Innovation and Commercialisation

This assignment discusses the importance of innovation and commercialisation for Samsung. It explains the concept of innovation and its significance for the organization. It also explores the 4Ps of innovation and the innovation funnel. Subject: Innovation and Commercialisation, Course Code: N/A, Course Name: N/A, College/University: N/A

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1 Explain the innovation and its importance for the organisation as compare to invention.....3
P2 How organisational vision, leadership, culture and team work can shape innovation and
commercialisation.......................................................................................................................5
TASK 2............................................................................................................................................7
P3 Describe 4Ps of innovation....................................................................................................7
P4. Developments in frugal innovation.....................................................................................11
TASK 3..........................................................................................................................................12
P5. Importance of commercial funnel and application of New Product Development (NPD).12
P6 Build a business case...........................................................................................................13
TASK 4..........................................................................................................................................15
P7 Evaluate the several tool of protecting the intellectual property.........................................15
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Innovation refers to the ways or activities of an organisation in order to launch a new
product in the market. It is essential for the organisation to adopt some innovation in their
processes so that all the operations or activities can be operated as per the current market
situation. Whereas, commercialisation depicts as a process which is helpful in converting
something into a product and service. It includes various activities like production, distribution,
marketing, sales, customers support and many others. The chosen organisation for this file is
Samsung which is a South Korean multinational conglomerate. The company has current decided
to expand its business by launching new product that is a new mobile phone which has both
features like QWERTY keyboard along with the touch system. This assignment will cover about
the innovation and its importance, 4Ps of innovation and innovation funnel in term to shape the
innovative ideas. In addition, the detailed explanation of commercial funnel, application of new
product development and business case which will help the business to achieve their objectives.
TASK 1
P1 Explain the innovation and its importance for the organisation as compare to invention
Innovation: It is considered as a most effective approach of the business which lead the
organisation towards success and growth (Definition of innovation, 2019). As it refers to the
converting an idea into productive goods and services which will be able to create value for the
customers so that they can easily pay for it. In other words, innovation is not only related to bring
some changes in their processes and methods but it also concerned for innovate something new in
the marketplace in order to attain higher profitability and recognition in the marketplace. For
example, earlier Samsung has its phone with the facility of back camera only but later on the
company has launched innovative feature of front camera also.
Importance of innovation:
It is beneficial for the Samsung as it enhance the creativity within the organisation which
will help them in attract a range of customers in their products (Abdul Razak and Murray, 2017).
This also helps them in getting the competitive advantage from the marketplace. Moreover,
Innovation render sustainability to the organisation while implementing constant improvement
and re-branding.
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Invention: It is the act of developing or inventing new ideas and methods which has
never utilised before any of the business organisation (Invention, 2019). Other, it is the process of
developing an effective product or service in the marketplace which has never been introduced
before. For example, Samsung is a highly recognised and luxurious brand due to which the main
focus of them on inventing some new in the marketplace which have never been seen in the
marketplace. Due to this they are always able to stay ahead from their competitors and able to
attain higher profitability in the marketplace (Ahn, Minshall and Mortara, 2015).
Importance of invention:
Inventions helps Samsung in staying advance as compare to their competitors like lenovo,
Sony, ASUS etc. and also it enables them to teach their future generations. It also helps in
expanding the edge of human experience, abilities and knowledge. This also contributing in
professional development which creates a unique and separate device (Ameka, 2013).
Difference between invention and innovation
Basis Innovation Invention
Meaning This refers to implement some
modification in existing products and
services.
It is related to the occurrence of a new
idea which is introduced for very first
time.
Activities It considered as the combination of
several products and services.
The main focus of the invention is on
inventing a single product and service.
Skills required The marketing, technical and
strategic skills are necessary for
innovation.
In this aspect, a person must posses
scientific skills.
Occurs It occurs only when some changes is
required in the existing products and
services.
It happen only when a new idea comes
in the scientist mind.
Example Samsung give their focus on
innovating a new feature in their
mobile phones i.e. QWERTY
keyboard which enables the
customers to use the facility of both
Invention keyboard in phones by
Samsung enables in reducing the
inconvenience of using the touch
system in mobile phones who does not
have knowledge that how they can use
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touch and keypad facility. it.
