Product and Innovation

  • Credits: 8
  • Ending: Examination
  • Range: 2P + 2C
  • Semester: summer
  • Year: 1
  • Faculty of Commerce

Teachers

Included in study programs

Business and Marketing

Teaching results

By completing the course, students will gain knowledge and practical experience in the field of product innovation, representing significant improvements in technical specifications, materials and components, systems, user approach and other functional characteristics of products and services. Within the marketing concept of product innovations, they will be able to classify them according to which product properties they also relate to according to the degree of novelty, including the principles of implementing innovation in individual phases of the product life cycle. Emphasis will be placed on the stages of development of new products and services, and on the principles of their introduction to European markets, the environmentalization of products and the labeling of their comprehensive quality in the system of circular economy.
Graduates of the course will acquire skills for analysis and design of product and service innovation in the field of marketing and in general. They will understand the position and typology of products in marketing and in the intentions of value for the customer, brand, quality, design, packaging and distribution. They will be able to analyze the product life cycle in terms of its individual phases of weaknesses and innovation potential, including the implementation of the innovation process and the identification of business opportunities in the circular economy.
Upon successful completion of the course, students will acquire the competence to act as managers of product innovation processes in organizations, regardless of their size and area of economic activity. They will be competent to identify the organization's innovation potential, manage the organization's innovation processes, ensure its sustainability and introduce new, innovative products and services to European markets in accordance with the latest quality standards and environmental regulations.

Indicative content

Product - the concept and essence of the product in marketing. The position of the product in the marketing mix. Product decision making. Brand, quality, design and style, packaging, innovation. Product life cycle, its models and modifications. New product - concept, essence. New product development - strategy, process and marketing. Product innovation. Innovation process. Organizational innovation. Marketing innovations. Innovative potential of the organization. Typical innovation strategies. Innovation costs. The process of socio-technological transformation, consumer habits, legislation, infrastructure, networks in connection with the transition to sustainability.

Support literature

1. DANESHJO, Naqibullah – HANULÁKOVÁ, Eva. Produkt a inovácie. Košice: Vydavateľstvo Petit s. r. o., 2021. 188s. ISBN 978-80-973836-3-3.
2. DANESHJO, Naqibullah. Manažérstvo inovácii. Košice: Vydavateľstvo Petit s. r. o., 2020. 102 s. ISBN 978-80-971555-6-8.
3. DANESHJO, Naqibullah. Riadenie inovačných procesov v organizácii. Košice: Vydavateľstvo Petit s. r. o., 2021. 101s. ISBN 978-80-973836-2-6.
4. MALEGA, Peter – DANESHJO, Naqibullah. Industrial Production Management. Germany: Vydavateľstvo RAM-Verlag. 2022. 280s. ISBN 978-3-96595-019-1.
5. TIDD, Joe – BESSANT, John. Managing innovation: integrating technological, market and organizational change. New Jersey: Vydavateľstvo Lise JohnSons. 2020. 309s. ISBN: 978-1-119-71330-2.

Syllabus

1. Product - the concept and essence of the product in marketing. The position of the product in the marketing mix. Product typology in marketing. Product mix. Product levels and their modifications. Marketing myopia. Value for the customer. Product specifics depending on economic systems and trends. Product, vision and mission of the company. 2. Product decision making. Brand, quality, design and style, packaging, innovation. 3. Product life cycle, its models and modifications. New product - concept, essence. New product development - strategy, process and marketing. Product portfolio. Product strategies. 4. Product entities and marketing. Services, places, people, organizations, ideas. 5. The concept of innovation. Product innovation. Innovation process. Organizational innovation. Marketing innovations. New product development process. Product innovation. Marketing innovations. Product or service upgrade. The relationship between business and innovation. Differences in the perception of business opportunities, the existence and discovery of business opportunities. 6. Innovations and their implementation in companies. Creative destruction. How to extend the product life cycle. Product life cycle concept. Deming cycle (PDCA cycle). Innovation in small and medium enterprises. 7. Methods to extend the product life cycle. Competitiveness of innovated products. Preparation and planning of new products. 8. Innovative corporate culture. Innovation management. Innovative marketing. The essence of innovation management. Innovation management tasks and functions. 9. Innovative potential of the organization. The force field of innovation. Driving forces of innovation development. Sources of innovative ideas. Innovation opportunities. 10. Sustainability and innovation. The relationship between the circular economy and innovation. Creation of product innovations in the conditions of circular economy. Typical innovation strategies. Innovation costs. The process of socio-technological transformation, consumer habits, legislation, infrastructure, networks in connection with the transition to sustainability. 11. Innovations and their support in the conditions of the Slovak Republic and the EU. The current state of innovation and innovation trends in the EU. Support in the field of innovation in the Slovak Republic. 12. Stages of product innovation. Competitiveness of innovated products. Methodical tools for the preparation of innovations. Innovation in management. 13. Innovation in services. Service process. Quality innovation.

Requirements to complete the course

20% continuous semester assessment
20% semester work
60% written exam

Student workload

Workload: 208 hours
Attendance at lectures: 26 hours
Attendance at seminars: 26 hours
Preparation for seminars: 26 hours
Elaboration of a semester project: 26 hours
Preparation for written verification of knowledge: 39 hours
Preparation for the exam: 65 hours

Language whose command is required to complete the course

Slovak, English

Date of approval: 23.02.2023

Date of the latest change: 03.03.2024