Managing Innovation in Business

This report explores the importance of managing innovation in business and its impact on growth and development. It focuses on the innovation history of Samsung and evaluates its existing innovation performance and capabilities. The report also discusses the industry trends in 2020 and the opportunities and threats it presents. It provides insights into the strategies for managing innovation effectively.

Managing Innovation in
Business

EXECUTIVE SUMMARY
New and innovative technology play important part in organisation as it help in growing
organisation. It is very essential for business to conduct business activities by considering high
and advance technology. This is lead to successfully achievement of targets and mission. In this
report management of innovation in a particular business is evaluated and this will help in better
understanding o innovations. This will have significant impact over business as well as
development of products and services. Samsung business is offering its products and services to
different part of the world and it is essential for this organisation to develop effective and
efficient business strategies as well as managing innovation in correct manner. In this report
evaluation of organisation as well as its innovation history is conducted. From this it has been
analysed that it is very strong company which has developed its brand value in market place by
offering advance product and services as per customers needs and requirements. Samsung
company has continuously growing its innovation and technology as well as managed it
properly. This report is helpful in understanding existing innovation performance as well as
capabilities of Samsung organisation. From this has been identified that this company is able to
manage innovation in effective and efficient manner as well as developed products which lead
to meet with customer requirements. Samsung has various strengths which are considered as
positive factors for respective organisations. There will be huge changes in upcoming years in
respective industry.

Contents
EXECUTIVE SUMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................2
MAIN BODY...................................................................................................................................2
The organisation and its innovation history...........................................................................2
The organisation existing innovation performance and capabilities......................................3
The industry in 2020...............................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7
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INTRODUCTION
The report is developed with the motive of identifying as well as evaluate the impact on
innovation over industry and company. Innovation refers to any creative ideas, through or
process which will help in developing something useful (Archibald and Archibald, 2016.
Company needs to use innovative tools or techniques in its organisation functioning as it will
assist in enhancing its productivity and profitability. This report includes as complete detail
about innovation in Samsung company. This report consist of its history of innovation as well as
information about organisation present performance of innovation or various potentials. This
report will also includes evaluation of industry in upcoming future.
MAIN BODY
Information about company and its history of innovations.
For conducting this report chosen company is Samsung. This is a Korean enterprise that is
performing its business activities in Conglomerate sector. Respective organisation is providing
its various kind or variety of commodity as a electronic products, automotive,
telecommunication, home appliances and many more. Samsung business is manufacturing
advance or innovative goods or products to potential customer that is located in several market
areas all around the globe. Samsung is well known company as it is creating strong market
values as well as developed positive relationship with customers by full filling needs and wants
of customers. This company was developed in year 1938 and this organisation was formed by
Lee Byung Chul. Its headquarter is situated in Seoul South Korea. Samsung company is majorly
known for its Electronic product or commodity worldwide and it is specialized n production of
large number of products by using new and creative innovation process (Biemans, 2018). This
company first entered into electronic services industry in 1969 with range of high quality
products. its first electronic products were black and white televisions. In 1970, Samsung
company exported its high quality commodity and services to various locations world wide.
During this area respective company was developing its products in South Korea only and
distributing its products overseas to increase its sales and profits. The major expansion in
Samsung technology was occurred during late 1970’s or early 1980’ s (Samsung, 2019). This
time duration is considered the area in which this company has rapidly expand and enhance its
technology and better relations to targeted consumers.
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Samsung organisation has developed its electronic branches as well as created aerospace. It
has also established Samsung Data Systems which is also known as Samsung SDS and its was
brought about in 1985. This motive of developing Samsung data systems is to full fill growing
needs of business for system development. This is the major factor for developing Samsung
company as a leaders of information technology services. Samsung company has been always
proven its experience in development as well as production of new and innovative products. this
company has manufactured range of electronic products which consist of mobile phone
television and many more electronic products (Lager, 2016). Samsung organisation has potential
to turn simple mobile phones into multi functioning devices. History of Samsung company is
always towards growth and development of innovation and technology. This company has used
new and creative process of innovation in development or production of products. Samsung
company is developing products which is able to meet with its customer demand and
requirements.
