Innovation and Commercialisation

This presentation explores the concepts of commercialisation and innovation in business, with a focus on Samsung Electronics. It discusses the importance of the commercial funnel and the application of new product development. The presentation also includes a detailed business innovation case of Samsung and highlights the nature of the business. It concludes with the significance of bringing changes and making innovative decisions in business.

Innovation and
Commercialisation

Table of Contents
 Introduction
 Importance of Commercial Funnel
 Application of New Product Development (NPD)
 An innovation case of Samsung
 Detailed of innovation business case
 Nature of business
 Conclusion
 References

Introduction
In order to make business successful, it is necessary to know about
overall trends of market. This presentation is going to evaluate the
concept of commercialisation and innovation in business, which is
based on Samsung Electronics and consider as world's largest
multinational electronic organisation.

Importance of Commercial Funnel
Commercial funnel is defined as entire journey of consumers to
purchase products of a company. With the help of commercial funnel,
Samsung can attract more customers and convince them to buy their
products. There are different steps associated with commercial funnel
like opinion, preference, awareness, purchase, consideration etc. All of
these elements can be used by firm to attract and impact purchasing
decision of customers.

Application of New Product
Development
New product development is a process in which a new product is
developed by a firm. This new offering benefits a company in
increasing their sales and customer base due to which high profits
can be earned without any compromise. Samsung is going to
introduce Samsung Microwave so that company can earn wide
profits from its sale.

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Steps to develop a new product are mentioned below:
Idea Generation: It is the first step in which new ideas to develop a product
are generated. In case of Samsung, firm is going to introduce Samsung
Microwave which will attract the attention of customers due to their
advance feature i.e. voice assistance. This idea will benefits the company
in earning high profits and revenues.
Idea evaluation: Under this step, idea introduced by Samsung will be
evaluated to identify if this idea is capable to attain expected outcomes or
not. If idea is not able to achieve success, it is eliminated and new idea is
considered.

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Development of Concept: After evaluation, idea of company is transformed
into a product concept. In context with Samsung, generate idea will be
tested by small group of customers to identify the response of customers
for this product.
Marketing Strategy: In this step, different strategies are formulated so that
new product can be popularised among customers and marketplace.
Business analysis: Under this step, sales, costs, profits and other expenses
of company will be reviewed so that organisational aims can be attained
in a proper manner.

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Development: In this phase, actual production of new product will
take place i.e. Samsung Microwave will be manufactured by
incorporating required modifications.
Test Marketing: Under this step, new product of Samsung will be
passed from various tests so that effectiveness of product in
alluring customers can be acknowledged.
Commercialisation: This is the last stage of NPD in which Samsung
Microwave will be launch within market so that organisational
goals of Samsung will be attained.

An innovation case of Samsung
Business case is referred to the written file or document that involves
all the strategies and tactics to gain high advantage within
marketplace. Business case of Samsung will include all those
information that is needed by them to compete against rival firms.
For Samsung, business case is stated below:
Executive summary: Business case of Samsung involves information
about the mission, aims and target of company along with results of
marketing analysis, financial projections of company. By this, actual
performance of company can be identified in a systematic manner.

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Mission statement: Mission of company is to earn high profits so that
advantage over rivals can be achieved.
Objective: Main objectives of company are stated below:
 Offering high quality products to customers to gain high revenues
and market shares.
 To increase their sales by 30% in upcoming 6 months.
Financial projection: To introduce new product, Samsung requires
funding of 100 million pounds.

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Resources: Main resources needed by company to produce their
products are, capital, raw material, skilled labour, expertise engineer
etc. With the help of these resources, work of company can be
managed in a systematic manner.
Market analysis: Here, manager of company adopt different strategies
like market mix strategies or porter's generic strategies so that
maximum number of people can acknowledge new products of
company and market can be analysed properly.

Detailed business innovation case
Business case is the better approach which is generally used by
organisations in order to make unique plan or activities to achieve
goals. In context with Samsung Electronics, they always needed to
apply huge fund for implementing on new technologies. By having
this type of business mind set they can target their goals and work
accordingly.

Nature of business
According to the Drucker's point of view, 2014 innovation is very
helpful form which is associated with developing and growing
good image of goods and services. In context with Samsung
he said that, if they use different types of policies so that they
can easily achieve their targeted goals by giving huge
facilities to customers.

Conclusion
Regularity in business with specific approach is not applicable every
time, therefore, it is essential to bring few changes within the rule
and policies of an organisation. There are so many ways by which
manager of an organisation think innovative and able to implement
on these ratio of policies. With the help of this they can make better
plan or take positive actions towards better decisions.

References
Ahn, J. M., Minshall, T. and Mortara, L., 2015. Open innovation: a
new classification and its impact on firm performance in
innovative SMEs.
Greenaway, D. and Rudd, C. D. eds., 2014. The Business Growth
Benefits of Higher Education.
Palgrave Macmillan.Mazzarol, T., and et.al., 2014. Perceptions of
innovation climate and the influence of others: A Multi-country
study of SMEs. International Journal of Innovation Management.
18(01). p.1450009.

Thank You