“We got to create our own company/product. . .I feel like I have gained skills that I will use for the rest of my life.” – Djovan H. | Jakarta, Indonesia
In this course students learn the fundamentals of developing, iterating on, and improving core new business concept ideas. Further, they learn how to estimate sales and potential profitability, mainly through the application of the Booze Allen Sales Estimating System (BASES), the most universal new products and service sales forecasting system globally. Students work in groups to develop new products and marketing plans for those products.
With the help of the Columbia Business School librarian and access to the University’s databases, students learn to quantify the sizes of the target audiences for their new business ideas and find data to support the trends, industry size, and growth, as well as key market segments for the categories they will be entering. Students learn the types of assumptions needed to forecast sales and profitability. They develop and field marketing research questionnaires and interpret the result to improve their new product and service ideas. They also learn the fundamentals of developing launch marketing plans to achieve trial and awareness for the new business introductions.
Participants apply these concepts to Harvard case studies that deal with positioning new products and services amongst competitors, developing launch marketing plans, and adapting new products and services around the world based on local market assessments about category differences, local customs and cultures, values, distribution channels, and intermediaries.
Final in-class presentations allow students to see the course concepts applied to one another’s ideas and industries. The presentations also provide a sense of what venture capitalists and senior management in corporations look for in deciding whether to green light a new product or service for market introduction. The presentations bring the course material together to provide a holistic, real-world view of how the new product and services process works.
Michelle Greenwald has served as Senior Vice President for New Business Development at Disney and Vice President and General Manager for New Products at Pepsi-Cola. She has taught at Columbia Business School and at the New York University (NYU) Stern Graduate School of Business, and she guest lectures at graduate business schools all over the world. She specializes in marketing strategy, marketing plans, new products and services development, global marketing, and innovation techniques. Greenwald wrote the book Catalyzing Innovation to help corporations and entrepreneurs innovate more systematically, and she writes a column for Forbes.com about innovation and provides executive education programs through her consulting firm Marketing Visualized. She is also CEO of Inventours, which provides global executives access to innovation thought-leaders in the world's most creative cities. Greenwald was selected by Advertising Age Magazine as “One of the 100 Best and Brightest Women in Advertising and Marketing in the U.S.” She holds a B.A. in international relations from the University of Pennsylvania and an M.B.A. from Northwestern University University.
Byung Cheol Lee conducts research on consumer behavior in the age of Artificial Intelligence. His research investigates how consumers respond to new technology in the marketplace such as data-driven product recommendations, utilizing a multi-method approach. Additionally, his scholarly interests include consumer identity, social relationship, and brand relationship. Byung received his B.S. in statistical science and economics from Duke University. He is currently a Ph.D student in marketing at Columbia Business School. He is a member of the Association for Consumer Research.