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Business Innovation - Assignment

   

Added on  2021-05-31

16 Pages3698 Words119 Views
Running head: INNOVATIONBusiness innovation Name of the Student:Name of the University:Author’s Note:

2INNOVATIONExecutive SummaryThis current report deals with the Samsung TV and its new innovation. Samsung is going tointroduce QLED TV in 2018. The main aim of this innovation is to gain competitive advantagesand to improve the viewing experience of the customers. From the external environmentalanalysis, it is received that rising labor cost and shortage of skilled labor are the major issues ofSamsung Company. On the other hand, the internal environmental analysis shows that lack ofself-operating system, huge competition, and the low-profit margin are the major weaknesses ofSamsung Company. However, strong brand image and innovative ideas lead Samsung to gainsuccess in their business. However, by using disruptive innovation and self-created operatingsystem Samsung will be able to overcome its challenges.

3INNOVATIONTable of ContentsIntroduction......................................................................................................................................4Company Background.....................................................................................................................4Macro Environmental Analysis.......................................................................................................5Micro Environmental Analysis........................................................................................................7Analysis of Mckinsey 7s model in the context of Samsung TV......................................................9Process through which Samsung TV is spurring the innovation and the factors influencing theinnovation process.........................................................................................................................11Recommendations..........................................................................................................................13Conclusion.....................................................................................................................................13References......................................................................................................................................14

4INNOVATIONIntroductionBusiness innovation refers to the new idea of an organization to gain competitiveadvantages in the global market. In order to develop the product or service the businessorganization generates new ideas or modifies their old ideas. In the recent years, innovation isbrought by the incorporation of technology in product or service development (Ehrenhard et al.2017). Use of technology is a new way to establish an agile and efficient organization.Generation of the new idea is the main factor of innovation. During the innovation, the ideas arenarrowed down through the brainstorming process. This study deals with the new innovation ofSamsung TV. Therefore, the innovation process of this organization will be analyzed in thissection with the support of various theories and models.Company BackgroundSamsung Company is a Korean Based Electronic organization. However, thisorganization expands its business all over the world. It has branches in US, Singapore,Australian, India and many other countries. This organization has a conglomerate structure(Samsung.com 2018). This company is considered as the most successful electronic organizationin the global market. Samsung offers various types of electronic products. In the recent years,Samsung becomes popular for its television and smart phones. However, Samsung TV is popularsince many years among the various countries. They focus on the development of newtechnologies for their television industry. The main vision of Samsung TV is to improve theviewing experience of the customers throughout the world. At the end of 2008 Samsung isdeclared as the World’s number one TV producer company. In the year 2018, Samsung is goingto innovate a new idea in their Television industry. They want to introduce QLED TV in 2018.

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