WSU to offer summer course on marketing new products and ventures
As Detroit's latest renaissance continues to accelerate, it seems as though new businesses are opening every day across city. How do these entrepreneurs - and others like them - take their idea to market? Wayne State University business students can find out this summer in a course titled Marketing New Products and Ventures.
According to the course instructor Prof. Jeff Stoltman, the goal of this course is to enable students to design and implement a marketing plan to develop, launch and support new products and new ventures.
In the first several weeks of the semester, students hone their understanding of the challenges of creating and launching a successful new venture. Students are introduced to the principles of the Lean Launchpad and Value Proposition Design, and they work to scope the project component of the class. Thereafter, students engage in direct explorations of the market and build out various components of a plan to ensure a successful launch.
According to Stoltman, whose marketing expertise is commonly sought by local and national media outlets, students can either choose to be assigned to a concept or a client project or they can work on a new venture they are actively considering or in the process of launching.
"We've structured this course to be as flexible as possible to meet the needs and goals of each student," he said.
Topics examined and applied will include product/venture design, concept development and the minimum viable product; market types and assessment of market potential; customer discovery and validation; customer relations and customer segments; channels and partners; stage-appropriate market research; venture partners and channel relationships; revenue generation and cost structure.
The course is available to both upper-division undergraduate students (listed as MKT5840) and graduate students (listed as MKT7870) under the course heading Special Topics in Marketing. It will meet July 1 to August 21 on Monday and Wednesday evenings from 6 p.m. to 8:45 p.m on Wayne State's main campus in Midtown Detroit.