Definition of commercialisation:
Commercialisation depicts as a process of introduce a new product or manufacturing
methods in the marketplace. This concept consider three important factors which includes
foremost is funnel which pertains that an organisation before invent something must go through
from various ideas (Commercialization, 2019). In the second phase, it described various level in
which each have their own importance and goals. At last, it stated that while inventing something
the business organisation needs to give their emphasis on including all the stakeholder so that the
effective methods and appropriate plan can be made (Dries and et. al., 2013). For example, before
introducing new QWERTY keyboard in their mobile phone they must go through from various
ideas and make their decision by involving their stakeholders so that best decisions can be made
up within limited period of time.
As the main vision of Samsung is to attract a range of customers towards their new
service so that the higher level of profitability and huge share of the market can be covered. This
vision is able to promote innovation and commercialisation as the achievement of this vision
depends on innovating their new feature in their phones that is QWERTY keyboard with tough
facility which promote the innovation in an effective manner as this facility enables customers to
experience the new technologies at the same time.
P2 How organisational vision, leadership, culture and team work can shape innovation and
commercialisation
Innovation is a crucial element of an organisation as it give a range of ideas to execute an
activity in an optimal manner. The both concepts includes innovation and invention very
important as these both helps in commercialising products in the market. In order to drive these
both factors in an effective manner a business require to give their focus on their vision,
leadership culture and team so that the all the activities can be operated in a systematic way.
Vision- It is the core element of the business as it depicts to that what an organisation
seeks to achieve in future time period. The vision of the Samsung is to enhance the innovation in
their products (About Samsung, 2019). For this, Samsung innovating new feature in their mobile
phones which enables the people to use the both facility keypad as well as touch system. Due to
this, it becomes essential for them to identify all the challenges and opportunities related to their
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new development so that they can operate all the activities accordingly and can shape up their
innovation in an effective manner (Gobble, 2013).
Culture- This factor plays a most crucial role in achieving the desired goals as it refers to
the belief, behaviour and value of the organisation in the employees as well as customer’s mind.
If the aim of the business is to become a leader in the marketplace through its innovation then
effective communication an effective culture is required. In order to stay competitive with the
help of their innovation in their products manager of Samsung needs to adopt effective culture
like cultural web as it consist six components within which help them in determining that which
things is better working or which not so that the necessary changes can be implemented. These
factors include Stories, rituals and routines, organisational structure, power structure, symbols
and control systems. The consideration of all these factors are very beneficial for example, if the
organisation will understand culture and adopt hierarchical structure then they will be able to
inspire their employees to adopt effective changes and can establish control on them (Hang Do
and et. al., 2014).
Leadership- It can be defined by the activities of leaders which they are operating in
order to influence and guide a group of people. A leader must have some skills like humility,
integrity, vision, delegation, positive and many others so that they can operate all the operations
optimally. The leaders of Samsung must focus on adopting effective leadership style like they
should focus on adopting like Steve jobs and democratic style so that they can enhance the
motivation and encouragement of the employees towards participating in introducing new
innovation and can also can insist them to come up with better ideas and thoughts so the the
betterment in products can be made (Abdul Razak and Murray, 2017).
Teamwork- In term to increase the innovativeness in the organisation manager of the
Samsung needs to give their emphasis on encouraging employees to do team work so that the
advantage of each individual skills and talent can be utilised in order to achieve the organisational
goals. In order to enhance the motivation of employees towards adopt new innovation the manger
must consider various components such as contribution, commitment, cooperation, conflict
management, change management and communication. As this will enable them to attain their
desired outcomes behind adopting innovation in their organisation which results higher
profitability and succession of the business. Moreover, team work will help manager of Samsung
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in bringing innovation in their existing products by working together in a define structure (Dries
and et. al., 2013).
Hence, it can be concluded that innovation and commercialisation plays a huge role in
increasing the customer’s satisfaction, gaining the competitive benefits and enhance the overall
profitability. In this aspect, all the above defined aspects give their huge contribution in shaping
the innovation and commercialisation. .
TASK 2
P3 Describe 4Ps of innovation
Innovation is the most crucial term for the organisation in order to make sustainability of
the business in the current marketplace. There are various types of innovation like incremental,
disruptive, architectural and radical. Here is explained two types of innovation like increment
innovation refers to the some updates in existing products and services with the help of
innovative technologies and processes so that some value can be added in existing products. For
example, Samsung can make some innovation in their existing product like they can add a new
camera in their mobile phones in order to enhance the convenience of the customers. Other,
disruptive innovation refers to the implementation of new processes and technologies in
developing a new products like Samsung develop a new mobile phone with the facility of touch
or keypad. So in this case it is necessary for the firm to formulate effective strategies and plans
which can be determined by using the 4Ps of innovation method which is describe below:
Product: It is related to the product and service of the company which pertains that
management of an organisation must focus on that how they can innovate their product and
services so that higher customer’s attention can be attained. Management of Samsung can
determine the needs and wants of the customers in this aspect which enables them to bring new
innovation as per the current market scenario (Hausman and Johnston, 2014).
