Innovation and Sustainable Business Development Research Paper PDF 2022

Running head: INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
INNOVATION AND SUSTAINABLE BUSINESS DEVELOPMENT
Name of the Student
Name of the University
Author Note

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Executive summary
This paper is going to talk about the company Samsung and the issues it has been facing due to
the lack of innovative products in the market and due to the high competition in the market. This
paper will provide a novel value proposition that will help the organization in overcoming the
issue and gaining a competitive advantage in the market in order to make sure that the company
generates positive ad fruitful outcomes from the new product that has been proposed keeping the
new market trends in mind.

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Table of Contents
Introduction......................................................................................................................................3
Discussion........................................................................................................................................3
Problem to be solved...................................................................................................................3
Problem insight............................................................................................................................4
Solution concepts.........................................................................................................................4
Solution selection analysis...........................................................................................................5
Value proposition and benefits....................................................................................................5
Target audience............................................................................................................................6
Competitive advantage................................................................................................................7
Strategic fit...................................................................................................................................8
Rise of uncertainty.......................................................................................................................9
Critical self-analysis..................................................................................................................10
Conclusion.....................................................................................................................................11

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Introduction
Novel value proposition helps an organization to define the type of value they will create
in order to satisfy their customers (Töytäri & Rajala, 2015). It mainly defines the benefits that the
services or products of an organization will offer or provide to their customers. It is important for
an organization to make spend a considerable amount of time and a considerable amount of
effort in order to create a captivating value proposition as it will help to form the basis of the
marketing, efforts for the development of product and sales (Amit & Zott, 2015). The value
proposition is considered to be an important part of the business plan. The paper will put
emphasis on the company, Samsung.
Samsung is considered to be a multinational conglomerate that is famous for their
innovative products. The company is based in South Korea and is famous worldwide for their
technological products that have created a huge rage in the market and is considered to be one of
the most successful companies in the world (Rani et al, 2016). This paper will and create a novel
value proposition for the organization, Samsung that will help in satisfying their target audience
which will help them gain a competitive advantage in the market.
Discussion
Problem to be solved
Samsung is considered to be one of the most innovative companies in the world because
of their innovative products in the market which has contributed to their success and has helped
them in dominating the global market (Moon et al, 2013). However, there have been many

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companies that are emerging in the market that has been giving a stiff competition the giant in
terms of innovation and durability which has affected the sales of the company. Samsung has
been lacking on the creative front as it has been selling the same products with the same features
in the market (Zhao, Yu & Song, 2018). The company needs to come up with innovative
products in the market that is going to help in satisfying the needs of the customers and are
unique and different from other products in the market.
Problem insight
Samsung has been facing problems due to the lack of innovative products produced in the
market and it is important for the company to come up with a new innovative product in the
market which will help them in gaining a competitive advantage in the market. In recent times it
has been seen that wearable products has become a huge market trend and has been dominating
the market thus Samsung should consider coming up with a range of unique wearable products
that will help the company improve their sales and compete in the market.
Solution concepts
Samsung is facing some challenges in the market and in order to overcome those
challenges Samsung can implement certain changes and adapt certain innovation trends so that
they retain their business and fight back their competitors in the market. There are several
technology trends that are driving industry innovation to inspire development of novel value
proposition. There are several concepts that are currently trending which can be applied by
Samsung so that they can come up with innovative products with new features that are
distinctive from other products that exist in the market.

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One of them is Artificial Intelligence (AI). Artificial Intelligence has been dominating the
market from a long time and there have been several phones that are using this trend to make
sure they are at the top in the market (Saha, Mandal & Sinha, 2017). Samsung can use this
innovation to come up with their new voice assistants that will help the customers to find the
necessary aspects in the phone and often other things just by their voice.
Another market trend which has been a rage in the market is wearable products. Several
companies have come up with wearable products like smart watches which have been in huge
demand among the consumers (Yang et al, 2016). Keeping this trend in mind, Samsung can
come up with a new product like a technologically advanced wrist band which can be a fashion
statement as well. This band will help customers monitor their phone and do many tasks like
make and receive calls, get information and many more all from the wrist band.
Solution selection analysis
Samsung is a technologically advanced company and it does have products that are
inspired from AI (Dirican, 2015). Samsung has very few wearable products and the wrist band
will be a unique product with distinctive features which will help Samsung gain a competitive
advantage in the market as most companies have come up with smart watches however there are
no fashionable wrist bands that are technologically advanced in the market.
Value proposition and benefits
Samsung needs to come up with a range of wearable products that will be innovative and
unique from other products that exist in the market. Samsung can come up with a fashionable
wrist band that is technologically advanced and will help in satisfying the needs of the

