Innovation and commercialisation

Innovation and Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1Explanation of the meaning of innovation, its important and differences between innovation
and invention...............................................................................................................................3
P2.Importance of vision, leadership and team work regarding innovation and
commercialization........................................................................................................................5
M1 Analyse different sources of innovation and how they used for foster development for
environment and culture of innovation........................................................................................6
D1 Evaluation of how innovation is developed and measured in context with Samsung...........6
TASK 2............................................................................................................................................6
P3.Explanation of 4ps of innovation and uses of innovation funnel to examine the shape of
innovative idea.............................................................................................................................6
P4.Explanation of development in frugal innovation in organizational context.........................7
M2Innovation funnel of Samsung...............................................................................................7
M3Role of frugal innovation in Samsung...................................................................................7
TASK 3............................................................................................................................................7
P5. Importance of commercialization funnel and importance of new product development in
processing of commercialization innovation...............................................................................7
P6. Business case study...............................................................................................................9
TASK 4..........................................................................................................................................10
P7. Evaluation of different tools which organizations uses to develop, retain and protect
knowledge related to intellectual property................................................................................10
M4Build a detailed innovation business case which includes how to measure its overall
effectiveness..............................................................................................................................11
D2 Evaluation of the nature of innovation and its uses for overcome challenges to develop
successful innovation.................................................................................................................11
CONCLUSION..............................................................................................................................12
REFRENCES.................................................................................................................................13

INTRODUCTION
Innovation is a term which is defines process of developing new products, features, services
in front of customer. Companies may create innovating products but they can only gain profit
from innovations when they get success in satisfying and influencing customers to purchase their
product, commercialization strategies used but organization for this prise. To understand the
concept of innovation and commercialization in better way Samsung has been taken. Target
market area of Samsung is covered entire world. It is famous for providing high quality of cell
phone, television, software, tablets smart watch to their customers. Samsung galaxy is one of the
most famous brand product of this company. In this report importance of innovation and
requirement of commercialization for inventing product have been classified and essential steps
taken to introduce new product in market area also identify. It also covers essential tools which
help in protecting ethical right related to security of company have been identify.
TASK 1
P1Explanation of the meaning of innovation, its important and differences between innovation
and invention.
Innovation: It is a systematic process of converting an idea and thought into attractive
goods and service which create value and benefit to customers. The term innovation

comes from Latin word innovetioneum. Innovation simply means developing new
ideas. It is the art of producing new products and services which help in providing
sustainable competitive advantages to organizations and create value as per customers
prescriptive. Innovation is necessary for every organization. Following are the
importance of innovation( Ahmadi, and O'Cass, 2016).
 Samsung is innovative organization. With the uses of new products and services they
maintain sustainable competitive advantage in market area.
 Innovation help in reducing cost of manufacture new products.
 Business organizations invent new products and services to attract their customers.
 It will help in maintaining goodwill of organization within the market place
Many organizations considered innovation and invention as similar term but both words are
different from each other. Following are the difference between innovation and inventions
Particular Innovation Invention
Definition It is a process of
implementation of new
products, benefits ,
technologies in running or
newly established organization
The term innovation define as
an idea or thought of
implementing goods and
services which never been
used and introduced before in
market area.
Aim Main purpose is to produced
new technologies
within market area
(Çengel, 2017).
Addition into the value of
already established product.
Related with It is concerned with single
product.
It is related with combination
of various products.
Skills Scientific and technical skills
are required for invention
Managerial skills are required
for innovation process.
Scope Invention has narrow scope as
compare to innovation as it is
Innovation has wider scope as
innovation can be used in any