Current or existing capabilities as well as innovation performance of the business.
Innovation performance refers to the the key driver which will help business to perform
better. It will aid in creating right and appropriate strategies or plan in getting competitive edge
over different competition companies (Mir, Casadesús and Petnji, 2016). This company is
developing innovative products which is as per need of customer. Production of products and
services that is provided by respective organisation is able to meet with the market trends and
helpful in full filling customer requirements. Samsung existing innovation performance includes
its mobile phones. It is high quality products with updated and modified technology. These
product has creative design and specially develop by considering requirements of customers.
In order to analyse as well as evaluate the performance as well as capabilities of Samsung
organisation will have to determine or analyse its micro business environment. This will lead to
have impact on Samsung organisation to analyse their capabilities with the motive of increase
them as well as achieve various opportunities. This will be helpful in overcoming weakness and
dealing with threats and aid in attaining goals and aims that is set by Samsung company.
Capabilities are very important part of Samsung company as it has help in performing tasks and
improve business performance. For analysing capabilities of respective company it is essential to
use SWOT analysis tool. This is considered as an effective techniques which will lead to analyse
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internal strength and weakness of business as well as determine external opportunities and
threats for developing better strategies (Möller and Halinen, 2017). SWOT analysis stands for
strength, weakness, opportunity and threat. This is mention below in detail.
Strength – Samsung company provide wide range of products and its product range
includes set of mobile phone, home appliances, tablet, TV, camera, printer and many other
electronic products. This company holds a significant market share by offering right and
innovative commodity or services to consumer. Its major strength is its innovative ideas as well
as innovative business process which will have major impact on all development or improvement
of respective business. This company has proven its innovation in smart phone sector by
developing and offering high quality products to customers. Samsung company is using creative
as well as advance tool and technology in its organisation operations in order to offer products
with innovative design.
Weakness – Its major weakness consist of failure in some of the products which have
unsupportive effect on respective organisation. (Prange and Schlegelmilch, 2018). This company
is not able to beat its one of the major competitor Apple Inc. Samsung organisation is lacking in
some of the key area of development of products as well as marketing it to desired customers.
this company is heavily dependent on electronic sales which has very limited potential towards
the overall growth and development of business. Samsung marketing efforts are not up to the
mark in more to increase performance of business.
Opportunity – There are various opportunities for this company in order to increase its
market share as well as development of business. This is important for this respective
organisation to exercise its strengths in effectual and efficient way. Through this company is able
to meet with desired goals and objectives. Samsung company needs to continuously upgrade or
improve its technology so that company is capable to meet with the needs and wants of
consumers (Prokop and Stejskal, 2017). Samsung company has to develop new and strong
marketing strategies in order to improve its business process as well as lead to overall growth of
organisation.
Threat – This business has major threat from its competitor organisation as Samsung
organisation is transaction it activities in extremely competitive surroundings. It is very
important for this company to develop effective strategies in order to deal with rival companies
and any change in competitors strategy will directly influence on business of Samsung. This
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company has also issue and problem by new and emerging products and services of challenger
organization such as Apple, Nokia or various another business. This company has also threat
from changes in demand and need of customers as it will have huge unsupportive effect on
respective company.
The industry in 2020.
It is very important for Samsung company to analyse as well as evaluate new and emerging
trends in market area (Strobel and Kratzer, 2017). This will help in understanding the
performance of business as well as developing strategies for the development of business.
Samsung company will be able to perform better when its is well aware able the industry as well
as new products that is launched by other rival company. This will have significant impact over
the organisation as well as affect its business decisions. This company is offering its product and
services in wide range of market area so it is essential for this organisation to complete detail
about current industry scenario as well as industry in upcoming years. There are various changes
in industry of 2020 and it is mention below.