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customers. The wrist band will be water proof and will help in controlling their mobile phones
via their wrist band. This will be helpful especially during rains or during time when the
customers are swimming.
This will be extremely beneficial for the customers as this will help the customers to
make a fashion statement and at the same time will allow the customers to operate their phones
from their wrist band. People are very busy these days and they are always on the lookout for
products that help in saving times and are convenient. This product will help those people to help
save times and manage important things at one go.
Value Proposition Canvas
Value proposition Customer Profile
Products
Advanced
technology
fashionable
wristband
Gain Creators
The products will be unique
and compact which will help
customers to operate almost
everything at the tip of their
hand.
Pain Relievers
Provides customers with fashion
and technology. It helps the
customers save time and the
compact product can be carried
anywhere.
Gains
 Compact
 Fashionable
 Durable
 Waterproof
 Accessible
anywhere
Pains
Initially difficult
for people with
thick fingers to
operate.
Jobs to be done
 Be different
from other
people
 Communicate
 Provide and
show success
 Finish
emergency
work

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Table: Value proposition canvas of Samsung
Disciplined Entrepreneurship Canvas
The reason of the existence of thebusiness
Mission- The mission of the company Samsung is
to create innovative products and serve their
customers with high quality products.
Passion- The passion of the company, Samsung is
to create new and innovative products and prove
the world that there is no end to innovation. They
thus bring new innovation in the market in a year
(Truong et al, 2017).
Value- Samsung focuses and puts emphasis on
innovation and high quality product as they feel it
is important to serve their customers with premium
quality products which are their organizational
value. Samsung also looks to the interest of the
employees and other stakeholders as they highly
believe in ethical functioning.
Initial Assets- Initial assets of Samsung were
recognized as a technological device that was
compact and easy to use.
Initial idea- The idea that Samsung currently
wants to work on is wearable products that has a
Competitive Advantage
Moats- Samsung has created a niche for
themselves by coming up with innovative products
that give them a competitive advantage in the
market. The products and the innovation created by
the company are first of its kinds and generally are
replicated and influence other major and medium
companies in this field.
Core- The core of Samsung is to create an
innovation that is easily accessible by their
customers and which is easy to use for everyone.
They believe in making products in different range
in order to serve people coming from different
backgrounds.
Competitive Positioning- Samsung is known to set
a generic strategy that is based on the Porter's
model that helps the company to undermine the
external factors in order to impact the internal
transactions of the business. Samsung has used the
product in an innovative manner that attracts their
potential as well as their existing customers (Chen

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huge demand in the current market scenario. & Ann, 2016). Thus the competitive positioning of
Samsung is based on the revenue that they make
from the current market.
Initial Market
Beachhead- Samsung first started exporting their
products to China.
TAM- 2016-2018
Persona- Create innovative products that will give
their clients a premium feeling and also help them
to use the most advanced form of technology.
Value Creation
Product description- Samsung currently offers a
wide range of products that are innovative and
provide the customers with premium products and
services. There is a demand of wearable products in
the market thus the company will provide a
technologically advanced fashionable wrist band
which will have features that will help customers to
operate almost everything from one tap on their
bands. They can access their mails, make calls and
many more.
Quantified value proposition- The company
always focuses new methods that will help to
satisfy different needs of the customers and will
also provide the customers. The company focuses
on innovation and premium services.
Table: Disciplined Entrepreneurship Canvas for Samsung

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This canvas will help Samsung to understand and assess where the company stands, their
strengths and weaknesses in order to make the necessary adjustments that the company needs to
make in order to introduce a new product in the market. It can be seen that Samsung has a
positive reputation in the market and serves people with full conviction that will help the
organization with the launch of the new wearable products in the market.
Target audience
The target audience of Samsung is the following:
Geographic
People who reside in urban areas or metro cities
Demographic
Age- 18 to 45 years.
Education level- People with moderate to high qualification
Occupation- Mainly business professionals that hold managerial positions in organizations
Psychographic
Lifestyle- Aspirer, explorer and succeeder.
Social class- Middle class and upper middle class
Behavioral

