(pdf) Innovation and Commercialisation: Samsung

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1 Innovation and invention ..................................................................................................1
P2 Organizational vision, leadership, teamwork and culture shape commercialization and
innovation...............................................................................................................................2
M1...........................................................................................................................................3
LO 2.................................................................................................................................................3
P3 4 Ps of innovation and innovation funnel .........................................................................3
P4 Developments in frugal innovation...................................................................................6
M2...........................................................................................................................................7
M3...........................................................................................................................................7
LO 3.................................................................................................................................................7
P5 Importance of commercial funnel and application of NPD for innovation and
commercialisation...................................................................................................................7
P6 Building innovation business case for Samsung...............................................................9
M4.........................................................................................................................................10
D1.........................................................................................................................................10
LO 4...............................................................................................................................................10
P7 Tools to develop, protect and retain knowledge and intellectual property.....................10
M5.........................................................................................................................................11
D2.........................................................................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation and commercialization is very taught by distinguished practising innovators.
Innovation concept is based on developing products in different way which is better than others
that drives business in new ways. By innovating new things or services organization develop
business more that will be commercially drives them towards increase profit and good return of
investments. The present report is based on Samsung multinational conglomerate organization,
that comprises various affiliated businesses mostly in Korea, Samsung is Korean based
company(Brunswicker and Van de Vrande, 2014). In this study explain about difference between
innovation and invention and determine importance of innovation as compare to invention.
Moreover, it also clarifies how organizational vision, culture, leadership and teamwork develop
commercialisation and innovation. This report justify 4Ps of creation and apply innovation
funnel in the organization. Furthermore, this study measure role of frugal innovation in
development of services and products of company.
LO 1
P1 Innovation and invention
Innovation concept is based on translating an invention or idea into existing services and
products that creates value and for which clients will pay (Qian and Haynes, 2014). It was not
just delineated by implementing and introducing new methods and ideas, it defined as a
procedure that includes many activities and functions to uncover new ways to do somethings
different. For example, Samsung make innovation in their products that attract customers
towards their business.
Invention Innovation
 Invention defined as creation of
products or introduce something for
first time.
 Invention creates new products.
 Invention take longer time period.
 It creates product completely in new
ways that build organization image in
business world.
 On the other hand, innovation occurs
when Samsung improves or make a
some contribution to an existing,
process, services or products.
 Innovation creates goods and services
of organization that sells.
 Innovation is not much difficult in term
of invention.

 It requires technical skills to bring new
thoughts and idea (Mollick and Robb,
2016).
 It is born form idea the discoverer gets
or image to produce goods.
 Innovation is worked in existing goods
which make it attractive that garb the
attention of customers.
 It needed marketing skills as well as
technical to improvise somethings.
Importance of innovation in comparison to invention-
Samsung is a South Korean multinational conglomerate in Seoul, which is founded in
1938 by Lee Byung-chul. Organization wants to offer their best services and goods to customers
that make them conformable and proper satisfaction. They consistently make innovation in their
facilities that build their reputation higher than others in marketplace. Innovation is much
important as compare to invention because it helps to produce existing products in different and
unique ways that attract customers towards Samsung. By applying this program in business
company create dynamic products adjusting in existing goods or service. Implement new ideas
and thoughts firm create things in term of success that impact on profitability and productivity.
Invention just create things but innovation Change goods in dynamic and unique ways that drives
consumers towards their business.
Innovation is very essential as compare to invention, because invention concept is based
on manufacture new products or services and innovation means adding new things or feature
within existing goods which has been offered by organization to satisfy their customers the most.
P2 Organizational vision, leadership, teamwork and culture shape commercialization and
innovation
Samsung is one of the leading multinational conglomerate organization in Seoul in which
they are producing its products more special through high quality services, home products. They
offer their better service for customers and avail all the things in its stores. Organization is build
on core values of value, trust and innovation that raise their position in business world better than
others. Company vision is to be standard against others by supply their best services, thus for that
they give their all efforts in producing products in attractive way (Fraj, Matute and Melero,
2015). They make innovative product that grab the attention of potential customers as well as
others which is beneficial for business growth and success. By creating new ideas and thoughts