A Comprehensive Report on Innovation and Commercialization at Samsung

This report analyzes Samsung's innovation and commercialization strategies. It begins by defining innovation and comparing it to invention, emphasizing their importance to a company's competitive advantage. The report explores how vision, culture, and leadership shape innovation and commercialization within Samsung. It then delves into the 4Ps of innovation (Product, Process, Position, Paradigm) and examines frugal innovation with examples. The report further discusses the commercial funnel and the application of New Product Development (NPD) for innovation, presenting an innovation business case. Finally, it covers tools for developing, retaining, and protecting intellectual property and knowledge within Samsung. The report highlights Samsung's approach to innovation, including its use of technology and market analysis to create new products and maintain its competitive edge in the electronics industry. It provides insights into Samsung's strategies for adapting to changing market trends, and how it uses innovation to meet customer needs and improve brand image.

Innovation
and commercialization

Table of Contents
INTRODUCTION 2
TASK 1 2
P1 What is innovation and it's importance in company and compare innovation and invention
2
P2 Describe how vision, culture and leadership shape into commercialisation and innovation
2
TASK 2 .............................................................................................................................................2
P3 4P's of innovation 2
P4 Frugal innovation and it's examples 3
TASK 3 ..............................................................................................................................................4
P5 Importance of commercial funnel and application of NPD for innovation and
commercialisation 4
P6 Innovation Business case 7
TASK 4 8
P7 Tools for developing, retaining and protecting intellectual property and knowledge CONCLUSION
8
CONCLUSION
References
Books & Journals

INTRODUCTION
Innovation is a tool which companies use in their existing products and services so that they can
use it in their functions to bring some changes and modifications in the existing range of
products which are offered by the company. Company’s use this as a tool for long term survival
in macro environment. Samsung is a global brand which deals in electronic products and they are
having global presence. This reports is based on the innovation which Samsung is planning in
their company and they are using this as a tool to attract more customers (Lemley and Feldman,
2016).
TASK 1
P1 What is innovation and it's importance in company and compare innovation and invention
Innovation: Innovation is a process which helps companies in making improvement in their
products or services which they re offering to their customers. This can also help them in gaining
competitive advantage as competition is increasing and all companies are involved in bringing
innovations time to time. So, to ensure long term survival of the company in market it becomes
necessary for them to do innovation.
Invention: It is also process fully new products are developed. It is also a process which
organizations do so that they are able to expand their existing range of products. Invention
requires lot of time and financial investment on part of company this is reason why company’s
need to plan for a longer period of time to do inventions(Paul, Thangaraj and Ma, 2015)
Basis Invention Innovation
Meaning It can be defined as a process
in which there is a complete
new product is being created
Innovation is also a type of process
in this no new product is being
introduced but company is making

or a complete new process
which is created for the first
time by the company.
changes in their existing product or
modifications are made by company
for betterment pf the product and
sole motive is generally to increase
sales(Greco, Grimaldi and Cricelli,
2015).
Competitive
advantage
Invention may or may not
provide competitive
advantage to a company
Invention is made with the purpose
to gain a competitive advantage in
the external environment I which
company is working.
Skills needed In case of invention mostly
there is need of scientific
skills
In innovation scientific skills are
also needed but there is a
combination of technical, marketing
and strategic skills which are
required by company to execute this
process of innovation. .
concerned Invention is mostly in concern
with a single product to a
particular point of time
Innovation is a tool which is used by
companies in combination of various
products and services together and
this does not apply on a single
product in most of cases.
Department of
company
Invention is a function which
is linked to research and
development department of
company(Dutta and Folta,
2016).
Invention does not belong to one
particular department but every
department of company has a share
in the process of invention.

