Innovation Marketing Lecture

What this module is about:

• Systematic scanning of markets for innovation opportunities
• Understanding strengths/weakness and specific core competences of a firm as platforms for innovation
• Exploring relevant sources for innovation (customers, suppliers, Lead Users, etc.)
• Developing ideas for radical innovation, relying on the creativeness of employees, using techniques to stimulate creativity and creating a stimulating environment.
• Transferring ideas for innovation into feasible concepts which have a high market attractively.

The main part of the course involves project-orientated work with real business cases provided by external project sponsors. These project sponsors can be start-ups, small and mediums sized companies, or research institutes at TUHH. Students can select from two types of projects: entrepreneurial projects or data-orientated projects. The projects are completed by teams of 4-6 students.

In the entrepreneurial projects, students will analyse markets, evaluate market opportunities and develop recommendations for product/service positioning, market entry and, sometimes, for sales and communication activities.

The data-orientated projects focus on data analysis to support technology-oriented business development projects or decision-making in marketing and sales. These projects focus on the analysis of quantitative data in larger data sets.

Seminar Innovation Marketing

The aim of the course is to give students an insight into the practice of technology commercialization and innovation marketing. The technologies and product concepts are provided by external project sponsors. The range of possible projects is manifold, from entrepreneurial projects in which new technologies are first introduced to markets to data-orientated business development projects from established companies and consultancies. Each student will be assigned to one of the optional projects – preferences of students will be considered.

The projects are completed by teams of 4-6 students. The teams will meet with their coach on average once a week. There will be an introductory session, a project kick-off meeting, an interim presentation, and an end presentation in front of the project sponsors. The student teams need to hand in a report summarizing the project process, the key results, and the recommendations.

In the entrepreneurial projects, the student teams will analyse the market potential of technology-based innovations or new business ideas. In early-stage projects, students need to find the most promising applications and market opportunities for the focal technology. In more advanced-projects the markets are given, and the key task is to identify the most attractive target customers in those markets. Another important question to answer is, whether the market is still receptive for a given invention, or whether competitors have already exploited the full market potential. Finally, the student teams will develop first ideas for positioning, market entry, and the design of the marketing mix.

In the data-orientated projects, the student teams will learn how to approach data analysis tasks. They learn how to develop a research question and hypothesis to be tested on the data set. Equipped with the research design, students will engage in selecting appropriate data analysis methods, they will clean/analyze the data, and finally they will draw conclusions from the results and outline implications.

In both project types, students will learn how to efficiently present results in oral and written form and how to visualize the key findings in presentations.

Learning Outcomes:

Students would be able to...

• understand the process and the tools of market analysis for innovations (e.g., market potential, market growth, market segmentation)
• explain the concepts of target customers, market definition and market growth
• select the appropriate approach for leading a competitive analysis
• explain the key market-related issues (strengths and weaknesses) of technology-based business opportunities
• investigate whether a market is still open for a given innovation and develop a first concept for the market entry strategy and the marketing mix.
• constructively interact with their team members and lead team sessions and group work processes.
• develop joint solutions and come to decisions in mixed teams and present the results to others.

Content:

The course starts with an introductory session in which basic marketing tools are explained and the different project topics are presented. After the project teams have been built, the project sponsors present their innovations and businesses and define the project objectives in a kick-off session. The teams and their coaches meet on a regular basis (on average once a week) to review the progress and discuss next steps. Students present their preliminary results in an interim presentation and their end results in an end presentation to the project sponsor. After the final presentation, the teams hand in a written report.

The students will find answers to the following fundamental questions in entrepreneurial projects:

• What are the key features of the invention?
• What is the unique selling point?
• What is the most attractive application field?
• Who are the target customers?
• What are their needs and how can they be met?
• What is the market potential of innovations?
• What resources are necessary to exploit this market potential?
• How can/should they enter the market?

The students will find answers to the following fundamental questions in data-orientated projects:

• How to develop research questions relevant for business decision-making?
• How are hypothesis developed?
• How to create a data-model to analyse provided data?
• How to use statistical software to analyse the data?
• What conclusions can be drawn from the received results?
• What practical business ideas can be developed on the basis of the conclusions?
• How to present data related outcomes in visual presentations and written reports.