Table of Contents INTRODUCTION...........................................................................................................................3 TASK 1...........................................................................................................................................3 P1 What is innovation and it's importance in company and compare innovation and invention .....................................................................................................................................................3 P2 Describe how vision, culture and leadership shape into commercialization and innovation5 M1 Different sources of innovation and how organizations can develop a environment and innovation culture........................................................................................................................6 D1 Analyse how innovation is developed, embedded and measured in organizations...............7 TASK 2...........................................................................................................................................8 P3 4P's of innovation..................................................................................................................8 P4 Frugal innovation and it's examples......................................................................................9 M2 Apply the innovation funnel in organizational context.......................................................10 M3 Role of Frugal innovation in context of organization.........................................................10 TASK 3..........................................................................................................................................11 P5 Importance of commercial funnel and application of NPD for innovation and commercialization.....................................................................................................................11 P6 Innovation Business case.....................................................................................................13 .......................................................................................................................................................14 M4 Innovation business case will help in measuring effectiveness using techniques to iterate, test and improve........................................................................................................................14 D2 Critical evaluation of innovation and how company can overcome challenges to develop innovations................................................................................................................................14 TASK 4.........................................................................................................................................15 P7 Assess tools that organizations can use to develop, retain and protect knowledge and intellectual property..................................................................................................................15 .M5 Support based evidence of different tools in context of business environment................16 CONCLUSION.............................................................................................................................16 REFERENCES..............................................................................................................................17 Books & Journals..........................................................................................................................17
INTRODUCTION Innovation is a tool which companies use in their existing products and services so that they can use it in their functions to bring some changes and modifications in the existing range of products which are offered by the company. Company’s use this as a tool for long term survival in macro environment. Samsung is a global brand which deals in electronic products and they are having global presence. This reports is based on the innovation which Samsung is planning in their company and they are using this as a tool to attract more customers(Lemley and Feldman, 2016). TASK 1 P1 What is innovation and it's importance in company and compare innovation and invention Innovation:Innovation is a process which helps companies in making improvement in their products or services which they re offering to their customers. This can also help them in gaining competitive advantage as competition is increasing and all companies are involved in bringing innovations time to time. So, to ensure long term survival of the company in market it becomes necessary for them to do innovation. Invention: It is also process fully new products are developed. It is also a process which organizations do so that they are able to expand their existing range of products. Invention requires lot of time and financial investment on part of company this is reason why company’s need to plan for a longer period of time to do inventions(Paul, Thangaraj and Ma, 2015) BasisInventionInnovation MeaningIt can be defined as a process in which there is a complete new product is being created oracompletenewprocess Innovation is also a type of process inthisnonewproductisbeing introduced but company is making changes in their existing product or
which is created for the first time by the company. modifications are made by company for bettermentpf the product and sole motive is generally to increase sales(Greco,Grimaldi and Cricelli, 2015). Competitive advantage Inventionmayormaynot providecompetitive advantage to a company Invention is made with the purpose to gain a competitive advantage in theexternalenvironmentIwhich company is working. Skills neededIn case of invention mostly thereisneedofscientific skills Ininnovationscientificskillsare alsoneededbutthereisa combination of technical, marketing andstrategicskillswhichare required by company to execute this process of innovation. . concernedInvention is mostly in concern withasingleproducttoa particular point of time Innovation is a tool which is used by companies in combination of various products and services together and thisdoesnotapplyonasingle product in most of cases. Departmentof company Invention isa function which islinkedtoresearchand developmentdepartmentof company(DuttaandFolta, 2016). Inventiondoesnotbelongtoone particulardepartmentbutevery department of company has a share in the process of invention. ImportancetoProcess of invention is veryInvention is a very commonly used
