Innovation and Commercialisation Assignment : Samsung

Added on - 21 Feb 2021

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Innovation andCommercialisation
INTRODUCTIONAll organizations are looking for the growth of business that helps to make higher profitsby enhancing business activities. Innovationconsideras way oflaunching new productsandincrease the sale of innovative products that leads to a successful organization. There is changesis needed for companies thatchangetheir existinggoodsthroughperceptivethe present situationof demand and make efforts to fulfil existing marketing needs. Commercialization refers aongoing wayof 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 transformnewthoughtsandtechnology in order to attracts customers and increase sale of business industry.Such report discusses about theimportance of innovation,howleadership, vision, culture andteamworkare shapingcreationanddevelopment,4p's of innovation and developments in frugalinvention.In addition report willdiscuss about essentialityof commercial funnel and innovationbusiness case that helps to achieve business objectives.Task 1P1Aprocess and procedure of convertingfreshconcepts and thoughts in to finished goodsand services that attracts people and emphasis to purchase new productsis known andinnovation. The main aim of innovation isto germinate any new specialproductsfor thepurpose of adding value to customer'slives and customers pay amounts togetthat 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 innovationIt is important to make creative development that attracts people in order to showtheir interest in creative products and services.
This is helpfulin 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 newlycommoditywhich 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 firestormthat create a new invention forpeople(Chun, Chung and Bang, 2015).Importance of inventionIt 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 innovationBasisInnovationInventionMeaningA clear wayof improving an existingproduct and services.A way ofintroducing 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 yetwithin marketsegment.Skills requiredMarketing, technology and strategicskills are needed.To make invention scientific skills areneeded.OccursIt 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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