Process: In this, the management of Samsung must give their focus on their processes
which are linked to the delivery of services to customers. In this aspect, they must assure that the
process which are followed by them is simple and effective and their service are rendered with
best quality so that customers interest can be maintained.
Paradigm: This component of the model depicted that management of Samsung require
to track the performance and implied needful changes on the regular so that they can operate all
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operations as per the market condition so that the success and growth of the organisation can be
ascertained. For example, if they will give the new feature in their mobile phones as per the
customers then they will able to gain higher profitability.
Position: It has the main focus on the position of new product and service in the industry.
In this aspect, the management of Samsung needs to introduce their new QWERTY keyboard
features in their mobile across those people who are seeking to take advantage of new technology
or techniques.
Innovation Funnel
Innovation funnel is a most appropriate approach which is used by the various
organisation to develop an innovative and ideal action plan. It has great significance for the R&D
department of Samsung as with the help of this they can evaluate the many products ideas and
screening them which helps them in selecting a best product to innovate in the marketplace.
Samsung can utilise the phases of innovation funnel in terms to improve their existing products
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which help them in providing best experience to their customers (Kutvonen, Savitskaya and
Salmi, 2014).
 Idea generation : This is refers to the activities of R&D department in which ideas
related to innovate a new product and service are making by assessing the available
opportunities and threats in the present internal and external environment. Herein,
Samsung also identify the solution for their problems (The Five Stages of Successful
Innovation, 2019).
 Concept investigation : In this stage, screening of the ideas included which have made in
first stage so that the best can be selected in order to successfully introduced innovation in
the marketplace. These ideas tested as per the customers, resources etc. in order to
implement idea effectively.
 Feasibility study : Herein, the profitability of the ideas determined and also technical and
economic feasibleness is tested. At this stage, Samsung will also recognise the risk and
opportunities which are attached with the ideas so that the best ideas can be formulated.
 Development stage : In this stage, the idea finally convert into innovative product and the
product is released in the marketplace. For example, here Samsung will ultimately launch
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their new product or service in the market for gaining the higher customers attention and
success.
 Post release phase : At this stage feedbacks from customers are collected so that
improvements can be brought in the products and services. This is the last stage where
Samsung organisation will take feedbacks from their customers so that the required
modifications can be made up in order to provide higher satisfaction to the customers.
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P4. Developments in frugal innovation
Frugal innovation: It is the process of discovering new ideas, models, value chain etc. It
is used to redesign product or present in front of customers through adding some unique features
which make it better from the previous one(Marion and Friar, 2012). This process will be done in
scalable or sustainable manner. This process also used in manufacturing process where it helps in
reducing product cost and try to eliminate the defects which affect the demand of products. It is
play important role in the business operations through following various principles. Some of the
principles are mention below:
 Find opportunities in hardship: This principle provide opportunity to the business to
take advantage from the situation which create various problems. It helps many
organizations to cope up with difficult conditions which further reduce overall cost. It
further maximise the profit margin of the company. In context of Samsung, company face
the various difficulties in the operations so manager have to make sure that company
identify opportunity from the tough situations.
 Do more with less: Organization have to understand that resources are limited so they
have to done maximum utilization of their resources which provide more output. This
principle help the business to allocate resources and used in effective manner which
further maximise the production as well as profitability. Manager of Samsung follow this
principle and make sure to use resources in optimum level that increase the demand of
mobile phones in the market.
 Think and Act Flexible: Every organization have to enhance their thinking process
which helps in developing strategies. Along with this, manager have to make sure that
company not in rigid nature but it can be improvisational. Organization must be flexible
with the situations and have to formulate strategies accordingly. In context of Samsung,
manager of the company have to change their operational activities according to the
market situations and requirement which further helps in meeting customer's expectation.
In addition, by using this principle company able to achieve their business goals &
objectives. For example: Samsung have to analyse technology market and identify the
current trends and it will used in the future decision making process in order to maximise
productivity as well as profitability. Change in the technology also provide huge
opportunity but in order to grab it company have to think and act flexible.
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 Keep simple: Under this principle management have to understand that simple process
will helps in maximising individual performance as well productivity of the company.
