Innovation and Customization Strategies for Samsung Electronics

This report examines the innovation strategies employed by Samsung Electronics, a leading multinational technology company. It delves into the importance of innovation within organizations, exploring how vision, leadership, teamwork, and culture shape the innovation process. The report covers the 4Ps of innovation (product, process, position, and paradigm) and the application of the innovation funnel. It also explores frugal innovation, highlighting affordability, simplicity, quality, and sustainability. The report includes a business case study focusing on Samsung Electronics, analyzing its approach to new product development and the commercial funnel. The report also covers tools that organizations can use to foster innovation. The document provides a comprehensive overview of innovation management and strategic planning within the context of a major electronics company, including the role of leadership, teamwork, and organizational culture in driving successful innovation initiatives.

Innovation and
customization

Table of Contents
INTRODUCTION...........................................................................................................................3
LO 1.................................................................................................................................................3
P1 Innovation and its importance in organization..................................................................3
P2 Organization vision, leadership, teamwork, culture to shape Innovation.........................4
LO 2.................................................................................................................................................5
P3 4p's of innovation..............................................................................................................5
P4 Developments in frugal innovation...................................................................................7
LO 3.................................................................................................................................................8
P5 Importance of commercial funnel and application of new product development............8
P6 Innovation business case for Samsung Electronics...........................................................8
LO 4...............................................................................................................................................10
P7 Tools that organization can use.......................................................................................10
CONCLUSION..............................................................................................................................10
REFERNCES.................................................................................................................................11

INTRODUCTION
Innovation means creation of new idea or a method that helps business to develop in
market. It makes businesses to develop at large for effective use of there business . Creativity
brings competitive advantage to business and helps business to develop a new product in market
and effective utilization of plan that are formed for development of innovation in product
(Pantano and et.al., 2017). Origination helps to introduce new product in market and helps in
effective use of resources of market. In this report shows how an company like Samsung
Electronics will bring creativity to their product and how they implement innovation in business.
Samsung Electronics needs to prepare strategies to bring new things in market. It helps them to
establish their business effectively. Samsung Electronics needs to show importance of innovation
for success of business. Samsung Electronics uses different policies in business.
LO 1
P1 Innovation and its importance in organization
Innovation is the process of implementing new things to get the best results. Process of
something new like new idea, something creative, or a new method that helps business to
develop. innovation can be implemented with help of market research or new technologies on
existing product (Mladenović and Vukojević, 2019Samsung Electronics is a multinational
company and one of leading electronic company of U.K. They need to bring innovation in their
product to gain competitive advantage over market. Samsung Electronics needs to improve their
product or bring innovation by introducing mobile products in a market that attracts customer
towards their business. Innovation helps them to engage customers with their brand.
Importance of innovation
Solve problems
Samsung Electronics is big company which offers TV, AC, mobile etc. and being a large
business problem arises is common for business. Samsung Electronics wants to do product
innovation dn want to make mobile that has capability to store huge data. creation of a new
product or innovation in existing products helps Samsung Electronics to solve problems and
development of their business (Medrano and Olarte-Pascual, 2016).
Increase productivity
Samsung Electronics needs innovation to increase productivity of their product. Samsung
Electronics needs to exclude those services which are unwanted for business and include those

new products that are effective for business to improve productivity. Samsung Electronics needs
to demonstrate new ideas and choose one of them that helps in increasing productivity of
business (Roy and et.al., 2018).
Market your business
Innovation helps Samsung Electronics to engage large number of customers with their
company and effective use of those resources (Ye, Zhu and Lu, 2019. rarity of product helps
Samsung Electronics for effective marketing of their business.
Beat your competitors
Innovation helps Samsung Electronics to bring new product in market. creativity helps
Samsung Electronics to beat their competitors. It helps Samsung Electronics to develop an
effective way to create a new product and help Samsung Electronics to grow their business.
Innovation Vs Invention
 innovation means when Samsung Electronics creates a new idea for their existing
product. Invention means introduction of a new product
 innovation provides customer satisfaction with help of new method or idea. Invention
means creation of new product to satisfy customer wants (Schueffel and Vadana, 2015).
P2 Organization vision, leadership, teamwork, culture to shape Innovation.
Vision
Samsung Electronics has a vision to develop their business and become a top company in
electronic market and provide products to customer that satisfy their wants. To achieve vision
of company Samsung Electronics needs to bring innovation in their product for development of
business. vision needs to be understand better and in effective way so that with origination we
are able to understand effectiveness of business. It helps business to bring new things in their
product (Govinnage and Sachitra, 2019).
Leadership
leader of a business helps them to develop vision for business to achieve goals of
business (Bennedsen and Foss, 2015. leaders motivate employees to take actions towards
development of business. leader motivates employees and provide opportunity to employees to
think creatively for development of business. leader influence each and every employee of