limited to research and
development department.
business unit.
Business organization uses various sources to developed new technologies and products within
the market are. There will be various sources causes of launching new products by Samsung
within the market place. Due to high rate of competition customers demands, changes of
technologies, interest of government in Samsung, are main sources of introducing every year
new products and services by Samsung to their target market customers. At present Samsung
launch their new Samsung galaxy A31, S11 in market .They also launch tablet and new features
in TV product.
P2.Importance of vision, leadership and team work regarding innovation and commercialization.
 Vision: It is a statement which is used by organization to describe future position of
them. It is essential part of incorporation process as company formulated after they
determine their vision. It is future goal. It provides guideline and direction for business
organization. Vision of Samsung is ” Inspire world with introducing new technologies,
service, product to enhance standard of people’s lives and which help in contribution
ODF social prosperity to create new value.
 Leadership: It is the art of individual to influence and motivate other people to work
towards achievement of organizational goal. Every organization needs leader, success of
an organization truly depends on skills of leader to influences, and manger all over
organization. Samsung is founded by Lee Buying Chill. They have great leadership skills.
Samsung use effective democratic leadership style according to which they provides
chances to their employer to participate in decision making process.
 Teamwork: Team is group of individuals who works together to achieve common goal
of their department. Team work is essential for each organization as without teamwork
there will be conflicts arise between workforce of the organization. thus to effectively
utilisation of resource business entity build string stagier to influence their workforce to
work as team (Daellenbach, Davenport, and Ruckstuhl, 2017).For greeter team work the
company use Bruce Tuckman model’s 5 stages . Theses stages includes, forming,
forming, storming performing and adjourning stage which help in increases their team
skills.

 Forming Stage: In this stage manager intoruceds tem mmber swith each others and they
discuss about their skills, goals their hobbies, fusion.
 Storming Stage: In this stage the reality and weight of competing the task at hand hit
everyone.
 Norming Stage: In this stage team members start motivating and appreciating each others
during work.
 Performing stage: In this stage tem members are familiar with each other , confident and
able to start their work without any supervision
 Adjourning stage: When project competed the tam disbands
.
 Culture: It represents values and beliefs organization follows. Culture is made up of
various factors, it will be affected by workforce, palaces, religions, stories, myhtes, and
traditional customers follow by organization. Culture is important term for business
entity. It helps in building better coordination among personnel’s. Due to globalisation
Samsung hired persons from various countries all belong from different religions, values,
places, genders everyone is represent their own unique perception. Management
department of Samsung uses effective diversity policy which helps them to manage
diversity issues within the organization.
M1 Analyse different sources of innovation and how they used for foster development for
environment and culture of innovation
For innovation process different source has been used to by manager of Samsung for introduced
new feature or products in market. They analysis the market structure, needs demands
expectations of customers, demographics culture, future technologies all these are the main
sources of innovation theses are helpful for development as theses sources help n introduced new
product and service which will reason for incremental of sales and revenue.
D1 Evaluation of how innovation is developed and measured in context with Samsung
Innovation product and serves introduced by Samsung organizations when they realised that
they lost their market area from their rival industry thus in order to maintain position in

market their researcher team developed new features in their accessories to retain their
customer.
TASK 2
P3.Explanation of 4ps of innovation and uses of innovation funnel to examine the shape of
innovative idea.
Innovation essential part for every organization. Samsun introduced new ideas and developed
products by using 4 p strategy of innovation, which describe below
Product: Organizations Samsung galaxy note 9 their policies regarding offering products.
Samsung now offers new products to their customers. They now launching new set of cell
phones and introduced new Samsung watch, wireless charges, to their customers.
Process: Business providing services to their organizations changes their process of
manufacturing and services to their customers. Samsung changes their process of
manufacturing mobiles phones due to technologies changes.
Position: Business changes position of their products and services.
Paradigm: Business organization changes framework of products and service.
Innovation funnel is a systematic process of converting idea into real products. It also known as
funnel managing process. Business entities uses innovation funnel to run their organization
effectively for this purpose they apply 3 stages. They generate idea then fixed criteria and
test their products before launching them (Davies, Roderick, and Huxtable-Thomas, 2019).
Innovation funnel:
 Marketing Funnel: In this stage manager of Samsung select the market area for their
Samsung tablet and formulate policies to attract customers.
 Sales Funnel: In this stage through marketing skills promotions accompany attract and
retain their target market as well as unaware public to buy the Samsung tablets.
 Customer Funnel: After identifying customers perceptions their needs according to their
feedback they changes feature in their products and offer attracted policies to reaction
their customers for long period of time.

