Innovation and Commercialisation: A Business Case Study of Samsung

This report presents a business case study on Samsung's innovation and commercialisation strategies. It begins with an overview of commercialization, the commercial funnel, and new product development (NPD) stages. The report then delves into Samsung's specific innovation plans, including the introduction of 5G phones and smartwatches, and details the business case for these products. It covers key aspects such as the company's mission and vision, market opportunities, competitive advantages, target market analysis, pricing and promotional strategies, and funding sources. The report also examines the application of the 4Ps of marketing within the context of NPD. The analysis concludes with a discussion of the significance of innovation for gaining a competitive edge and meeting customer needs, along with a brief overview of the references used.

Innovation
And
Commercialisation
(Task-3)

Content
• Introduction
• Commercial funnel
• New product development and its stages
• Build an Innovation Business Case for Samsung
• Conclusion
• References

Introduction
Commercialisation is explained as the procedure which includes
innovating new product or the method of production in a business.
On contrary Innovation is part of commercialisation, this involves
alteration in current product and in existing market.

Commercial funnel
It is majorly focused on converting
targeted audience into customers as this
helps in enhancing overall profit of
companies through innovation.
Commercial funnel assist the product
manager of Samsung in defining price of
their product in order to get good results
via increase in sales.

New product development
This is the sum of all the activities
which are followed by Samsung
in order to launching of a new
product in the market
successfully as per the
customer's preferences.

Stages of NPD
New product development: This is the sum of all the activities
which are followed by Samsung in order to launching of a new
product in the market successfully as per the customer's preferences.
Idea generation is a process by which concept of new idea is
developed as Samsung is having two ideas for innovation such as
introducing 5G phones and smart watch with better designs and
comfortable to wear.

Build an Innovation Business Case for an
organization, including ways to access funding
Business case: This includes all
the documents which are
required to launch 5G phones
by Samsung and all the
processes which are required
to be performed by Samsung.

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Executive summary: Samsung is
a South Korean company which
engaged in manufacturing of
electronic gadgets. It was
introduced by Lee Byung-chul
in 1938.

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Mission
Mission of Samsung is to acquire global market by entering into small
market segments in order to enhance their goodwill by capturing
more market segments and earning higher profits.
Vision
Vision of Samsung is to be the leader in electronic industry
significantly in mobile phone sector so that they can globally
establish their business with greater goodwill.

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Satisfaction of need from innovation
By introducing 5G phones the needs can be met and helps Samsung to
get more market share.
Opportunity in market
5G phone will provide them extra advantage on capturing market share
to Samsung
Competitive edge
With the help of R&D they will get competitive edge so that to stay in
the competition.

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Size and growth possibilities
With the introduction of new functions growth possibilities of
Samsung is increased and this will result market growth and higher
profits to Samsung.
Target market
They focuses on European market as they are highly developed and the
scope of growth for Samsung is high in that market.

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Strategy
Prime skimming is used for pricing strategy as the phone is a new
launch
Promotional strategy
Social media and TV commercial are used to promote 5G phones. As
this phone is targeted to youth and they remain highly active on
social networks so this will be the best way to promote the promote.