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Organizationhelpful for companies in case ofSamsunginventionscan help them in providing new products and services to their customerswhichmayhelp theminexpandingtheir product line also. tool in case of Samsung this can help the company in making changes in theirexistingproducts,thishelp them in increasing the satisfaction level of present customers of their company and at same time this will also enhance the company’s brand image in market, as they will be able to get a competitive advantage as compared to other competitors. Importance of Innovation for Samsung: Samsung is a company which has believed in timely innovations, they have always involved in transforming their products using latest technologies. In today’s scenario it can be observed that there has been a lot of inclination towards use of smart phones. Samsung is a brand which provides lot of competition to other brand offering similar products in market. Samsung as a electronic brand can offer seamless experience to their users by innovation in their smart pone rage as it will help them in giving competition to its competitor brands apple in terms of price. In terms of battery also Samsung can do innovations by providing their customers with long lasting battery which can continue for longer duration of time. Such innovations can help Samsung to provide their customers with something different and new features which are not provided till now by the brand(Xiao, Li. and Liu, 2016) . P2 Describe how vision, culture and leadership shape into commercialization and innovation Innovation is a tool which is used by companies to ensure creativity and growth in their company. In case of Samsung innovation can help them in having improvised results. Leadership and innovation For implementation of new techniques in company it is important that leadership skills are present in the leaders of company. As, leaders are the ones who are actually responsible for carrying on functions and planning which have done to do innovation in the company. it is very
important for a established brand like Samsung that they are able to motivate their staff to make them understand the importance of innovation from view point of company. Innovation and Culture: Culture of a organization deals with various values and beliefs which they have adopted for conducting of their daily operations and functions(Paradkar, Knightand Hansen,2015). Leaders of Samsung should ensure that they rae able to create effective coordination amongst their employees who are working at different levels, so that set objectives of company can be achieved. company is willing to bring some new innovations which they can be successful only if they will be able to encourage employees to work together to make it a success. Teamwork and Innovation Innovation is a tool being used by companies so that they are able to effectively do changes which can help company in increasing its overall sales and profitability. In relation to Samsung teamwork maintain proper team work should be compiled to lead to successful innovation. help the company in successfully adopting changes and installing them in all functional departments, even if there is a small change all departments of company are affected this is reason why it becomes important for Samsung to do innovation.(Lakshmanan, Roy and Ramachandran, 2015). M1 Different sources of innovation and how organizations can develop a environment and innovation culture There are various sources of innovation such as investigating market can help company in identification of various opportunities which can be converted into business.Samsung can develop a culture of innovation by identifying the requirements of customers and by examining the current trends and market situations. With the assistance of this, managers will be able to innovative and healthy environment in an effective manner. D1 Analyze how innovation is developed, embedded and measured in organizations Innovation can be developed in the companyby doing contentious analysis of internal as well as external environment. By hiring highly qualified staff members, organization will be able to perform their innovative task within given time frame and in effective manner.
TASK 2 P3 4P's of innovation Innovation is a process which is used for creation of new ideas in their existing services and products which are offered by the company. 4 P's of innovation are present in every organisation which will help in planning their innovation regarding product. This innovation mix is very helpful for bringing innovation in product. Four P's Innovation adopted by Samsung are discussed below: Product innovation-This very important tool used by companies in developing strategies and plans to earn profits. Innovation in existing products helps in enhancing satisfaction level of customers. Samsung is willing to make innovation so that they are able to do innovation in terms of new tablets which company is willing to launch(Jamil, Ismail and Mahmood,2015.) Process-Process can be regarded as a series of steps which companies follow to launch their innovation their products. Samsung is a company which is involved in electronic products they have to follow a specific procedure so that there is effectiveness maintained inthe overall process of launching of new product. Position-This basically reflects the position being maintained by company at the workplace. Managers of Samsung have conducted adequate research before launching their product in market so that they are able to maintain their present position in market. Paradigm-This is a process where organizations use for handling innovation which are done by company. In case of Samsung, there will be execution of the idea which company is planning to do(Mollick and Robb, 2016) Innovation funnel in shaping innovative ideas at Essence Drinks Opportunity assessment-This is the first step in Innovation funnel in case of Samsung company will be using this to evaluate the needs of their customers and based on that company has identified a opportunity that a dual purpose phone having a feature of tablet can be used for their innovation need.
