Innovation and Commercialization Report: Samsung's Business Strategy

This report delves into the critical concepts of innovation and commercialization, focusing on their application within a business context. It begins by defining innovation and highlighting its role in enhancing existing products and services, emphasizing the importance of the commercial funnel as a sales and revenue-generating process. The report then explores the application of New Product Development (NPD), detailing key stages such as idea generation, screening, concept development, business analysis, product development, test marketing, and commercialization. A significant portion of the report is dedicated to an innovation business case, using Samsung as an example. The business case includes an executive summary, organizational vision, mission, objectives, and target market analysis. The problem statement addresses challenges related to innovation, such as funding, and the report examines various funding options, including loans and personal investments. The report concludes by reinforcing the importance of innovation in attracting customers and increasing profitability, underscoring its value as a creative tool for businesses. References to academic sources are also provided.

Innovation and
commercialization

 Introduction
 Importance of commercial funnel and application of
NPD for innovation and commercialization
 Innovation Business case
 Conclusion
 References
Table of content

 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.
INTRODUCTION

 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.
Importance of commercial funnel

 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.
 Idea generation: 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: . 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: . For Samsung
the company will try to find out whether idea is
feasible to be launched in the market.

 Business analysis: Samsung will do a detailed
analysis of their business plan at this stage of new
product development.
 Product development: Samsung will develop few
sample products and then they will try to find out
customers reaction on these products.
 Test marketing: Samsung will also test their new
phones in a particular market segment.

 Commercialization: This is the final and last stage
of process of new product development.

Business case denotes to a structured document which
includes various stages and different concepts which
are needed to accomplish activities related to business.
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.
Organizational vision: Vision of Samsung is to satisfy
their customers who demand innovation from the
company
Innovation Business case

 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

 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
 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

 Banks and other financial institutions: Loans
from bank is a very convenient option for
companies. For a brand like Samsung it is very easy
to avail loan at attractive rate of interest.
 Friends and family: Another option for
arrangement of funds is to arrange it from known
ones, relatives, friends all this can help company in
arranging funds more conveniently but this source is
not much feasible for Samsung as they will be
reacquiring huge amount of finance.