Importance to
Organization
Process of invention is very
helpful for companies in case
of Samsung inventions can
help them in providing new
products and services to their
customers which may help
them in expanding their
product line also.
Invention is a very commonly used
tool in case of Samsung this can help
the company in making changes in
their existing products, this help
them in increasing the satisfaction
level of present customers of their
company and at same time this will
also enhance the company’s brand
image in market, as they will be able
to get a competitive advantage as
compared to other competitors.
Importance of Innovation for Samsung:
Samsung is a company which has believed in timely innovations, they have always involved in
transforming their products using latest technologies. In today’s scenario it can be observed that
there has been a lot of inclination towards use of smart phones. Samsung is a brand which
provides lot of competition to other brand offering similar products in market. Samsung as a
electronic brand can offer seamless experience to their users by innovation in their smart pone
rage as it will help them in giving competition to its competitor brands apple in terms of price. In
terms of battery also Samsung can do innovations by providing their customers with long lasting
battery which can continue for longer duration of time. Such innovations can help Samsung to
provide their customers with something different and new features which are not provided till
now by the brand(Xiao, Li. and Liu, 2016)
.
P2 Describe how vision, culture and leadership shape into commercialization and innovation
Innovation is a tool which is used by companies to ensure creativity and growth in their
company. In case of Samsung innovation can help them in having improvised results.
Leadership and innovation
For implementation of new techniques in company it is important that leadership skills
are present in the leaders of company. As, leaders are the ones who are actually responsible for

carrying on functions and planning which have done to do innovation in the company. it is very
important for a established brand like Samsung that they are able to motivate their staff to make
them understand the importance of innovation from view point of company.
Innovation and Culture:
Culture of a organization deals with various values and beliefs which they have adopted for
conducting of their daily operations and functions(Paradkar, Knight and Hansen, 2015)
.
. Leaders of Samsung should ensure that they rae able to create effective coordination amongst their
employees who are working at different levels, so that set objectives of company can be achieved.
company is willing to bring some new innovations which they can be successful only if they will be able
to encourage employees to work together to make it a success.
Teamwork and Innovation
Innovation is a tool being used by companies so that they are able to effectively do
changes which can help company in increasing its overall sales and profitability. In relation to
Samsung teamwork maintain proper team work should be compiled to lead to successful
innovation. help the company in successfully adopting changes and installing them in all
functional departments, even if there is a small change all departments of company are affected
this is reason why it becomes important for Samsung to do innovation. (Lakshmanan, Roy and
Ramachandran, 2015).

TASK 2
P3 4P's of innovation
Innovation is a process which is used for creation of new ideas in their existing services and
products which are offered by the company. 4 P's of innovation are present in every organisation
which will help in planning their innovation regarding product. This innovation mix is very
helpful for bringing innovation in product. Four P's Innovation adopted by Samsung are
discussed below:
Product innovation- This very important tool used by companies in developing strategies and
plans to earn profits. Innovation in existing products helps in enhancing satisfaction level of
customers. Samsung is willing to make innovation so that they are able to do innovation in terms
of new tablets which company is willing to launch(Jamil, Ismail and Mahmood,2015.)
.
Process-Process can be regarded as a series of steps which companies follow to launch their
innovation their products. Samsung is a company which is involved in electronic products they
have to follow a specific procedure so that there is effectiveness maintained in the overall
process of launching of new product.
Position- This basically reflects the position being maintained by company at the workplace.
Managers of Samsung have conducted adequate research before launching their product in
market so that they are able to maintain their present position in market.
Paradigm- This is a process where organizations use for handling innovation which are done by
company. In case of Samsung, there will be execution of the idea which company is planning to
do(Mollick and Robb, 2016)
Innovation funnel in shaping innovative ideas at Essence Drinks
Opportunity assessment- This is the first step in Innovation funnel in case of Samsung company
will be using this to evaluate the needs of their customers and based on that company has
identified a opportunity that a dual purpose phone having a feature of tablet can be used for their
innovation need.

Insights based ideation- Strategies are formulated which helps company in increasing their sales
of the new product which they are trying to launch. For Samsung being a big brand they have to
make lot of efforts in forming their strategies so that they are able to make their customers aware
of their innovation.
Conceptualization- Samsung will be able to make concept regarding their product only when
they have conducted adequate research in market. Such concepts are very helpful in further steps.
Evaluation and Benchmarking: in this step actual implementation is done and Samsung will
convert their idea into a product. (Carayannis, Cherepovitsyn and Ilinova, 2016)
Implement or not implement- Customer feedback is very important for Samsung in analyzing
whether they have been successful in their idea of innovation.
Launch: This is last step of the innovation funnel where the product will be finally launched.
P4 Frugal innovation and it's examples
Frugal innovation is a process where new business model will be prepared by the company to
satisfy their customers’ needs and expectations. Frugal innovation will be used by Samsung so
that they are able to create high quality products.
Frugal innovation and Samsung:
Frugal innovation will be used by Samsung in the following way:
New market opportunities- Samsung will try to identify various opportunities in market by
analyzing the market very carefully and in depth. Researching of market will help in
understanding of customer preferences and then forming effective strategies.
Resources- These are very essential part of company that they are able to utilize their resources
in an effective manner, as there are limited resources which are available with every company
and those have to be utilized properly.