P4.Explanation of development in frugal innovation in organizational context
Frugal innovation: It is systematic process which helps in overcome problem of
manufacturing cost and reduces risk related to development of new product and services. It also
known as frugal engineering. Frugal innovation can be used by any business organization.
Samsung used this process to reduce their of research and development of products. The
company used innovation frugal to decrease cost of producing cell phone, tablets, smart devices
etc. Samsung with the uses of new technologies changes the procedure cycle and cut unnecessary
activities of manufacturing product. Process of frugal innovation:
 Scarcity driven innovation: In this stage manager of Samsung solve the issue
related with lack of materials, recycle and reuse their existing resource.
 Cost driven innovation: In this stage managers formulate policies regarding low
income users, lack of human resource power, and determine cost in adoption of
foreign technology.
 Deskiing innovation; In this phase manger solve lack of education of innovators,
attract customers, and provided training to unskilled labours’
M2Innovation funnel of Samsung
Funnel is a systematic process of converting idea of innovation into realty. Manager of Samsun
use theses process for designing and planning and converting their thoughts into o realty.
Samsung launch new products in market every year, Samsung, I Pod, Samsung TV, Earphones
with new feature
M3Role of frugal innovation in Samsung
Management department of Samsung use frugal innovation policy to reduce the risk of
uncertainty and issue face by organization during innovation and launching process of new
products and service. Samsung apply frugal innovation procedure of cut throat its manufacturing
as well as research and development cost of new device, I pod, and accessories of Samsung.
TASK 3
P5. Importance of commercialization funnel and importance of new product development in
processing of commercialization innovation
Commercial funnel:

It also known as sales funnel. Commercial funnel is marketing term which refers as a strategy
through which companies attract and retain more customers to purchase their products. To apply
this marketing strategy organization need to follow some steps which are mention below:
Attraction: It is the first step of commercial funnel, in this step organizations formulate polices
to attract their customers. For this they use various source of marketing to influence
target market customers to buy their products. Samsung also uses advertisement
promotional strategies, they use social medial platform to gain focus of their customers.
Business organization promote their galaxy phone series ,television products and their
buy products on Instagram, Face book, YouTube all attention of their customers
(Hamada, 2017).
Converts: In this steps business organization identify their unknown customers and build
policies and strategies to covert them known customers. For this purpose they offer various
benefits to their target market customers. Samsun offers discount facilities purchasing of
their smart phones , they also provides buy one get own free on their smart dives ,tables,
smart watch. It is essential step as it help in increase target market area.
Close: Organizational only maintain their position when they work according to the needs and
desire of their customers. On this step business organizations analysis customers demand,
their perception regarding the product. Samsung with the uses of observation, questionnaire
and social media platform market demand of their customers.
Delight: It is the last step of sales funnel. In this process organizations try and providers services
to their customers which help in providing them fully satisfaction. Samsung uses innovation
strategies as it will help them to maintain the position. The business organization always
launches new features and products which help in satisfy customers. They build product
according to their needs and demands. At present Samsung changes their mobile phone
feature by applying touch screen features, etc.
New development process:-
Means the way to develop or launch a new policy technique in a new market. The world is full
opportunities to satisfy unmet needs by creating new ways. The major challenge is
determining service that will help the organization to meet its objectives. because the
services that a business is going to provide must be able to meet the overall objectives of

the firm and the company the desired profit, and help in maintaining the position of the
organisation. This means service idea is not always visible. It is therefore important that a
company does thorough research of the of the new service and idea before it begins to
launch in the market so to avoid new failure. There are four main stages in the
new development process: idea generation, idea screening, idea evaluation, development of
the service, and service commercialization. the market is full of opportunities, ideas,
concepts, and triggers of new services .Opportunities refer to identifiable business of
technology gaps that a business can exploit in order to gain a competitive advantage or
solve customer’s problems. An idea refers to a perception of a new service or idea that
helps a business to solve the needs (Hobbs, 2017).
The product development process encompasses all steps required to take a product from thought
to market availability. This includes analysis of market need, investigate the competitive,
establish a product roadmap, construct a minimum visible product.
Product manager act as the important directors of the development process. They pick together
the cross functional team, communicate the big goals and make proper plans for the product and
carefully see the team’s progress.
There are 8 levels of product developing
 Idea generation: In this step idea regarding new product developed .
 Idea screening: Designing framework is prepared to concert idea immorality.
 Concept developing and testing: Strategy related to development process is
implemented.
 Marketing strategy development: Analysis of market condition related policies
formulated.
 Business analysis: identified requirement of customers regarding new product has been
developed.
 Product development: Product and services are implemented by organization.
 Test marketing: After development of product sample of products are test in market to
identified customers reactions.
 Commercialization: Product launch in mark economy.

