Analysis of Innovation and Commercialization (Activity 3) Report

This report provides an overview of innovation and commercialization, focusing on the application of these concepts within a business context. It begins with an introduction to innovation and its importance, then delves into the significance of the commercial funnel as a tool for analyzing product demand and supply. The report then explores the application of new product development procedures, outlining the stages involved in bringing innovative products to market. A key component is the analysis of an innovation business case, specifically using Samsung electronics as an example, including an executive summary, situation analysis using SWOT analysis, and financial projections. The report concludes by emphasizing the importance of innovation and commercialization for business success and the role of tools like the commercial funnel in product development. The report also mentions the importance of securing funding for business operations.

Innovation and
commercialisation
(Activity 3)

Table of Content
Introduction
Importance of commercial funnel
Application of new development procedure
Innovation business case
Conclusion
References

Introduction
Innovation depicts as a process which is a useful in converting the ideas and
invention into goods and services in order to satisfy the needs and requirements
of the customers. This PPT will focus on explaining importance of commercial
funnel and the application of new product development within the organisation.

Importance of commercial funnel
It is also known as sales funnel
which is concerned for graphic
presentation of all the ideas which has
implemented in existing products. This
helps an organisation in determining
demand and supply of their several
products. By using this method Samsung
electronics can make business plan and
ascertain price along with this, with the
help of this they can expand their
business earn higher profit.

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Importance of commercial funnels:
Attracts customers: Commercial funnel renders various resources so
that the organization will be able to attract more customers towards their
products. The management of Samsung electronics can use various
platforms like social media and newspapers in order to attract range of
customers in their products. This will help them in attaining higher
profitability and brand recognition in the marketplace.

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Importance of commercial funnels:
Attracts customers: Commercial funnel renders various resources so
that the organization will be able to attract more customers towards their
products. The management of Samsung electronics can use various
platforms like social media and newspapers in order to attract range of
customers in their products. This will help them in attaining higher
profitability and brand recognition in the marketplace.

Application of new product development
procedures
New product development contains several steps within which helps the
business organization in producing new innovative products in the
competitive market. By using this model Samsung electronics can enhance
their customers base and brand value.
All these stages are mentioned below:
Idea generation: This is the first stage in which the management of
Samsung must focus on generating an effective idea by considering all the
aspects like customers survey, production staff, marketing channels and
competitors.

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Screening: It is referring to the
examination of generated ideas in
this aspect management of Samsung
electronics has adopted SWOT
analysis and product market
scenarios. Scenario depicts all the
necessary output evaluation and
future trends analysis so that the
production activities of the business
can be operated in an effective
manner.

Innovation business case
Innovation business case refers to those concepts which are helpful in
formulating plans which comprises various ways for evaluating the business
performance. Each and every organization consider business case while
introducing new invention in the marketplace. Like Samsung electronics is
using this in launching new products that is Samsung Lamp. The business
case of them is as follow:

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Executive summary: Samsung electronics is a well-recognised organisation
which is leading their business in manufacturing home appliance as well
as consumer electronics. At present, this company is giving their main
focus on launching Samsung Lamp which comprises various unique
features like classic folding, several light shades and gravity LED.

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Situation analysis: For analysing the situation Samsung electronics has
adopted SWOT analysis:
Strength Weaknesses Opportunities Threats
Higher
recognised
brand.
Not able to reach to the
rural areas. Provide quality products
at affordable price. Tough competition
A range of
products they
are offering in
the
marketplace.
They have to face
conflicts due to the
customers perceptions.
Expand their business
globally. Fluctuations in the
marketplace.

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Financial projections: The activities from planning to launch a new product, financial projection
has been formed so that the proper allocation of funds can be ascertained. The financial
projection of Samsung lamp is given below: