Innovation and Commercialisation

This presentation discusses the importance of innovation and commercialisation in a company. It covers topics such as the significance of the commercial funnel, steps in the new product development process, and the resources required for product launch. The presentation also includes an innovation business case for an organization.

Innovation and
Commercialisation

INTRODUCTION
• Innovation can be referred to as the procedure undertaken by a company with a
view to introduce a unique and relevant concept and/or feature in the original
product offered at market place.
• The purpose behind doing this is to inflate the consumption and significance of
organisational offerings among people.

Significance of commercial funnel
• Commercial funnel can be referred to as the overall journey of customers related
to purchase of organisational offerings.
• Through the usage of commercial funnel, Samsung Electronics can gain the
attention of more customers and persuade them to make a purchase.
• There are various steps linked to commercial like opinion, preference, awareness,
purchase, consideration etc.

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• Idea Generation: Hereby, idea related to new product is generated.
• Idea evaluation: Under this step, idea introduced by Samsung will be evaluated
to identify if this idea is capable to attain expected outcomes or not.
• Development of Concept: After evaluation, idea of company is transformed into
a product concept.

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• Marketing Strategy: Hereby, a number of effective promotional and advertising
different strategies would be devised by Samsung. Business analysis: Here, the
firm ascertains and analyses the cost, profit, sales and other expenses linked to
new product.
• Development: Hereby, manufacturing procedure is actually executed by the
organisation i.e. Samsung Microwave would be produced by incorporating the
voice assistance in it.

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• Test Marketing: Hereby, Samsung would conduct a number of tests to check the
effectiveness of product in relation to its appeal to public at large.
• Commercialisation: This marks the last phase of new product development
process whereby the microwave with voice assistance would be actually
launched by company with a view to attain the desired targets attached to it.

Innovation business case for an organisation
• Executive summary: Samsung is coming up with microwave by incorporating
the technology of voice assistance in it. The entity intends to grab a large market
share with the launch of this product as it is developed with the help of frugal
innovation which has high scope of effectively appealing to people.
• Mission statement: “To become the word of mouth for customers.”

Objective
• To inflate the market share of company across the global periphery by 10% by
the end of 1 year through new product launch.
• To enhance the sales of new product by 25% in upcoming 6 months through
extensive marketing via social media.

Resources
• This is regarded as the prerequisite to any business activity. Product development
and launch is a process which requires a large number of resources with the help
of which company intends to attain what it had desired from the start.

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• Market analysis: Hereby, Samsung executes a number of strategies with a view
to analyse the market and effective position the new product amidst the target
audience.
• Financial projection: To introduce microwave with voice assistance into the
confines of UK, Samsung would require an overall funding of approx. 110
million pounds.

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• Ways of funding: There are a number of ways in which a company can acquire
funding for new product launch at market. Taking bank loan is a feasible option
available as it is a secured option.

Conclusion
• On the basis of above described report, it is concluded that innovation and
commercialisation are considered as the important part of every company as it
supports them in improvising their existing products and offering them to the
customers which ultimately improvise their performance at marketplace.

References
• Hossain, M. and Kauranen, I., 2016. Open innovation in SMEs: a systematic
literature review. Journal of Strategy and Management. 9(1). pp.58-73.
• Hossain, M., 2015. A review of literature on open innovation in small and
medium-sized enterprises. Journal of Global Entrepreneurship Research. 5(1).
p.6.
• Jamil, F., Ismail, K. and Mahmood, N., 2015. A review of commercialization
tools: University incubators and technology parks. International Journal of
Economics and Financial Issues. 5(1S). pp.223-228.