Innovation and commercialisation - Samsung Assignment
Added on 2021-02-20
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Innovation andcommercialisation
Table of ContentsINTRODUCTION...........................................................................................................................................1TASK 1..........................................................................................................................................................1P1. Innovation and its significance to organisations in comparison with invention................................1P2. Ways through which organisational vision, culture, teamwork and leadership can shape innovationand commercialisation............................................................................................................................3TASK 2......................................................................................................................................................5P3 Explain the 4Ps of innovation and use of innovation funnel...............................................................5P4. Development of Frugal innovation....................................................................................................7TASK 3......................................................................................................................................................7P5. Importance of commercial funnel addition to application of new product development.................7P6. Innovation business case...................................................................................................................8TASK 4....................................................................................................................................................10P7 Evaluate the different tools to develop, retain and protect knowledge and intellectual property..10Conclusion.............................................................................................................................................12REFERENCES..........................................................................................................................................13
INTRODUCTIONInnovation depicts as a process which is a useful in converting the ideas and inventioninto goods and services in order to satisfy the needs and requirements of the customers. It isconsidered as a core activity of an organisation as it related to applying new processes andtechnologies in the firm in terms of remain competitive in the changing market environment.Other, Commercialisation refers to a process which is helpful for the business in launching newproducts or manufacturing method as per the current market segments. This assignment is basedon the Samsung which is a South Korean multinational conglomerate that is founded in 1938 byLee Byung-chu. This file will cover about the innovation and its importance for the organisationalong with the 4Ps of innovation. Also, this study will focus on explaining importance ofcommercial funnel and the application of new product development within the organisation. TASK 1P1. Innovation and its significance to organisations in comparison with inventionInnovationInnovation refers to that activities which are adopted by the organisation in order to carryout effective modifications in their products and services as per the current market trends andcustomers perceptions. This will help the business organisation in sustaining their position for alonger period of time and attaining higher profitability in the marketplace. For instance, SamsungElectronics identify the market segment and adopt some innovation in their business accordingly.Examples of the innovation of this organisation is 5G Phones which enables them to attain themore customer attention in their business. Consideration of innovation is very important for theorganisation which can be seen by following points: Responding towards trends addition to competition: This help the organisation inassessing the current market trends and opportunities of the business. The businessmanager of Samsung not only focus on analysing the current market trends but also onpredicting the future trends so that they can formed an effective decision which helpsthem in achieving their desired results and compete their competitors. Competitive advantage: By considering the innovation term in their existing products andservices respective organisation is also able to attain higher competitive advantage in limitedperiod of time(Walsh, 2012)1
InventionInvention refers to that ideas, creativity and thought which has never introduced before inthe market. For example, Samsung Electronics has invented various products such as SamsungGalaxy S6 Edge+ and Samsung QLED TV. By considering the demand of innovation they haveinvent these products in 2018. The significance of invention in the business is as follow:Attract more customers:By inventing various products Samsung will be able to attract a rangeof customers by introducing unique feature in their mobile phones and other commodities and byproviding it at affordable price(Hora and Dutta, 2013). Innovative product: Invention helps the business in innovating products in the marketplacewhich helps them to get higher success in business. Samsung understand this aspect and givetheir focus on producing innovative products. Comparison between innovation as well as inventionComparison basisInnovationInventionDefinitionInnovation refers to a processof applying effectivetechniques and methods on theexisting products in order topresent them in an innovativemanner. Whereas, invention is depictedas a new method or idea ofmanufacturing the productswhich has never come beforeit. FocusThe main focus of innovationis on combination of variouscommodities.It is related to invent a newproduct in the marketplace. Required skills as well asqualitiesIt requires technological skills,marketing and mechanicalskills. Invention requires scientificskills. Samsung's scenario with examples describing the ways successful implementation of theconcepts along with time period.Samsung Electronics has formed in 1969 which was operating at initial level in inventingblack and white televisions. After some of the years, their main focus on expanding their businessin international market by introducing new technologies in the marketplace. For enhancing their2
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