Innovation and Commercialization Strategies for Samsung Report

This report examines Samsung's innovation and commercialization strategies, focusing on the new product development (NPD) process. It outlines the importance of innovation in today's market and the steps involved in NPD, including idea generation, screening, concept development, marketing strategy, business analysis, product development, test marketing, and commercialization. The report also presents a business case for innovation, exploring funding sources like bank loans, issuing shares, and sales of assets. It highlights the reasons why Samsung needs to access funding, such as product development, marketing, and innovation adoption. The conclusion emphasizes the necessity of innovation and commercialization for companies to create and effectively launch new products and services, and the report includes references to support the analysis.

Innovation
and
Commercialization

Table of Content
 Introduction
 New Product Development (NPD) processing
 Innovation Business Case
 Reason why Samsung need to access funding
 Conclusion
 References

Introduction
 In today's time almost every company has to go deal with different type of
requirement and demand of customers, for that it is essential for them to
consider innovation and commercialization
 Innovation is define as changing procedure that is adopted by a company
in order to develop more innovative products, services and process.

New Product Development (NPD) processing
 There are several importance of developing commercial funnel, from
which some major are given below in respect of Samsung:-
 Create trust: Through this Samsung company able to develop or build
trust at their workplace which help them in developing more innovative
products which lead to effective commercialization
 Predict risk: This will also help respective company manager to
predetermine future risk which help in developing more effective and
appropriate decision which lead to effective innovation and
commercialization of products.

Continue…
 Idea generation: At this stage idea will
be generated by Samsung manager in
order to develop new products or process.
 Idea Screening: In this phase new idea
or thinking related to products or process
which be screening in order to know its
effectiveness.

Continue…
 Concept development and testing: In this phase concept related to new
products or process will be developed and test.
 Marketing strategy development: After development of products,
marketing strategies will be developed by Samsung management by
adopting marketing mix.

Continue…
 Business analysis: In this stage analysis will be done in order to check
feasibility of the new product or process.
 Products Development: At this phase actual product development
process will be conducted by considering all R& D activities.
 Test marketing: In this stage marketing will try to gain experience of full
marketing new products which include targeting, advertising, packing,
distribution and so on.
 Commercialization: This is a final stage at which Samsung manager will
decide whether they have to launch the product or not by considering it
effectiveness.

Innovation Business Case
 Bank loan: It is one of the major source adopted by a company in order to
generate funds.
 Issues of shares: According to this respective company will do public
issue of preference shares and equity in the stock exchange.
 Sales of Assets: According to this funding source Samsung may sale their
current assets and fixed assets in order to generate capital through which
they can conduct manufacturing of Sterilizer.

Reason why Samsung need to access funding
 Product Development: The respect company may arrange funding for the
development of the new products
 Marketing of products: By collecting or gathering proper funding
Samsung also able to promote their new products
 Adopting innovation: Through gathering proper or appropriate funding
Samsung able to conduct proper research which help them in adopting
innovation

Conclusion
 By conducting analysis of above discussed point it can be determine or
summaries that for every company it is necessary to adopt innovation and
commercialization in order to develop new products and services, then
commercialized it in effective manner so that customers get attracted
toward it.

References
 Weng, B. and et.al., 2018. Barium Bismuth Niobate Double
Perovskite/Tungsten Oxide Nanosheet Photoanode for High‐
Performance Photoelectrochemical Water Splitting. Advanced Energy
Materials. 8(10). p.1701655.
 Weng, B. and et.al., 2017. Bandgap engineering of barium bismuth
niobate double perovskite for photoelectrochemical water oxidation.
Advanced Energy Materials .7(9). p.1602260.
 Xiao, X., Li, Y. and Liu, Z., 2016. Graphene commercialization. Nature
materials. 15(7). p.697.

Thank You