Innovation and Commercialization Strategies: A Samsung Business Report

This report provides an in-depth analysis of Samsung's innovation and commercialization strategies. It begins with an introduction to innovation and commercialization, differentiating between invention and innovation and highlighting the importance of commercialization for competitive advantage. The report then examines the application of the commercial funnel and new product development (NDP) within Samsung, emphasizing its role in understanding customer needs, improving business growth, and generating sales. A key component is the SWOT analysis of Samsung, which identifies the company's strengths, weaknesses, opportunities, and threats. The report further explores Samsung's marketing strategies, focusing on the 4 Ps: Price, Product, Place, and Promotion. The conclusion summarizes the importance of innovation and commercialization for organizations in a competitive market. References to academic sources are also included.

INNOVATION AND
COMMERICALIZATION

TABLE OF CONTENT
 INTRODUCTION
 COMMERCIAL FUNNEL AND THE APPLICATION OF NEW PRODUCT
DEVELOPMENT
 INNOVATION BUSINESS CASE
 CONCLUSION
 REFERENCES

INTRODUCTION
 Innovation can be defined as a new imagination, new idea which is in a form of device or
method and with creative thoughts. Innovation can help organizations in market to
unarticulated their needs, existing market needs and new requirements.
 Innovation and invention are very different from one another there is an involvement
which is practical in innovation so that the impact on the market and society is much
better.
 Commercialization involves the new products and production methods which are being
introduced in the market which is going to make the companies have a competitive
advantage.
 Here are a lot of inventions which are being done by the research and development which
is not being launched b the companies.

COMMERCIAL FUNNEL AND THE APPLICATION OF
NEW PRODUCT DEVELOPMENT (NDP)
Importance of Commercial Funnel
Helps in relating to customers
 Samsung has a protocol to operate in their own language which most of the
people are not aware of and there are many other companies in market which
do that.
 There is the use of their own content for describing the product while talking
to the customers so that Samsung can find it easier for making the product
penetrate through the market.
 This will be easier for the company because they would have understood the
customers and will be able to fulfil the needs and demands faster.

CONTINUE…
Improve the ways through which business can grow
 There is no model which is perfect in business therefore it is very important for Samsung to keep changing
their methods so that they can have a successful path for themselves. Success does not come overnight
therefore using different methods and strategies can help the organization have a better functioning for them.
 Customers shift from one company to the other according to the price of the company which is why the
pricing of the products have to be placed accordingly.
Generate sales
 There are great strategies and techniques which are being used by Samsung which helps the company to
relate with their customer base. The use of commercial funnel is perfectly understood by Samsung and
which is helping the company have a great base for themselves in market.
 This will help the organization to fulfil their desire and expectations from the market for the benefit of the
company which is a long and smooth run in market.

CONTINUE…
 Picking a market strategy for the company
 When Samsung is out of strategies it is very important for them to use this funnel
which will give a direction to the company. This will help the company to decisions as to which
strategy they will be needed to use for the better and successful measure for the company.
 This will also give a direction to the customers about the company because there are more
companies in the market which want to take away the customers.
 Edge against the companies in new market
 There is a lack of direction which can be very dangerous for Samsung because they
have a reputation in market which they have to live up to. There are a lot of ideas which
Samsung has but they do not have the right ways of executive that idea into practicality.
 Using learned and procedure of funnel will be very helpful for Samsung to make their ideas
come into practical use and make the company overcome the other companies in market.

INNOVATION BUSINESS CASE
SWOT of Samsung
Strengths
 Samsung has a strong brand image and there are millions of customers who trust the
company for quality products. There are a lot of customers who are loyal to the
company which is great advantage for the organization to introduce new innovations
and inventions in their market.
 There is global presence of the company and there is a huge profit for the company if
there are new innovations which are coming up in the company always.

CONTINUE…
Weaknesses
 Samsung depends on android for the functioning in the device to take place which can be a great weakness for the company
which is having such a strong portfolio for themselves.
 Getting hardware’s and software’s in the company is difficult because of the lack of competition in the market which is why
the company is being dependent on few companies for this aspect as well so that they can make the device be accepted in the
market.
Opportunities
 There are a lot of innovations which are taking place in the research and development department of the company which is a
great advantage for the company. Samsung has partnership with online services so that they can expand themselves in the
market and get more customers in the company. This is a great idea for the company because they will be able to reach out the
customers faster.
 New markets can be explored by the company because of the strong portfolio Samsung has created for themselves.

CONTINUE…
Threat
 There is a huge competition in market which has to be taken care
of by the company which is not possible till they do not use
innovation so that they can have a better customer base for
themselves.
 The other companies are also using innovation to capture the
market which is very important of them. Legal restrictions on
taking an idea from the other companies is also not allowed
which can make the company not have the strong customer and
loyal customer base for themselves.

CONTINUE…
4 P’s of Samsung
Price
 The pricing strategy which is being used by Samsung is skimming pricing which is they
have the products at a low price and with the increase in demand so does the prices rise.
 Competitive pricing is also being used by the company so that the new products or
innovations in product can capture the market faster and the demands of the products can
increase.
Product
 The product which Samsung is coming up with of wireless data transfer is going to capture
the market faster and better because there are a lot of changes which the competitors in the
market have not got and the company will be able to make a profit in the market.

CONTINUE…
Place
 There are a lot of channels which Samsung has discovered for itself to reach
out to the customers which is a great advantage for the company and the
organization will be able to have a great profit. There are a huge number of
dealers in the countries the organization has spread and there are physical
stores as well so that the customers can find the services of the company more
satisfactory.
Promotions
 Samsung has been using a lot of methods to promote their products which is a
great advantage for them. They have attracted a lot of customers through
radios and televisions and some from the physical stores which the
organization has started.

CONCLUSION
 From the above report it can be concluded that innovation and invention is very
important for organizations which can help them make a new place for themselves in
the market.
 The competition in the market is increasing and it is very important for the organization
to have a better working and a unique identification in market.