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Personalities- People with strong personalities are the target audience. Succeeder, explorers and
aspirers.
Benefits sought- Status. Help in managing work in a short span of time.
Degree of loyalty- Extremely loyal
User status- Potential users and non-users.
The target audience for the company Samsung will mainly be people who are young
adults to middle aged people who are technology friendly. The target audience will mostly be
from urban areas or metropolitan cities as these products have higher demands in these areas.
Most of the people who are considered to be the target audience will be qualified and will be
working in organizations especially in managerial positions in the company. Highly qualified
people and people working in managerial positions of organizations will be able to afford the
product and also understand the need of the product. The company will mainly target the people
who belong from middle to upper middle class as they may have a need of this product and will
be willing to make a purchase.
Competitive advantage
This product will help gain Samsung a competitive advantage in the market because of the
unique features that the company will be providing to its customers which are different and
innovative at the same time. The unique features of the product are the following:
 Fashionable brand
 Available in different colors
 Waterproof

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 Changeable band
 Make and answer phone calls
 Can connect to voice controller speakers in the market
 Voice recognition feature
 Face ID
 Send emails
 Check heart rate
 Count distance travelled
 Make reminders
 Store information
 Alarm
 Can check world time
 Fingerprint
 High security
 Tracking available
 Can connect to phones and laptops.
 High storage available
These unique features will help Samsung gain a competitive advantage in the market and this
will attract many customers to buy this product.
Strategic fit
Most companies that usually produce smart phones have started producing wearable
products that are usually connected with their phones and sell as a value added product. The

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value proposition that has been put forward will be extremely beneficial for the company and
will also be compatible with the parent organization which is Samsung.
Rise of uncertainty
Launching of new products may also have some uncertainties and it is important to assess
the uncertainties from before in order to decide whether the launch of the product will be
productive or not.
Customer desirability- In recent times, customers mainly desire products that are compact and
yet are useful and do most of the desired and important work (Freyberger, 2015). Going by the
recent trends, the wearable product that has been proposed to Samsung will be a success in the
market and will attract the customers. However, everyday new innovative products are being
launched in the market and thus the desirability of the customers may fade after some time with
the launch of a new product in the market.
Technical feasibility- Samsung is one of the biggest companies in the world and there will be no
problems in terms of technical feasibility. Samsung will be able to produce enough products in
the market and distribute their products through their existing distributors which will not be
hassle for the company however; the expenditure of the operation will increase with the
introduction of the new product.
Financial viability- Wearable products are in demand and the proposed product has several
unique features that will attract the customers and increase the desire to own the product (Ni,
2018). Thus the product has the potential to generate profits that will be beneficial for Samsung

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in order to meet the operation payments or the debt commitments and in other spheres that will
help in the growth of the organization maintain the level of the services.
Critical self-analysis
In the age of globalization and in the age where society is constantly evolving it is
important for businesses to keep up with the change in order to successfully manage and run
their business. It is also important for businesses to understand and keep a track on the new
market trends which are important for an organization especially in technological companies. It
is important for companies to come up with new products with distinctive features that give them
a competitive advantage in the market and help in gaining a positive position in the market.
According to me one needs to have personal innovative capabilities in order to propose
innovative products to the company for their benefits. Before making a value proposition for a
company the first thing I do is do a lot of research both qualitative and quantitative that is
essential and necessary in order to understand the current trends of the market and to also
understand the buyer behavior of the customer and perception towards products like these in the
market. After that rate the disruption factor of the business and assess how the changes that are
proposed in the market are doing in the current market scenario. The next step is to make short
term as well as long term goals. The next step is to use the soft skills that I have in order to
communicate the goals to the employees and for other various factors and then later strive in
order to become indispensable.
According to me my strengths are my soft skills which are my communication skills and
I have the capability to influence others and clearly communicate the organizational goals to

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them. However there are certain weaknesses I have that often become a hindrance is I want to
create innovative products for everyone and thus cost issues occur sometimes.
Conclusion
Value proposition is an important aspect of an organization as it is often considered to be
a part of the business plan. It is important for an organization to come up with new and
innovative products that are different from the existing products in the market that will help
companies in gaining a competitive advantage over the existing products in the market and also
pave way for the sales of the organizations.

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