P6. Business case study.
Individuals start new venture with the hope that they can maintain their organization for long
period of time within competitive market environment. In today’s dynamic world it s really hard
to maintain sustainability within the economic market environment. TO run business
organization successfully and maintain Sustainability Company’s invented new feature, products
and services to attract their customers. They will also crest new things to satisfy their customer’s
wants and needs. Business entities make business case to run their business activities
successfully. To maintain position in market are Samsung needs to apply following steps which
is related with business case:
STEPS OF CREATING AN INNOVATIVE
BUSINESS CASE

 Executive Summery: In this step manager needs to formulate polcies which includes the
obejtive ,pland and pprocedure of development of product
 The needs: They introduced new business plan to maintain their position in market.
Solution: In next step Samsung needs to make those plans and polices which help in minimizing
cost and maximizing return rate of profitability (Kergroach, Meissner, and Vonortas,
2018).
 Innovation: In first step company needs to modify their products, for this propose they
set new product development and some android uses .Samsung start selling tablet since
last 4 year to increase selling of tablets they need to implement new feature, like touch
screen feature , and androids features, provide customers extra room facility in tablet
 Customers Research: Manager search customers perception their needs and formulate
policies according to them.
 Design and development: Developed product design on the basis of customers need.
 An expected benefit Success of products is depends on their marketing strategies. To
cover entire target market customer area Samsung needs to formulates effective strategy
regarding selling these new tablets in market. For this purpose they will use social medial
and promotion strategies.
TASK 4
P7. Evaluation of different tools which organizations uses to develop, retain and protect
knowledge related to intellectual property
Intellectual property is that type of property which is created and developed by human mind. It
includes new inventions, musical lyrics, article words, poetry, designs symbols, names, images,
logo etc. Intellectual property is considered as essential assets of business organization. It itself is
source of competitive advantage Samsung uses various methods to protect and developed
knowledge which is related with their intellectual property to protect their privacy.
 Patent: Business organizations uses patent to secure their right. Government provides
ethical rights to individuals and organization to stop and control other business entities
from producing same products for some specific period of time. With the uses of patent
business organizations get right of ownership for some period of time, which is decided

by government by applying some terms and conditions .Samsung has patent on their
products like, galaxy note, their software.
 Copyright: It also part of intellectual property. Business organizations used this tool t
protect their right regarding their writing skills. They can exclude everyone by
distributing and showing and published original content of writers. Samsung has their
own copyright on their text and graphics services (Lehtimäki, Helén, Snell,
Eriksson, .and Montonen, 2019)..
 Trademark: It is the most useful tool and technique of protecting security. Many
organization uses their trade mark. It is a symbol which helps in differential product of
company from their rivalry companies. It is a tool which also use as promotion strategies.
Customers gets started with trademark symbol It also represent sign of goodwill.
Samsung uses various trademarks for their different products. The company uses
Samsung.com, Samsungs, galaxy forge, galaxy rivet, victory etc as their symbol and
designs of trademark (Rus, Oeij, Pot, and Totterdill, 2019).
M4Build a detailed innovation business case which includes how to measure its overall
effectiveness
Samsung is one of the major business organization corporate sector to maintain its position in
market it launching new products the company introduced Samsungs tablet and for its success n
market it apply various marketing strategies with analysis of marketing condition before
launching the tablet Samsungs test it and then introduced it in market.
D2 Evaluation of the nature of innovation and its uses for overcome challenges to develop
successful innovation
Innovation is dyadic in nature it can be favourable and unfavourable for business organization as
it is totally depend on the perceptions and demands of public whether the accept and reject it.
Innovative products become commutative advantage for companies to gain the lead position on
the other side i innovation not accepted then organisation bear loss, which many be the reason of
liquidation. Innovation is risky but it provides opportunities and increase abilities of
organizations. Samsung in s in lead position because it take risk and introduced new products to
their customers.

CONCLUSION
From the above analysis it has been concluded that innovation and commercialization is
essential part for success of an running business organization. Innovation is related with
converting creative idea into realty and commercialization is using this idea as competitive
strategy by introducing these ideas into market. To coverts creative idea in rivalry manger
need s to follow systematic process of innovation fugal. They also uses commercialization
funnel process which help in enhancing their sales rate by attracting target market customer.
This report also help in identifies idea, tools and method which help organization to protect
their rights from their rivalry (Rus, Oeij, Pot, and Totterdill, 2019).

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