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Insights based ideation-Strategies are formulated which helps company in increasing their sales of the new product which they are trying to launch. For Samsung being a big brand they have to make lot of efforts in forming their strategies so that they are able to make their customers aware of their innovation. Conceptualization-Samsung will be able to make concept regarding their product only when they have conducted adequate research in market. Such concepts are very helpful in further steps. Evaluation and Benchmarking:in this step actual implementation is done and Samsung will convert their idea into a product.(Carayannis, Cherepovitsyn and Ilinova, 2016) Implement or not implement-Customer feedback is very important for Samsung in analyzing whether they have been successful in their idea of innovation. Launch:This is last step of the innovation funnel where the product will be finally launched. P4 Frugal innovation and it's examples Frugal innovation is a process where new business model will be prepared by the company to satisfy their customers’ needs and expectations. Frugal innovation will be used by Samsung so that they are able to create high quality products. Frugal innovation and Samsung: Frugal innovation will be used by Samsung in the following way: New market opportunities-Samsung will try to identify various opportunities in market by analyzingthemarketverycarefullyandindepth.Researchingofmarketwillhelpin understanding of customer preferences and then forming effective strategies. Resources-These are very essential part of company that they are able to utilize their resources in an effective manner, as there are limited resources which are available with every company and those have to be utilized properly. Innovation Funnels- Thisstage final development of new product takes place and Samsung will be using this to formulate their business model(Datta, Mukherjee and Jessup,2015)
M2 Apply the innovation funnel in organizational context. Innovation funnel is a tool which can help companies in development of a new innovation or a new business model this is very helpful in overall planning of the various stages of innovation. Four stages are there in this innovation funnel which can help in framing of strategies such as Samsung will also use this in planning the new product innovation in company. M3 Role of Frugal innovation in context of organization Frugal innovation is a tool in which resources can be identified and used for identification of new opportunities of market which can be converted into business. After that resources have to be arranged which will be required to for fostering and implementing that in innovation in company. Finally innovation funnel is used in development of the new product.
TASK 3 P5ImportanceofcommercialfunnelandapplicationofNPDforinnovationand commercialization Commercial funnel is regarded as a sales process or a revenue funnel. It is based on a buying procedure which helps a firm to lead so that services and products are sold in increased quantity. When a company adopts commercial funnel it benefits them to attract more people and there are four major aspects to it that is creating awareness, interacting with customers, developing their interest and final action. These four aspects of commercial funnel helps in persuading customers and offering them products which are of high quality and accordance with their requirements. In context of Samsung it will help the company in increasing their brand image and attracting customers from other segments.
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Application of New Product development New product is a process in which a new product is launched in the market. Every organization at some stage is required to launch a new product so that their customers are also associated with the brand for a long term basis. In case of Samsung the company is in process to develop a new phone which is a smart phone but it can become a tablet, when there is requirement of a big screen. There is flexibility to fold the phone. It will consist of both features of tablet and a mobile phone. Idea generation:It is the stage which is basically consists of researching the market where new product can be launched. In case of Samsung company will analyze the whole external market and then try to identify various opportunities which are present in market and can be converted into a business. Idea screening:After a suitable idea has been generated by the company in next step various ideas will be screened and analyzed based on their pros and cons. After that analysis best idea will be selected by the company which can provide maximum benefit to them. In case of Samsung the company has identified that their customers have to carry tablets and smart phones differently which makes it difficult for them, so they are planning to do a innovation in terms of a product which can fulfill the requirements of both a tablet and smart phone. Concept development and testing:when a company is willing to launch their new product, this is most important step as in this step company tries to find out whether their product will actually able to attract expected number of customers. For Samsung the company will try to find out whether idea is feasible to be launched in the market. Business analysis:This stage company has finalized the idea and they want to form various strategies regarding product launching in market. Samsung will do a detailed analysis of their business plan at this stage of new product development. Product development:Final product is developed at this stage of new product development process. Samsung will develop few sample products and then they will try to find out customers reaction on these products.
