Innovation and Customization in Organization

Innovation and
customization

Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
P1 Innovation and its importance in organization..................................................................3
P2 Organization vision, leadership, teamwork, culture to shape Innovation.........................4
LO 2.................................................................................................................................................5
P3 4p's of innovation..............................................................................................................5
P4 Developments in frugal innovation...................................................................................7
LO 3.................................................................................................................................................8
P5 Importance of commercial funnel and application of new product development............8
P6 Innovation business case for Samsung Electronics...........................................................8
LO 4...............................................................................................................................................10
P7 Tools that organization can use.......................................................................................10
CONCLUSION..............................................................................................................................10
REFERNCES.................................................................................................................................11

INTRODUCTION
Innovation means creation of new idea or a method that helps business to develop in
market. It makes businesses to develop at large for effective use of there business . Creativity
brings competitive advantage to business and helps business to develop a new product in market
and effective utilization of plan that are formed for development of innovation in product
(Pantano and et.al., 2017). Origination helps to introduce new product in market and helps in
effective use of resources of market. In this report shows how an company like Samsung
Electronics will bring creativity to their product and how they implement innovation in business.
Samsung Electronics needs to prepare strategies to bring new things in market. It helps them to
establish their business effectively. Samsung Electronics needs to show importance of innovation
for success of business. Samsung Electronics uses different policies in business.
LO 1
P1 Innovation and its importance in organization
Innovation is the process of implementing new things to get the best results. Process of
something new like new idea, something creative, or a new method that helps business to
develop. innovation can be implemented with help of market research or new technologies on
existing product (Mladenović and Vukojević, 2019Samsung Electronics is a multinational
company and one of leading electronic company of U.K. They need to bring innovation in their
product to gain competitive advantage over market. Samsung Electronics needs to improve their
product or bring innovation by introducing mobile products in a market that attracts customer
towards their business. Innovation helps them to engage customers with their brand.
Importance of innovation
Solve problems
Samsung Electronics is big company which offers TV, AC, mobile etc. and being a large
business problem arises is common for business. Samsung Electronics wants to do product
innovation dn want to make mobile that has capability to store huge data. creation of a new
product or innovation in existing products helps Samsung Electronics to solve problems and
development of their business (Medrano and Olarte-Pascual, 2016).
Increase productivity
Samsung Electronics needs innovation to increase productivity of their product. Samsung
Electronics needs to exclude those services which are unwanted for business and include those

new products that are effective for business to improve productivity. Samsung Electronics needs
to demonstrate new ideas and choose one of them that helps in increasing productivity of
business (Roy and et.al., 2018).
Market your business
Innovation helps Samsung Electronics to engage large number of customers with their
company and effective use of those resources (Ye, Zhu and Lu, 2019. rarity of product helps
Samsung Electronics for effective marketing of their business.
Beat your competitors
Innovation helps Samsung Electronics to bring new product in market. creativity helps
Samsung Electronics to beat their competitors. It helps Samsung Electronics to develop an
effective way to create a new product and help Samsung Electronics to grow their business.
Innovation Vs Invention
 innovation means when Samsung Electronics creates a new idea for their existing
product. Invention means introduction of a new product
 innovation provides customer satisfaction with help of new method or idea. Invention
means creation of new product to satisfy customer wants (Schueffel and Vadana, 2015).
P2 Organization vision, leadership, teamwork, culture to shape Innovation.
Vision
Samsung Electronics has a vision to develop their business and become a top company in
electronic market and provide products to customer that satisfy their wants. To achieve vision
of company Samsung Electronics needs to bring innovation in their product for development of
business. vision needs to be understand better and in effective way so that with origination we
are able to understand effectiveness of business. It helps business to bring new things in their
product (Govinnage and Sachitra, 2019).
Leadership
leader of a business helps them to develop vision for business to achieve goals of
business (Bennedsen and Foss, 2015. leaders motivate employees to take actions towards
development of business. leader motivates employees and provide opportunity to employees to
think creatively for development of business. leader influence each and every employee of