Innovation and Commercialisation Assignment : Samsung

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Added on 2021-02-22

Innovation and Commercialisation Assignment : Samsung

Added on 2021-02-22

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Innovation andCommercialisation

INTRODUCTIONAll organizations are looking for the growth of business that helps to make higher profitsby enhancing business activities. Innovation consider as way of launching new products andincrease the sale of innovative products that leads to a successful organization. There is changesis needed for companies that change their existing goods through perceptive the present situationof demand and make efforts to fulfil existing marketing needs. Commercialization refers aongoing way of launching new or improved products in to market so customer can purchase newproducts and increase sale of business. To know the importance of innovation andcommercialization Samsung has been selected that deals in electronic devices and transform newthoughtsand technology in order to attracts customers and increase sale of business industry.Such report discusses about the importance of innovation, how leadership, vision, culture andteamwork are shaping creation and development, 4p's of innovation and developments in frugalinvention. In addition report will discuss about essentiality of commercial funnel and innovationbusiness case that helps to achieve business objectives. Task 1P1A process and procedure of converting fresh concepts and thoughts in to finished goodsand services that attracts people and emphasis to purchase new products is known andinnovation. The main aim of innovation is to germinate any new special products for thepurpose of adding value to customer's lives and customers pay amounts to get that particularproduct. An organization must develop their ideas and thoughts that helps people to use newproducts and increase their living standard. For example, Samsung is multinational company thatare providing electronic devices to customers. It inspires the world by innovating new products.In starting, it introduced black and white television and keypad phones but after adopting newtechnology and strategic skills it launches many new products by making changes in them for thepurpose of attracting people and gaining competitive advantages (Ahn, Minshall and Mortara,2015). Importance of innovationIt is important to make creative development that attracts people in order to showtheir interest in creative products and services.

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This is helpful in responding to competition and trends. It helps organization to get competitive advantages and make higher profits.It has a unique selling point that increase the number of customers. It is useful to reinforce the brand of any organization by making continuousimprovements. Invention is a process of developing a working idea in order to improve product andmachine for the purpose of creating an object or result. It helps to introduce a newly commoditywhich is not introduced by any other organization. For example, Alexander Graham Bell wasgreat Scottish engineer who has invented telephone in 1876 because of people were not able tocommunicate with each other so telephone was invented at first time. The Samsung is planningto send fireproof box and gloves that can protect customers returning potentially explosiveGalaxy Note 7 phones, it sparking a contention or firestorm that create a new invention forpeople (Chun, Chung and Bang, 2015). Importance of inventionIt is useful in professional development that creates a separate or unique device.It become a mentor for other people. It helps to extend the boundaries of human knowledge, experience or capability. Difference between invention and innovation Basis Innovation Invention Meaning A clear way of improving an existingproduct and services.A way of introducing new products orservices at first time.valueTo add value of already existingproducts(Difference betweeninnovation and invention, 2019).Creating of new product which hasnot been came yet within marketsegment. Skills requiredMarketing, technology and strategicskills are needed.To make invention scientific skills areneeded.Occurs It occurs when there is need to makeimprovements in existing product. It occurs when new ideas generated inthe mind of scientist. Samsung's scenario that states how this concept has generated and when:

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