Test marketing:In this step new product developed is tested in the market and a particular market segment is selected to test the product. Samsung will also test their new phones in a particular market segment. Commercialization:At this stage Samsung will launch their product in the actual market where they want to target their prospective buyers. This is the final and last stage of process of new product development. P6 Innovation Business case Business case denotes to a structured document which includes various stages and different concepts which are needed to accomplish activities related to business. It is essential for Samsung that they are able to do some innovations so that they keep on attracting new customers. A new innovation is being made by the company as discussed below: Executive summary:Samsung is a company which is dealing in electronic goods. They are planning to do innovation in terms of a smart phone which can be converted into tablet when there is need. There is need for people they don't have to buy two devices one can fulfill their dual requirement. Organizational vision:Vision of Samsung is to satisfy their customers who demand innovation from the company. Mission:They want to devote their available resources in such a way het they are able to make superior products. Objective:Main objective is to fulfill the requirements of those customers who are looking for a phone and also need a big screen in some cases. Target:Main target of Samsung at this point is to get a competitive advantage in comparison with their competitors in market. No competitor of Samsung has made this innovation in this product till now. Problem statement:There are many problems which are associated with new innovation which company is willing to do such as availability of finance, whether this innovation will be able to attract new customers, generate adequate revenue which company will be able to do.
Funding:In order bring the innovation of new product that is a dual purpose phone which can be smart phone and a tablet it requires that company has to make a high amount of financial investment. There will be a need to arrange finance from external and internal so company has to arrange funds below discussed are some options from where company can generate finance: Banks and other financial institutions:Loans from bank is a very convenient option for companies. For a brand like Samsung it is very easy to avail loan at attractive rate of interest. Time duration for which loan has to be repaid is also not very high this makes it easier for company to range high amount of funds from source available with company. Friends and family:Another option for arrangement of funds is to arrange it from known ones, relatives, friends all this can help company in arranging funds more conveniently but this source is not much feasible for Samsung as they will be reacquiring huge amount of finance. M4 Innovation business case will help in measuring effectiveness using techniques to iterate, test and improve. In context of Samsung they will be using the requirement of people of a tablet in their smart phone which can be used as a tablet purpose in situations of requirement. This business case will help in implementing the innovation which Samsung is planning to do. Apart from that innovative business case is also useful in helping to find out various areas from where finance can be arranged by company for fulfillment of financial needs which will occur in process of innovation. D2 Critical evaluation of innovation and how company can overcome challengesto develop innovations. There are many challenge which companies face while they are trying to implement innovationin theircompany.Suchchallengesarerelatedtofinancial,technologicaland inadequateresearch,existingcompetitorsinmarket.Developmentofbusinesscaseand identification of sources of finance before hand helps in availability of finance as and when required by company. Technological challenges can also occur while new product is being developed by company. Competitor challenges can also occur when they also come up with new
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product same as Samsung is innovating. Samsung has to use a particular strategy so that they are able to sustain in the market with the new product.