business. leader gives rewards to employees on their creative thinking to receive same
efficiency from them in near future.
Teamwork
Teamwork helps a business to achieve their goals and objectives of business. teamwork
makes smooth working of organization. When employees are working in a team they share
ideas with each other which helps them to think creatively and develop innovation in business.
teamwork is useful for success of business. teamwork helps business to innovate new product
from different available ideas and method for development of business (de Moraes, Cunha and
Terlizzi, 2017).
Culture
culture must be effective that influence success of business within organization. culture
plays an effective role over success of business. Culture initiates positive thinking of employees.
culture influence innovation like if managers or leaders of company needs to provide
opportunities to their employees to think creatively for development of business. Provide
familiar environment to employees so that they think effectively towards success of
organization. Culture of organization influence efficiency of their employees towards goal of
business (Wara, 2017).
M1
Innovation is not a thing that company is able to brought from a market. It comes from
mind of an individual. Development of idea of new product that able to influence customers is
known as innovation. Organization can bring innovation by analyzing the wants and needs of
their customers and innovate a product that able to satisfy their wants. Organization develop an
environment of innovation in their business by providing opportunities to their employees to take
decision.
LO 2
P3 4p's of innovation
Innovation is required for growth of business. In business innovation bring effectiveness
towards work of business. It helps businesses to develop an effective marketing of product for
growth of business. 4P’s of innovation is the process which is used by company to implements
new ideas in business unit,. It is related with products which is going to be new, process which is

used for implication, positon that might company get and paradigm of it (Boccia and Covino,
2016).
Product
Samsung Electronics needs to innovate their product to gain competitive advantage in
market. Firm has to analyse product they have and invent a new product or bring innovation to
existing product towards success of business. Samsung Electronics can invent a new product an
introduce an advance mobile product that helps them to develop their business. business needs
to improve effectiveness of product to customers. Samsung Electronics needs to analyse where
they can bring changes to their product Stages Process Steps of New Product
Development,2019). Samsung Electronics also improve packaging of their product anything that
bring changes to their product with help innovation and helps towards success of business.
Process
Samsung Electronics needs to maintain their internal and external process to
communicate effectively within and outside organization. process starts from manufacturing to
selling of product. innovation helps business process of Samsung Electronics to become more
efficient, or to reduce price of their product to increase profitability of business. innovation
help business to implement new policies on existing process for development of their business.
Position
position of business effects profit of business. Samsung Electronics needs to maintain
their position and promote their product with help of innovation. perception or thinking of
customers about products of Samsung Electronics effects their business in market. innovation
helps Samsung Electronics to maintain their position in market and helpful for effective
development of business.
Paradigm
innovation is required for Samsung Electronics for that they can provide their product
online for development of business (Medrano and Olarte-Pascual, 2016.) . Samsung Electronics
needs to decide place where they are going to market their product and analyse place and
according to that bring innovation in business.
Innovation funnel

It means deciding one of best available plan with help of marketing research. Samsung
Electronics needs to conduct innovation funnel for success of their business.
Mouth of funnel
Samsung Electronics needs to gather information about innovation by their competitors
in their business. Market research helps Samsung Electronics to collect information and choose
any one of available resources towards development of business. new and creative idea is
selected for development of business.
Narrowing funnel
idea decided in first stage is analysed in this stage to knew effectiveness of idea to
fulfil needs of business.
Narrowed part of funnel
Then plan is implemented to business to know effectiveness of plan to achieve
objectives of business (Mladenović and Vukojević, 2019.). And analyse effectives of plan for
profitability of business.
M2
Innovation funnel helps business to develop new policies and strategies for development
of a new product. Innovation funnel helps to prepare new ideas and helps organization to achieve
their objectives funnel helps to analyze competitors and develop plans from that analysis. When
large number of innovative ideas are available then company uses innovation funnel to choose
best idea.
D1
Innovation is measured by its effectiveness to influence the customers to buy the product
and services of an organization. If company is able to bring innovation in their business then they
are able to cope up with the new technologies. Innovation is measured by the use of new
technologies and methods for development of a new business.
P4 Developments in frugal innovation
innovation means development of new markets and implementation of new policies
towards success of business. It helps Samsung Electronics to minimize cost of their product and
develop effective plan for achievement of business.
Roles of Frugal Innovation

Affordability
Customers wants products that are effective and at low price and able to fulfil their
needs. company produce those products that customer is able purchase and have ability to
engage customers. customers’ needs to provide business towards success of organization.
Samsung Electronics needs to minimize price of their product that customers are able to
purchase (Roy and et.al., 2018. price minimization helps Samsung Electronics to maximize
their product in market. low prices of products influence customer to buy. Affordability helps
Samsung Electronics to grow at large scale and important for growth of their business.
Simplicity
The simplicity in products attract large number of customers towards business.
simplicity helps business to grow and attract customers towards their product and effective
utilization of resources available to business. Samsung Electronics needs to create product
simple that customers are easily understand. Increase transparency of their product in market.
customers are able to find products, make product specification easy for customers to
understand, products function is clear in mind of customers.
Quality
innovation in product is important for business but maintaining quality with origination
helps business to develop in a long run. quality makes customer satisfied and build trust over
organization (Govinnage and Sachitra, 2019). Samsung Electronics needs to innovate new
product like mobile because customers are conscious about their health nowadays. Samsung
Electronics needs to develop a product like mobile but with quality that satisfy human wants.
Sustainability
Sustainability means company needs to produce product that suits effects of environment
helps in development of business. environment analysis is important for business and innovate
their product according to changes in environment. Sustainability helps Samsung Electronics to
innovate product and help them to make product according to changes in
environment(Bennedsen and Foss, 2015. sustainability helps business to develop their product
according to change in environment.
M3
Frugal innovation plays an important role in development of organization. By engaging
customers effectively with the organization. Frugal innovation helps organization to provide

