level can be understood as any part of the learning process which is designed to guide your progress through your degree programme. We aim to help you reflect on your own learning and help you feel more clear about your progress through clarifying what is expected of you in both formative and summative assessments. A comprehensive guide to feedback and to forms of feedback is available in the Guide to Assessment Standards, Marking and Feedback.
The School of PET aims to provide some form of feedback on all formative and summative assessments that are carried out during the degree programme. In general, feedback on any written work/assignments undertaken will be sufficient so as to indicate the nature of the changes needed in order to improve the work. The School will endeavour to return all exam feedback within the timescale set out in the University's Policy on Assessment Feedback Turnaround Time. The School would normally expect to adhere to the times given, however, it is possible that exceptional circumstances may delay feedback. The School will endeavour to keep such delays to a minimum. Please note that any marks released are subject to ratification by the Board of Examiners and Senate. Meetings at the start/end of each term provide you with an opportunity to discuss and reflect with your supervisor on your overall performance to date.
Formative Feedback
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Regular workshops allow you to engage with the course material and receive verbal help and feedback on the development of your new business idea.
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Weekly activities/homework on the business development platform will help you to gain feedback on your understanding of the key module material covered in the lectures.
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Emails to the Module Coordinator with Questions / Comments will be answered as soon as possible.
Summative Feedback
You will receive a customised feedback sheet, showing the marks breakdown for each of the key areas being assessed in this module along with a personalised feedback and suggestions for improvement.
Indicative reading
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P.Kotler, Marketing Management
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J. Fahy and D. Jobber, Foundations of Marketing
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G. Drummond and J. Ensor, Introduction to marketing concepts