Report: Innovation and Commercialisation Strategies for Samsung

This report examines Samsung's innovation and commercialization strategies, focusing on the commercial funnel, new product development (NPD) process, and business case analysis. It explores the importance of the commercial funnel in attracting customers and influencing purchasing decisions. The report details the application of NPD, using the introduction of a Samsung Microwave as an example, outlining steps such as idea generation, evaluation, concept development, marketing strategy, business analysis, development, test marketing, and commercialization. A detailed innovation business case for Samsung is presented, including executive summary, mission statement, objectives, financial projections, and resource allocation. The report also touches upon the nature of Samsung's business and concludes with the importance of adapting business strategies to foster innovation and achieve organizational goals. The report references key literature on open innovation and business growth.

Innovation and
Commercialisation

Table of Contents
 Introduction
 Importance of Commercial Funnel
 Application of New Product Development (NPD)
 An innovation case of Samsung
 Detailed of innovation business case
 Nature of business
 Conclusion
 References

Introduction
In order to make business successful, it is necessary to know about
overall trends of market. This presentation is going to evaluate the
concept of commercialisation and innovation in business, which is
based on Samsung Electronics and consider as world's largest
multinational electronic organisation.

Importance of Commercial Funnel
Commercial funnel is defined as entire journey of consumers to
purchase products of a company. With the help of commercial funnel,
Samsung can attract more customers and convince them to buy their
products. There are different steps associated with commercial funnel
like opinion, preference, awareness, purchase, consideration etc. All of
these elements can be used by firm to attract and impact purchasing
decision of customers.

Application of New Product
Development
New product development is a process in which a new product is
developed by a firm. This new offering benefits a company in
increasing their sales and customer base due to which high profits
can be earned without any compromise. Samsung is going to
introduce Samsung Microwave so that company can earn wide
profits from its sale.

Continue...
Steps to develop a new product are mentioned below:
Idea Generation: It is the first step in which new ideas to develop a product
are generated. In case of Samsung, firm is going to introduce Samsung
Microwave which will attract the attention of customers due to their
advance feature i.e. voice assistance. This idea will benefits the company
in earning high profits and revenues.
Idea evaluation: Under this step, idea introduced by Samsung will be
evaluated to identify if this idea is capable to attain expected outcomes or
not. If idea is not able to achieve success, it is eliminated and new idea is
considered.

Continue...
Development of Concept: After evaluation, idea of company is transformed
into a product concept. In context with Samsung, generate idea will be
tested by small group of customers to identify the response of customers
for this product.
Marketing Strategy: In this step, different strategies are formulated so that
new product can be popularised among customers and marketplace.
Business analysis: Under this step, sales, costs, profits and other expenses
of company will be reviewed so that organisational aims can be attained
in a proper manner.

Continue...
Development: In this phase, actual production of new product will
take place i.e. Samsung Microwave will be manufactured by
incorporating required modifications.
Test Marketing: Under this step, new product of Samsung will be
passed from various tests so that effectiveness of product in
alluring customers can be acknowledged.
Commercialisation: This is the last stage of NPD in which Samsung
Microwave will be launch within market so that organisational
goals of Samsung will be attained.

An innovation case of Samsung
Business case is referred to the written file or document that involves
all the strategies and tactics to gain high advantage within
marketplace. Business case of Samsung will include all those
information that is needed by them to compete against rival firms.
For Samsung, business case is stated below:
Executive summary: Business case of Samsung involves information
about the mission, aims and target of company along with results of
marketing analysis, financial projections of company. By this, actual
performance of company can be identified in a systematic manner.

Continue...
Mission statement: Mission of company is to earn high profits so that
advantage over rivals can be achieved.
Objective: Main objectives of company are stated below:
 Offering high quality products to customers to gain high revenues
and market shares.
 To increase their sales by 30% in upcoming 6 months.
Financial projection: To introduce new product, Samsung requires
funding of 100 million pounds.

Continue...
Resources: Main resources needed by company to produce their
products are, capital, raw material, skilled labour, expertise engineer
etc. With the help of these resources, work of company can be
managed in a systematic manner.
Market analysis: Here, manager of company adopt different strategies
like market mix strategies or porter's generic strategies so that
maximum number of people can acknowledge new products of
company and market can be analysed properly.

Detailed business innovation case
Business case is the better approach which is generally used by
organisations in order to make unique plan or activities to achieve
goals. In context with Samsung Electronics, they always needed to
apply huge fund for implementing on new technologies. By having
this type of business mind set they can target their goals and work
accordingly.