quality products to the customers at affordable prices that influence customers to buy products of
a company.
LO 3
P5 Importance of commercial funnel and application of new product development
Covered in PPT
P6 Innovation business case for Samsung Electronics
Samsung Electronics needs to prepare a plan for development of their business. Samsung
Electronics innovate new mobile product for development of their business (Govinnage and
Sachitra, 2019).
. Mobile product is new in a market it gives competitive advantage to Samsung Electronics to
increase their share of profit. Samsung Electronics needs to prepare a plan for marketing of
their new product to influence customers to buy their product. innovation of mobile product
helps Samsung Electronics to improve their services to satisfy their customer wants (Roy and
et.al., 2018).
Market development plan
Target market
Samsung Electronics needs to know their target market who are their customers and
what they want. Samsung Electronics innovates mobile product in their business. Samsung
Electronics needs to develop business and prepare a plan on basis of target market of their
product. Samsung Electronics prepares plan on basis of market that they can influence
customer who are easily influence towards mobile product like Samsung Electronics influence
customers who are diet conscious and ready to buy mobile products or old customers who are
ready to buy products.
Strategy for product development
Market penetration growth strategy
market penetration growth strategy helps Samsung Electronics to sell their existing
product in existing market by bringing innovation in their product to develop product in market.
Market development growth strategy

When Samsung Electronics tries to market their mobile product in new market to grab a
large amount of customers (Medrano and Olarte-Pascual, 2016This strategy helps Samsung
Electronics to introduce their innovation to new customers.
Product development growth strategy
Samsung Electronics innovates new product mobile to introduce this product to
customers. innovation in product engage large number of customers towards market.
Diversification growth strategy
In this strategy Samsung Electronics introduces their new mobile product in a new
territory for development of business. This strategy is risky for Samsung Electronics because
they are introducing new products in a new market.
Funds for business
Investors
investors are those who get funds for business to develop in a new market. Samsung
Electronics needs to prepare Investors to fund their new plan of mobile product and if investors
like plan they are ready to invest in plan.
Capital
Samsung Electronics raise funds from their available capital of their business to increase
profit of business (Pantano and et.al., 2017).
Loans
Samsung Electronics take loan from banks on their product for development of their
business. Samsung Electronics is a big name and banks are ready to give loan to Samsung
Electronics.
Personal financing
Samsung Electronics uses their personal account from their profit to develop new
business or introduce a new product in a market.
M4
Company needs to analyse the situation of market to improve the effectiveness of their
innovation. Company needs to target market where they are going to develop their business and
needs to prepare the strategies for market to develop their business. Product development
strategies are needs to be prepared for development of business at a large scale.

LO 4
P7 Tools that organization can use
organization need tools for development of their business is a market and for effective utilisation
of resources of business(Govinnage and Sachitra, 2019.). Samsung Electronics needs to use
some tools for development of their business.
Trademarks
Samsung Electronics uses trademarks for their product. . trademark helps Samsung
Electronics to develop a different image for their product in market. Trademark is important to
develop a new product in a market for effective utilization of product.
Copyrights
copyright is use for safety of idea or product of business. Samsung Electronics uses
copyright to protect their new product mobile from competitors so that they are not able to copy
their product (de Moraes, Cunha and Terlizzi, 2017
. Copyrights are used for safety to company annual reports, or important documents of business.
Patents
patents protect main product of business. Samsung Electronics uses patent to protect
their product from other companies to copy their product.
M5
Tools help organization to develop their presence in a market. It is an legal guidelines
that help organization to develop their brand image. Business needs to use different symbols,
trademarks for development of their business.
D4
Innovation plays an important role that helps organization to achieve their objectives and
goals and helps business to engage large number of customers with their organization.
Organization needs to bring out the efficiency of their employees and give them opportunities to
develop their business. To overcome challenges company needs to use different products and
tools that helps them to bring innovation in a large scale.

CONCLUSION
This report shows how an innovation increases business of their company. origination
bring advantage to company and helps them to develop their business in market. improvement
helps business to expand at large scale and develop business for achievement of goals. It helps
business to develop at large scale. innovation brings business at success. report shows how an It
is important to business and in what way. It shows how Samsung Electronics bring change in
product and helps in development of their business. report shows how a vision, leadership, and
culture effects invention of business. organization needs to use innovation for development of
business. It helps in bringing success for Samsung Electronics to develop at large scale of
business.

REFERNCES
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Sector. NYU Envtl. LJ. 25. pp.176.
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Online
Stages Process Steps of New Product Development. 2019. [Online]. Available through <
https://kalyan-city.blogspot.com/2012/02/stages-process-steps-of-new-product.html >