Table of Contents Introduction......................................................................................................................................3 P 1 Importance of Innovating and Invention...............................................................................3 P 2 Significance of Innovation In Samsung................................................................................5 P3 4 Ps of innovation..................................................................................................................1 P4 Frugal innovation...................................................................................................................2 P5 Development of New Product for Commercialization of Innovation...................................3 P6 Business innovation case and Reason for assessing funding.................................................4 P7 Different tools for developing and protecting, retaining and intellectual property...............4 CONCLUSION................................................................................................................................5 REFERENCES................................................................................................................................6
Introduction Innovation is an action towards newness in the existence like any new method any new idea to develop or to grow business, as innovation is the process of improvement in the current idea with the new and addition in any business which take a business and give the ladder to go higher in there respective sectors are innovations(Naughton. and Foss, 2019). Translation of an idea or any invention to create something new which gives new values or add values to the good and services is called as innovation. New idea and creative thoughts are generated in the form of device and method. Innovation often knows for the betterment for the application and also provide solutions to the problems. Innovation is the practices which is generated fromthe humans mind and also breaks the analog of whatever is in the market or in the existing market. Commercialization is the process of generating the new and fresh way marketing and producing the good and services in the market(Kate. and Poirot, 2019). Commercialization helps and guide the innovative idea which can bring profits in the market, commercialization create an accurate analyze of product and service and then all factors which are already present in the market. Commercial marketing product will target more customer in the market and also increase the potential customer of the market. Right efforts into the right direction from manufacturing of the product to ending the product market in the best way. It also providesa better strategies and also grow the organization in the market. Samsung is one the largest and biggest electronic company selling its product and services all around the world. Samsung is South Korean multinational company in electronics sharing a large market share in the market In this report there is a detailed brief about Samsung's innovation and commercialization techniques and what barriers do the company face to establish all the factors and favor the company in return. P 1 Importance of Innovating and Invention Innovation- 1. Innovation is only worth when it helps business to grow. Innovation is the basic requirement forany business. New method, New idea and creative thoughts are generated in the form of device and method (Pynnönen, Hallikas. and Immonen, 2019). Innovation often knows for the betterment for the application and also provide solutions to the problems. Innovation is the practices which is generated from the humans mind and also breaks the analog of whatever is in the market or in the existing market.
2.Innovative person can only bring innovation in his or her work unless and until all are doing the functional work. Innovation is that idea which comes out from the box and only that person can become innovative who have creative ideas and different perspective towards every situation. Innovation increases the knowledge and make a personality who can be efficient in the decision making. 3.Innovation provides new way of using tools and techniques to improve the strategies of marketing and attracttheuser and cover more potential market & here Samsung is the perfect example of innovation and know its importance very well(Davis, Tzanidis. and Saltzman, 2018). With the innovation in there products and services they change there marketing style which bring them more customers preferences in there products and services. 4.By taking the competency in the basis of innovation importance where innovation plays a terrific role in the increase its productivity and marketing strategy that means innovation have successfully helped Samsung to have a competent advantage in the market as the company is investing in innovative technology's ans methods to increase the satisfaction of the customers and have also innovated many products' ans services. 5.Innovation increases the efficiency of the product and services and it also increases the strength and customers as well. Invention 1.Invention are done to fulfill the unsatisfied need as invention is generated due to need. Invention helped Samsung to move forward with a new technological advantage but it took time for the company to solve the current problem as invention is a long term process and takes time. Invention also need much capital investment. 2.Invention increases the efficiency after creation of the product or the services. Invention cannot be done rapidly(Bilandzic, Foth. and Hearn, 2018). And it will increase the efficiencyofthecompanyasthecompanywilldecreasethecostefficiencyby discovering the alternative and better quality materials to produce the products. 3.Invention increases the scale of opportunity for the organization and the product and services which are invented as in the better version of the products and the present version of the products , Here Samsungas a multinational company innovated lots of
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the products and in many products they invented new function and new software and new technology which bring them more strength in the market for their products and services. Samsung has many consumers who are using their products and enjoying the products. 6.Samsung invented many new technologies like super slow-mo in their smartphone, curved LED with different price ranges and the inventions provide them to segment the market in any possible way. Samsung became the attraction point and its products are so abductive and efficient for the users(Grace, 2019). They also gained more competitive advantage by their inventionand created new options for the consumers with different price rang they have different products with the help of effective invention. 7.Invention ismuch broader aspect then innovatingas inventionneedsmuch more knowledge. Invention also has a disadvantage of getting obsolete where the urgency of innovation arises. P 2 Significance of Innovation In Samsung Samsung adopted the market environment strategies and market innovation they adapt according to the environment which result them growth The company have also analyzed the importance of adopting innovation in various aspects of the company. Vision vision is the perspective which help and give company a guidance and aimed them towards the goal The vision statement of Samsung is very clear in presenting about what the company viewing for the future (Kergroach, Meissner. and Vonortas, 2018). As Samsung have stated that innovation will be the primary aspect of growing the company further as innovating the products will also increase the profits of the company and which help the company to invest in other aspects of the company which the company have stated. Samsung also views to increase in innovation will make the people live more comfortably and can connect to the company better. The vision of Samsung also included to encourage the world to use the technology to make their lifestyle easier and efficient. Culture With the help of innovative employees the company is also successful to determine and establish a healthy environment to increase the motivation and efficiency of the company and the employees as well.