Innovation Funnels- This stage final development of new product takes place and Samsung will
be using this to formulate their business model(Datta, Mukherjee and Jessup,2015)

TASK 3
P5 Importance of commercial funnel and application of NPD for innovation and
commercialization
Commercial funnel is regarded as a sales process or a revenue funnel. It is based on a buying
procedure which helps a firm to lead so that services and products are sold in increased quantity.
When a company adopts commercial funnel it benefits them to attract more people and there are
four major aspects to it that is creating awareness, interacting with customers, developing their
interest and final action. These four aspects of commercial funnel helps in persuading customers
and offering them products which are of high quality and accordance with their requirements. In
context of Samsung it will help the company in increasing their brand image and attracting
customers from other segments.

Application of New Product development
New product is a process in which a new product is launched in the market. Every
organization at some stage is required to launch a new product so that their customers are also
associated with the brand for a long term basis. In case of Samsung the company is in process to
develop a new phone which is a smart phone but it can become a tablet, when there is
requirement of a big screen. There is flexibility to fold the phone. It will consist of both features
of tablet and a mobile phone.
Idea generation: It is the stage which is basically consists of researching the market where new
product can be launched. In case of Samsung company will analyze the whole external market
and then try to identify various opportunities which are present in market and can be converted
into a business.
Idea screening: After a suitable idea has been generated by the company in next step various
ideas will be screened and analyzed based on their pros and cons. After that analysis best idea will be
selected by the company which can provide maximum benefit to them. In case of Samsung the company
has identified that their customers have to carry tablets and smart phones differently which makes it
difficult for them, so they are planning to do a innovation in terms of a product which can fulfill the
requirements of both a tablet and smart phone.
Concept development and testing: when a company is willing to launch their new product, this is most
important step as in this step company tries to find out whether their product will actually able to attract
expected number of customers. For Samsung the company will try to find out whether idea is feasible to
be launched in the market.
Business analysis: This stage company has finalized the idea and they want to form various strategies
regarding product launching in market. Samsung will do a detailed analysis of their business plan at this
stage of new product development.
Product development: Final product is developed at this stage of new product development process.
Samsung will develop few sample products and then they will try to find out customers reaction on these
products.
Test marketing: In this step new product developed is tested in the market and a particular market
segment is selected to test the product. Samsung will also test their new phones in a particular market
segment.

Commercialization: At this stage Samsung will launch their product in the actual market where
they want to target their prospective buyers. This is the final and last stage of process of new
product development.
P6 Innovation Business case
Business case denotes to a structured document which includes various stages and different
concepts which are needed to accomplish activities related to business. It is essential for
Samsung that they are able to do some innovations so that they keep on attracting new
customers. A new innovation is being made by the company as discussed below:
Executive summary: Samsung is a company which is dealing in electronic goods. They are
planning to do innovation in terms of a smart phone which can be converted into tablet when
there is need. There is need for people they don't have to buy two devices one can fulfill their
dual requirement.
Organizational vision: Vision of Samsung is to satisfy their customers who demand innovation
from the company.
Mission: They want to devote their available resources in such a way het they are able to make
superior products.
Objective: Main objective is to fulfill the requirements of those customers who are looking for a
phone and also need a big screen in some cases.
Target: Main target of Samsung at this point is to get a competitive advantage in comparison
with their competitors in market. No competitor of Samsung has made this innovation in this
product till now.
Problem statement: There are many problems which are associated with new innovation which
company is willing to do such as availability of finance, whether this innovation will be able to
attract new customers, generate adequate revenue which company will be able to do.
Funding: In order bring the innovation of new product that is a dual purpose phone which can
be smart phone and a tablet it requires that company has to make a high amount of financial
investment. There will be a need to arrange finance from external and internal so company has to
arrange funds below discussed are some options from where company can generate finance: