Innovation and Commercialisation

This presentation discusses the concept of innovation and commercialisation, focusing on Samsung as a case study. It covers the stages of the commercial funnel, new product development, and the new business case of Samsung. The presentation also highlights Samsung's mission and its source of innovation.

Innovation and Commercialisation
P5 and P6

Table of Contents
 Introduction
 Commercial Funnel and Application
 Stages of Commercial Funnel
 New Product Development
 New Business Case of Organization
 Conclusion
 References

Introduction
 Innovation is the creation and discovery of novel idea and methods
which are being implemented in order to ease the working of customers
and satisfying the underserved needs of society.
 This report is based on Samsung private limited. Samsung is the largest
conglomerate of south Korea.
 It manufactures electronics items such as smartphones, televisions, air
conditioners, and many more.

Commercial Funnel And Application
 It is define as the stages from which a sales person go through in order
to convert a prospect into a final customer.
 A sales person demonstrate products to lots of customer than only few
prospect turn into customers.

Stages of Commercial funnel
 Making Consumer aware: In this stage the company create awareness
among customers with help promotional and advertisement activities.
 Creating Interest: In this phase of commercial funnel marketers takes
all efforts to make customers exciting towards the product.
 Purchase: In the last stage of commercial funnel customers finally
decides to purchase the goods and services.

New product development
 The detail description of stages new product development are given
below:-
 Idea Generation
 Screening:
 Conceptualization
 Business Analysis
 Product Development
 Test Marketing
 Commercialization

New Business Case Of Organisation
Steps Description
Summary SAMSUNG is one of the leading electronic company which is famous for innovative products. In this case Samsung introduce new product “ Samsung- FH” where F stands
for foldable and H stands for holographic. It creates a great impact on the technology sector positively to attract more customers.
objective The aim of Samsung is to provide best and unique electronic products to their customers including digital media, semiconductors, memory chips and integrated systems.
They belief in value the customers and give their best efforts.
Mission Samsung mission is to utilize their work force and technology to create superior quality offerings which contribute to a better gloabal society.
Source of innovation Here, the innovation source is decided as per the consumers suitability. In the present scenario changes occurred in the phones in terms of folding and using 3D glass in
making the phones.
Solution For this managers of Samsung has an effective idea and strategies by which users are ready to use it for this potential customers will be targeted.
Innovation in product Foldable and holographic glass used to make a phone that provide users a 3D images without using any special glass. This is for premium customers who are very conscious
about the new arrival. In this company spend more on R&D team which results in more profits by developing the unique products.
Target market In this they target those customers who are very much addict to using new technology products. Positioning can be done by using retail counter or by using different
promotional tools like television, social media etc. which create a great impact on the sale of the product.
Source of funds There are various source of funding that a company use to innovate new products. These includes bank loan, friends and family ,government corporation etc.
bank loan- it refers to that loan which was given by the banker to the borrower on behalf of their execution of an effective plan. It covers low interest rate and have secured
type of loan .
Government assistance- country like UK, government provide funds in terms of small business loan,grants etc. in this government provide tax rebate to promote innovation
in the business.
In this company use government assistance to promote their business in a wide area or developing the product.
Benefits It can create more benefits in terms of good brand image,maximising returns, satisfy customers, and improves the productivity.
Monitoring and
controlling
At the time of maintaining the actions and functions in innovation and launching unique products in market, manager can monitor and control the customers actions
regarding the products and take effective action according to that.

Conclusion
Thus it is concluded that commercial funnel is important for organisation.
The new product development will be foldable phone with holographic
projection. The new innovation business will enhance the growth of the
company as well as living standard of people.

References
Aryal, P., and et. al., 2016. Parameterized complex dielectric functions of
CuIn1− xGaxSe2: applications in optical characterization of
compositional non‐uniformities and depth profiles in materials and
solar cells. Progress in Photovoltaics: Research and Applications.
24(9). pp.1200-1213.
Henttonen, K. and Lehtimäki, H., 2017. Open innovation in SMEs.
European Journal of Innovation Management.