1.Power Culture- the company have implemented this style of culture to increase the efficiency and decrease the workloads. In power culture employees are supposed to participate in the task with new ideas and techniques to increase the efficiency of completing the task. This culture was not successful in the company as the employees of the company felt unauthorized and discouraged which increased the turnover ratio of the company and decrease the productivity. 2.Person culture- this culture is been rejected by the Samsung as this company always focuses on the interaction with employees so they want there employees to take their ideas and innovation whichever company feels and rate the best them they will let this ideas help and they can innovate the methods and also gives their own suggestions with the new creative ideas to complete the task of the company. 3.Task culture- Samsung company is the most famous electronic and gadgets making company in the world they are very famous of there products and according to their task culture where they face many problems in the context of the employees and customers o they invented the work culture where employees feel safe and happy and work with ease. Improving techniques in task culture was hard and tough to describe so by eliminate the task culture techniques of work culture built them and make them high performance workforce. 4.Role culture- output by employees will enhance there role in the organization. Maximum output of the employees in this culture according to this authority and responsibility is divided and delegated to the acceptable employee, through this delegation of authority rise issues in the organization in Samsung,by lack of motivation among employees through the indecisive between employees and superiors will also lead them towards inefficiency. Samsung generated the strategy to motivate their employees by different theories and form effective teams eventually it will lead them towards success.
P3 4 Ps of innovation. The four Ps of innovation are as follows: Product InSamsungtheproductinnovationincludesdevelopmentofaproductwhichis completely new and innovative approach is being used in the product. Innovation is used in the improving the quality of the product and also productivity of the product(Rus, and et,al., 2019). For example if Samsung launches it new product having 4000 MAH battery and the product is new to the market then it will help the company to give better competition in the market. Paradigm It include the pattern of the technology used in Samsung. Evolution is the best example of paradigm which help Samsung in keep improving the performance of the company on consistent basis. Process It is a way to achieve end result following particular steps. For Samsung the process was in two steps including learning and implementing the learning. The process radical process is included in Samsung which means the company will keep the basis concept of the product same while adopting the change. Position The position is a area where particular product is positioned in order to increase the sale. It is also necessary for Samsung to let know the customer what innovation is and how can the same change the lives of the people. Innovation Funnel Innovation funnel is a mechanism which the funnel of innovation of Samsung is managed. The company will create a innovation plan in the funnel in which the cost effective items will be given encouragement (Ukwuoma, and et.al., 2019). Shaping of innovative ideas will done under the plan in which how the company can shape innovate ideas with the resource available will be discussed. The four Ps of innovation will be applied in which innovative product will be used. In process Kaizen strategy will be used in which change for better treatment will be given. Process the employees of Samsung will be given proper training of the innovation and then in position the young generation of UK will be targeted. 1
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P4 Frugal innovation. It is a process of reducing the cost of the product and also complexity in the product, during production. The quality of the product must not be compromised and the cost of the product of Samsung must be kept low(Read, 2018). The unnecessary steps or process is removed in frugal innovation which help it to sell the product in developing nation. Samsung can use Frugal marketing in order to be Frugal in which digital marketing can be used as the same will reduce the cost of the product and this will ultimately increase the profitability. The other way Samsung can be frugal is the packaging cost instead of using metal items of packaging the company can use plastic items which are cost effective. For example if the company wants to capture market of Asia then it will work only if the cost of the product is low because there will be high competition. Examples for reducing cost under marketing are SEO, SMM, SEM etc. 2