Manager of Samsung have to follow simple process in the production unit rather than
complex because it will generate more confusion and create conflicts among the people
who working in the organizations(Paradkar, Knight and Hansen, 2015).
Above mention principles help the Samsung company to maintain sustainability for the
longer period and provide various benefits through minimising cost of product or reduce the
errors as well as defects from the products. It further helps in achieving business goals &
objectives through increasing productivity or profitability.
TASK 3
P5. Importance of commercial funnel and application of New Product Development (NPD)
Commercial funnel also called sales funnel which is related to the buying process when
organizations lead customers at the time of purchasing goods. This function used by the sales
department in order to analyse the sales as well revenue of the company and make sure to
convert individual into potential customers. It is also very important for Samsung organisation as
it helps the company to promote their products in the market. Manager of Samsung company
follow this function in order to increase their product demand in the market among the customers
(What’s A Sales Funnel, And Why Is It Important?, 2019). For example, with the help of this
funnel manager of Samsung organisation can increase the awareness of the customers towards
the new innovation so that their interest can be developed at higher level which will provide
benefit to them as in increasing their sales and recognition.
New product development (NPD): It is the process which used by the organization
when they introducing new product in the market and it is based on the customer's requirement.
In context of Samsung company, before developing any product in the market manager have to
done this analysis which help them to identify key factors which is important to consider at the
time of executive their plan. Process of developing new product is mention below:
 Idea generation: It is the first stage where management have to develop idea regarding
new product and it will possible through analysing entire market. Research will be based
on customer's needs, taste, preference etc. Samsung company focus on enhancing mobile
features which make them different in the competitive market.
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 Idea evaluation: In this step, management have to make sure that idea will helps in
achieving business objectives or not. It further help the manager of Samsung to change
their strategies accordingly and change their decision for the success of business(Polzin,
von Flotow and Klerkx, 2016).
 Concept development: Under this step, Samsung company execute their ideas and
strategies into reality through developing product in the targeted market. Here Samsung
manager evaluate that how their products different from it competitors.
 Development of strategy: In this stage, R&D department of Samsung company select
the most appropriate or effective strategies to attract customers and increase their sales or
revenue as well.
 Examine business condition: Before developing their product, it is very important for
manager of Samsung to analyse the market and business condition that product is able to
sustain for longer period or not(Awalsh, Lee and Nagaoka, 2016).
 Product development: This stage include the process of developing product where
manager have to collect information regarding required resources for manufacturing.
Samsung launch new mobile phone with unique features which able to attract more
customers.
 Test marketing: After developing successful product they have to know reaction of
customers regarding that product and determine that it will satisfy the need of customers
or not.
 Commercialization: It is the last step where manager of Samsung have to identify those
activities or build registries to attract right customer of their products. Basically they have
to follow effective marketing strategy to maximise demand as well as profitability.
P6 Build a business case
Business case
It is explained as the documents which tells that how any of the project and can be
conducted and from the initial stage to ending stage. In context of Samsung, they are trying to
introduce the new QWERTY keyboard with the touch screen facility. Some of the components
which come business plan are discussed below:
 Summary- It is a brief exposure of business plan that will give detail about the business,
target market and the actions which are taken by Samsung to solve their problems. Along
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with this, it will also highlight the financial status of the company which allows the
investigator to invest after considering their business conditions (Xiao, Li and Liu, 2016).
 Background: It is the company which was founded in year 1922. It is working at greater
platform at the moment where they are providing one of the finest services to their
customers. Vision : To capture a big market place by offering various effective products
and services in the marketplace. Mission : The main mission of this firm is to increase
the level of technology in the marketplace and to attain higher range of customers by
introducing the new QWERTY keyboard in their mobile phone.
 Need that the innovation will satisfy : Samsung wants to perform at greater level where
they they will be able to satisfy the needs of those people who have not knowledge about
that how can use touch screen facility in the mobile phones.
 Innovation in products- Throughout their industry, the company uses the innovation
concept to produce the goods according to global market demands and to meet the needs
of buyers. The company's development team must use creative methods to introduce the
concept of QWERTY keyboard in their mobile phones so that customers can be attracted.
 Opportunity in market : Opportunities for the Samsung is large in the marketplace as it
will enhance the convenience for the people to use the mobile phones.
 How will product meet that need : By using the facility of key pad along with the
touch system will be able to meet of a range of people needs.
 Competitive edge : It will able to firm to gain higher competitive advantage as the
feature like QWERTY keyboard has never ever been introduces by any other rival of
them.