Digital health – In the near future most of the people will have holistic view over their
heath and heath issues. There will be huge demand of digital heath care products as these
products will be helpful in supporting health and fitness of individual. Samsung Company should
develop these products as well as provide a platform of digital heath.
Autonomous mobility – Most of the activities of an individual is dependent upon mobile
so it is very important to develop as well as enhance features of mobile. This will help in meeting
with customers needs and requirement (Talukder, 2016). Autonomous mobility will support
daily activities of a person as well as will help in perform task in better and effective manner.
Artificial intelligence – This will have positive impact over all activities of a person and
industry. This will be a great move for Samsung company to develop more artificial intelligence
product and help in gain edge over other rival companies. Artificial intelligence product will be a
multi modal product that can perform different task.
Data infrastructure – In upcoming year there will be huge development in data
infrastructure as most of the work will be based on data. It is very important for this industry to
create and develop data infrastructure products in order to enhance overall performance.
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Internet of things – Internet is considered as way of changing way in which people are
engaged towards the world. This industry will develop its product and services in order to
enhance living standards of individual (Tidd and Bessant, 2018). This will be helpful in
improving and changes services related to housing, safety, security and many more.
Security and privacy – This industry will be developing products which will be helpful in
maintaining safety and security (Van Lancker, Wauters and Van Huylenbroeck, 2016). It is
essential for Samsung company to develop such products in order to increase its demand in
market area as well as maintaining strong relationship with customers.
CONCLUSION
From the above report it can be concluded that its is essential for company to use new and
innovative technology in its business process. This will help in overall development of
organisation as well as offering those products which is able to meet with the requirement of
customers. An organisation should always analyse its innovation process and its capabilities. So
that they can develop better products and services as well as develop effective strategies in order
to deal with customers requirements.
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REFERENCES
Books and Journals
Archibald, R.D. and Archibald, S., 2016. Leading and Managing Innovation: What Every
Executive Team Must Know about Project, Program, and Portfolio Management.
Auerbach Publications.
Biemans, W., 2018. Managing innovation within networks. Routledge.
Lager, T., 2016. Managing Innovation & Technology in the Process Industries: Current practices
and future perspectives. Procedia Engineering. 138. pp.459-471.
Mir, M., Casadesús, M. and Petnji, L.H., 2016. The impact of standardized innovation
management systems on innovation capability and business performance: An empirical
study. Journal of Engineering and Technology Management. 41. pp.26-44.
Möller, K. and Halinen, A., 2017. Managing business and innovation networks—From strategic
nets to business fields and ecosystems. Industrial Marketing Management. 67. pp.5-22.
Prange, C. and Schlegelmilch, B.B., 2018. Managing innovation dilemmas: The cube solution.
Business Horizons. 61(2). pp.309-322.
Prokop, V. and Stejskal, J., 2017. Different approaches to managing innovation activities: An
analysis of strong, moderate, and modest innovators. Inžinerine Ekonomika/Engineering
Economics, volume 28, issue: 1.
Strobel, N. and Kratzer, J., 2017. Obstacles to innovation for SMEs: Evidence from Germany.
International Journal of Innovation Management. 21(03). p.1750030.
Talukder, M., 2016. Managing innovation adoption: from innovation to implementation.
Routledge.
Tidd, J. and Bessant, J.R., 2018. Managing innovation: integrating technological, market and
organizational change. John Wiley & Sons.
Van Lancker, J., Wauters, E. and Van Huylenbroeck, G., 2016. Managing innovation in the
bioeconomy: An open innovation perspective. Biomass and Bioenergy. 90. pp.60-69.
Winterhalter, S., Zeschky, M.B. and Gassmann, O., 2016. Managing dual business models in
emerging markets: An ambidexterity perspective. R&D Management. 46(3). pp.464-479.
Wymbs, C., 2016. Managing the innovation process: Infusing data analytics into the
undergraduate business curriculum (lessons learned and next steps). Journal of
Information Systems Education. 27(1). p.61.
Online
Samsung. 2019. [Online]. Available through:< https://www.britannica.com/topic/Samsung-
Electronics>.
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