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Managing Innovation in Business: Assignment

   

Added on  2020-10-22

9 Pages2767 Words375 Views
Managing Innovation inBusiness

Table of ContentsINTRODUCTION ..........................................................................................................................1Organisation and industry overview ..............................................................................................1Organisation and innovation history...........................................................................................1Samsung' s existing innovation and capabilities.........................................................................2The industry in 2018...................................................................................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7

INTRODUCTION Innovation is determined as the practical application of improved solutions that fulfil newrequirements, existing market needs, unarticulated needs, etc. It refers to something first andmuch effective or result, which creates value into the market (Andersson, Forsgren and Holm,2015). Samsung which is a South Korean company deals in consumer electronics, semiconductors, smartphones, apparel and home, appliances, etc. has been taken in this report forstudy. Organisation history is described in this project with PESTLE analysis. Further, SWOTanalysis of company to identify external factors is also explained. Along with this, Porter's fiveforces of model to identify market threats is also mentioned.Organisation and industry overview Samsung which is a South Korean company established on 1 March 1938 and its head office isin Samsung Town Seoul. It deals in apparel, electric components, semi conductors, DRAM,automotive chemicals, telecommunications equipments, consumer electronics and homeappliances.Organisation and innovation historyInnovation can be merely defined as inventive thoughts, new ideas, imaginations in device formor method. It refers to the process of converting an idea or creativity into a product or servicewhich creates worth or for which consumers pay. Innovation create large opportunities and areinstant for the aliveness, economic growth and prosperity of company.PESTLE analysis of Samsung:- PESTLE is a strategical logical tool which is used toevaluate the impact of extrinsic factors on business organisation (Carlborg, Kindström andKowalkowski, 2014). In other words, it is used by the organisations to determine macro factorsin the environment which affects a business in both positive and negative way. SAMSUNG usedcritical analytic thinking of political, technological, economic, environmental, legal and socialfactors to innovate and launch new products in their history. Political:- Political factors involves – government policies, power centralization, politicalviolence, powerful foreign relationships, etc. As it is a South Korean company then it shouldhave appropriate measures for confidence building with North Korea. Having good foreignrelations and political intent for economical reforms in past years helped Samsung in launchingnew products. As , it established electronics and its semiconductors in 1970's.1

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