 Size and growth possibilities : By innovating the product the sales of Samsung will
increase by 40% as it is providing the facility both keyboard and touch which is most
preferable by every age group of people (Yin, Shi and Yan, 2014)
 STP strategies: In order to make their innovative products successful Samsung will
adopt STP strategies which are as follow:
Segmentation: With the help of their new feature i.e. QWERTY keyboard in their
mobile phones they are segmenting people as per their age, behavior and perception. As this will
help them in providing new product to the right customers at right time.
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Targeting: Samsung is targeting those people who are more interested in taking the
advantage of technology and those who feels difficulties while using the touch facility in mobile
phones. This strategy helps them in meeting the needs of the right customers with new
innovation which will results higher profitability of them.
Positioning: As they are coming with an attractive feature in their mobile phone which
gives facility to the customers to use both touch and keyboard facility which has never have
introduced by any other person due to which they would be able to make a higher or leading
position of themselves in the marketplace.
 Strategy : Samsung organization will adopt the economy pricing strategy in order to
attain the higher customers attention and interest of the people towards their products.
 Promotional strategy : Innovation will be advertised in the marketplace through social
media, offering discounts and print media.
 Funding: Company like Samsung have the option to take the help of bank loans, peer to
peer lending, Financial institution, angle investors etc. to raise the fund for completing
the specific task which they want complete.
Bank loan: It is a more secure source of collecting funds as in this loan is given by banks for a
specific period of time so that a person who is taking loan does not have to face any kind of issue
to repay loan amount.
Financial institutions: Samsung also can take help of financial institutions as it will give funds at
lower interest. They can utilise this source in promoting their QWERTY keyboard in the market.
Friends and family: In order to maintain small level of activities they can arrange funds from
family and friends as it will enables them to return funds in an ease manner.
Therefore, for collecting their funds Samsung will consider the Bank loan as it will give them a
specific time period to repay their loan amount. Other, also they will use the angle investors to
where they can get enormous amount of capital so that they can operate their business activities
effectively.
 The ask: It is the stage in which manager of company will need to focus on the feedbacks
and review which customers give towards the new product.
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TASK 4
P7 Evaluate the several tool of protecting the intellectual property
Intellectual property is define as the set of intangible creation of human intelligence. It
contains various tools within which have great importance for the company as it will provide the
higher security to the organisation to save their rights and ideas from their rivals. In order to stay
ahead from the competitions it is essential for the Samsung to protect their methods, technologies
and ideas so that the another contestant can not use this. In this context various tools and
technologies are available which can be utilised by the organisation to protect their rights and
ideas (Tools for Protecting Your Intellectual Property, 2019). These are as follow:
Patent : This is considered as a rational holding which provides the right to the company
so that other rivals can not manufacture and marketing it same products. This right is given for
a limited period of time which needs to be renewed after expiring. The major advantage of it that
it will give the right to stop other companies from manufacturing and copying. Other, the main
disadvantage is it incur higher cost in gaining a patent and renewed it after a certain period of
time.
Copyright : It is related to exclusive right which is given that person who has done some
artistic work. For example, A copyright does not have a specific time period as it is given to that
person who is indulging in writing poems, songs, movies and novels so that their original ideas
can not be utilised by any another. The main advantage of it is valid for long time whereas it has
disadvantage also as it protect only a specific aspect of idea not defend the concept itself(West
and Bogers, 2014).
Trademark: It is reflects as names, symbols, phrases which helps the organisation to
make its products and services different from others so that a specific identity of company's
products can be maintained. This provide higher security and separate identity to the organisation
product which is a main advantage of it but for maintaining it an organisation have to pay a fee
in every 10 year.
From the above discussion it can be said that Samsung must use Patent as it will help
them in reducing the fear of using their rights by another firm. So that they will be able to make
their own identity in the marketplace and attain higher success and growth in the marketplace.
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CONCLUSION
From the above file, it can be concluded that innovation is the most important part of the
organisation as it helps them in operating all the activities or operations as per the current market
scenario. With the help of innovation term an association can bring some effective changes in
their products and services which helps them in meeting the customers requirements and render
them great satisfaction. Innovation can be bring effectively by considering the 4Ps of innovation
by identifying that where the improvement is essential. After that, a new product development
plan has been made so that new product can be launched appropriately in the marketplace. Also,
business can has formed which help in representing all the steps which are required in bringing
innovation.
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REFERENCES
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