TASK 4 P7 Assess tools that organizations can use to develop, retain and protect knowledge and intellectual property Intellectual property or IP is a human intellect mainly used to secure, protect and cover all the intangible creations which assist in various ways(Ugnich,Chernokozov and Velichko. 2015).It is the method which includes different types of IP such as trademark, patent, copyright and so on. In context of Samsung, management team of the company decides to adopt some Intellectual Property which is going to be discussed as follows: Copyrights: Copyrights define as one of the most effective methods to protect any kind of creation and innovative develop by a person. It is considered as a legal term where power or rights is given to the original developer, creator or innovator(Svensson, 2015).Along with this it has also been identified that in this method only the creator have right to make any kind of modifications in their product. In the present context of Samsung managers decide to adopt this method so that they can protect the invention develop by them within their cell phones. Patent: Apart from copyright, there is another method which is patent. It is the method where creator protects their inventions by using patent. Along with this it is the type of IP where creator provides right to other in order to use their products for a limited period of time. In addition to this it has been analyzed that if anyone use their creations need to pay some specific amount to the creator. In the context of Samsung it is the method which can provide chance to the company in order to enhance their profitability and use these funds for their further projects. With the assistance of all these methods organizations will be able to protect and guide their creations from any kind of duplication at the marketplace. In this context Samsung need to adopt Patent so that they can protect their products and services as well as gain more profitability at the market(Aithal and Aithal, 2016)
.M5 Support based evidence of different tools in context of business environment With the help of all these tools organization will be able to perform their task in an effective manner. By using patent intellectual property, organization will be able to create positive brand image of the company at the competitive marketplace. It is the method which also assist in gaining more profitability for the organization and maintain their creation safe and secure for a longer period of time. CONCLUSION From above report it is concluded that innovation is a very important element which are used by companies to attract more customers and at same time increase profitability of company. Innovation is a creative tool which helps companies to attract different segment of customers. This will assist inretaining their present customers for a longer duration of time. Also, various sources must be identifies which can be used by companies to arrange their finances and they are analyzed on basis of their pros and cons. Best option is selected which can help company in minimizing cost. Different intellectual property rights are also available with company which can help them in protection of their innovation from getting copied or imitated by any other company.
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REFERENCES Books & Journals Datta, A., Mukherjee, D. and Jessup, L., 2015. Understanding commercialization of technological innovation: taking stock and moving forward.R&d Management,45(3), pp.215- 249. Carayannis, E.G., Cherepovitsyn, A.Y. and Ilinova, A.A., 2016. Technology commercialization in entrepreneurial universities: the US and Russian experience.The Journal of Technology Transfer,41(5), pp.1135-1147. Mollick, E. and Robb, A., 2016. Democratizing innovation and capital access: The role of crowdfunding.California management review,58(2), pp.72-87. 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. Paradkar, A., Knight, J. and Hansen, P., 2015. Innovation in start-ups: Ideas filling the void or ideas devoid of resources and capabilities?.Technovation,41, pp.1-10. Xiao, X., Li, Y. and Liu, Z., 2016. Graphene commercialization.Nature materials,15(7), p.697. Walsh, J.P., Lee, Y.N. and Nagaoka, S., 2016. Openness and innovation in the US: Collaboration form, idea generation and implementation.Research Policy,45(8), pp.1660-1671. 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. Greco, M., Grimaldi, M. and Cricelli, L., 2015. Open innovation actions and innovation performance:AliteraturereviewofEuropeanempiricalevidence.EuropeanJournalof Innovation Management,18(2), pp.150-171. Paul, M.J., Thangaraj, H. and Ma, J.K.C., 2015. Commercialization of new biotechnology: a systematicreviewof16commercialcasestudiesinanovelmanufacturingsector.Plant biotechnology journal,13(8), pp.1209-1220. Lemley,M.A.andFeldman,R.,2016.Patentlicensing,technologytransfer,and innovation.American Economic Review,106(5), pp.188-92. Lakshmanan, V.I., Roy, R. and Ramachandran, V. eds., 2015.Innovative process development in metallurgical industry: Concept to commission. Springer. Aithal, P.S. and Aithal, S., 2016. A New Model for Commercialization of Nanotechnology Products and Services.International Journal of Computational Research and Development,1(1), pp.84-93. Svensson, R., 2015.Measuring innovation using patent data(No. 1067). IFN Working Paper.
Ugnich, E.A., Chernokozov, A.I. and Velichko, E.V., 2015. Innovation ecosystem of higher educationalinstitutionasadriverofcommercializationofintellectualactivity results.Mediterranean journal of social sciences,6(6 S1), p.239.