P5 Development of New Product for Commercialization of Innovation Commercial funnel is stream which is chosen by the consumers of company. It is the process where company optimize the behavior of consumer for the products and services which are rendered by company and execute further strategies and policies according to that so that they can attract wide number of customers for their products and services and thus the sale of the company can directly raised. The importance of the commercial funnel for Samsung are as follows - It is very helpful for the company to understand the complete consumer behavior along with they can seek out the problems which are faced by consumer while accessing to the products and services of the company(Valtakari, and et.al., 2019). With the help of these report company can cope up with the factors which influence the fall in the sale of the company's product and services. Process of New Product Development- New product strategies –Management of the Samsung is responsible for forming new different strategies which can be helpful for the company to compete with other rivals in the market. Idea generation –It is the step where innovative ideas are to be explored by the company so that they can further develop their products according to that and attract new consumers. Screening –In this step analysation of opportunities and threats for the new product which can be faced by the new product in the market. Concept testing –At this stage new idea of the product have been tested according to the market research. Business analysis –In this step the financial controller and marketers are responsible for reporting business the costing and investment of new product which can be needed. Product development – The product will be developed at this stage after all the steps and thus cost efficiency is to be used for lower costing of product. Market testing –In this step the product is tested by providing the sample of product in market and thus to be tested that the product is feasible for the company to gain profit or not. 3
Commercialization –It is the last step where the surety is given by the company that the product they decide to market with effective marketing strategies. P6 Business innovation case and Reason for assessing funding. Innovative business case Innovative business case for Samsung is the LED case in which the company first time launched the TV which was very new to the market. In 1962 LED was launched and there were big companies for the competition. Samsung used there own concept of adding there own flavor in the video and graphics along with the shape of the TV(DUTTA. and ROUSSEAU, 2019). This case transformed the lives of the users. Measuring effectiveness. The old and extra stuff was removed from the TV. The TV is now more long-lasting, edge lighting was there, more clear and bright images were there and the TV was more energy efficient. Challenges and actions for the improvement. There were many challenges which were faced while launching the new product such as marketingchallenges,costrecoverychallenges,Establishinginitialprice,etc.Allthese challenges were addressed by taking actions for the improvement such as of marketing challenge digital marketing strategies such as SEO, SMM were used(Wonglimpiyarat. and Billington, 2018). For recovering the cost the technique used is penetrating method in which at initial phase lower cost is recovered and gradually it increased. For establishing is the price skimming technique in which initially the price charge will be lower and gradually the price will be increased. P7 Different tools for developing and protecting, retaining and intellectual property. Different tools are as follows: Trade secrets Trade secrets are used by the company in order to protect the information of the innovation. Samsung must focus on securing the information which have caused the launching of new product which is first of its kind (Al Hinai, 2018). Trade secrets will include the secrets of the product and how the product was made. Trade secrets must be kept at the position which is safe and secure and must be protected by strong password or lock which is not easily accessible. This will increase the secret and safety of business. 4
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Patents It include the right to use the product for a specified period. Patents will help in retaining the technology by renewing the patent in which the Samsung must have to focus on keep using the technology which is playing a substitute role but crucial role in the development of innovation and protection of the innovation. The value of the product increases due to patent in which the charges of the product Trademarks Samsung must focus on creating an identity overt the product which will make sure that the product is of the company who have made it and is not duplicate. Trademark will help in protecting the intellectual right of the product and will also help the company in keep developing as well protecting the product for long period. (Davies, Roderick. and Huxtable-Thomas, 2019) Trademark helps in building trust as well as goodwill of the product which ensures the originality of the product. Trademark also protects against the infringement of the product. Exclusive rights are there for the inventor of the product which leads to protection of product and the owner can sue the one who have copied the product when the cheater is being found. CONCLUSION From the above study it is concluded that the innovation and commercialization plays and major role in the growth of the IT company. The company can upgrade their innovation in the productsandservicestimetotimesothattheycangrowtheirbusinesseffectively. Commercialization is also important while introducing new product in the market. It is helpful for the company to access all market situation and consumer behavior, needs and demands so that they can implement marketing strategies and product development according to that which can be further fruitful for the company this is helpful in company to increase their sale and thus revenue of company can also be raised. 5
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