Importance of Commercial Funnel and NPD Process for Innovation and Commercialization

This presentation explains the importance of commercial funnel and application of NPD process for innovation and commercialization. It justifies innovation business case for company and also defines ways to access funding. It covers the challenges faced by the firm in the business case for innovation and provides solutions and strategies. It also discusses different ways of funding and how to measure the effectiveness of the case.

INNOVATION AND
COMMERCIALIZATION

INTRODUCTION
This presentation explain the importance of commercial funnel
and application of NPD process for innovation and
commercialization.
It justifies innovation business case for company and also define
ways to access funding's.
Effectiveness of case and techniques to measure and improve all
aspect of business case.

Importance of commercial funnel and application of NPD processing for innovation
and commercialization
 Commercial funnels is accountable to visually represent
consumer journey, depicting company sales procedure
which begins from awareness to action.
 It act as sales or revenue funnel depicting different ideas
related to starting of sale where the huge proportion of
clients is related and how they tend to acquire smaller
during purchase time.
 It provide the the best framework through which
Samsung can analyses their business and identify areas
for improvement.

CONTI...
 On the other side, New production development is also essential concept for
commercialisation of innovation.
 NPD cover complete procedure of brining new products to market, it required
understanding of wants needs of consumers, competitive environment and nature of
current market trends.

Innovation business case for Samsung, include ways to access
funding
Samsung is technological company that provide practitioners
abilities to run their business independently and effectively.
They recently develop new smartphone which is better than the
other company smartphones.

CONTI..
 Organization wants to sustain for longer in marketplace and make innovation in
business, they wish to invent new smartphone that is Samsung Galaxy A95 with 5G
plus services.
 The phone comes with a 7.60 inch touch screen display with resolution of 1190 pixels
by 2600 pixels.
 To innovate this smartphone, they wants to access funding, by using different types of
sources of funding available within market.

Challenges faced by firm in business case for innovation-
 Due to lack of skilled people
 Challenges in procedure of conducing market research due to lack of professional
skills.

Solutions and strategies-
 In order to produce new smartphone, Samsung need to conduct marker research
before designing goods, it is one of the best solution that help to innovate A95
according to market needs.
 Company hire professional workers, who help to conduct effective market research
and collect appropriate data about consumers needs.

Ways of funding
Venture capital-
 VC are the business investors, they invest money in new and attractive
business projects in return of investment.
 They put considerable amount of funds in exchange for equity in venture and get
returns when company acquired by another organization.
 Samsung can use this way of funding for new product development which is
beneficial for success of invention that is Samsung Galaxy A95 associated with 5G
plus services.

Bank loans-
 It is the most popular source and the best way to access funding for
new product development by Samsung.
 Before applying for bank loan, it is essential that company must
assure that they are taking loan from well reputed bank and also
ensure about the interest rate that come with various option available
for them.
 Organization can take bank loan for developing new smartphone which
is beneficial for them.

Measure effectiveness of case by using appropriate techniques to test, improve and
iterate aspect
 The new innovation business case is based on Samsung company
where they wants to launch new Smartphone phone that is
Samsung Galaxy A95.
 They can measure effectiveness of new product development
procedure through consumer feedback, if clients feedback come
with no issue, effectiveness of new smartphone can be easily
understood.

CONTI..
 When the produce is unique, people will have to come back to shop
the similar one.
 Innovation of new smartphone is quite beneficial for Samsung, as hey
can retain people with them for longer time and provide the best and
advanced smartphone facilities in just one touch.

Critically evaluate the nature of innovation
 Innovation is defined as a process which involves multiple activities to uncover new way to doing business and
its process.
 This creates the biggest opportunity but it is a critical ton survival, economic growth, success of a company.
 Through, the innovation various challenges are creates in Samsung such as lack of collaboration and missed
connection with customers.
 Those are the challenges of innovation which are created problem for successful innovation.

CONCLUSION
 From above, it has been concluded that company can use different types of tools in
order to protect intellectual property.
 Furthermore, Organization can use different ways to access funding which helps to
complete their new product development procedure effectively.

REFERENCES
 Dutta, S. and Folta, T. B., 2016. A comparison of the effect of angels and venture
capitalists on innovation and value creation. Journal of business venturing. 31(1).
pp.39-54.
 Hossain, M. and Kauranen, I., 2016. Open innovation in SMEs: a systematic literature
review. Journal of Strategy and Management. 9(1). pp.58-73.
 Tidd, J. and Bessant, J. R., 2018. Managing innovation: integrating technological,
market and organizational change. John Wiley & Sons