MGMT20132 Assessment 1: Wearable Technology for Samsung

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Central Queensland University, Australia
Term – 3, 2018
MGMT20132 Assessment 1
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Lecturer:
Assessment: INDIVIDUAL REPORT
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Executive summary
With the increasing trend of modernisation, the technology is likewise advancing. The
productivity of the companies is directly depended on the use of advanced technology. With
the involvement of advanced technology the companies are able to enable their growth in the
market. A variety of techniques and technological trends are taking over the market. The
selection of trend depends upon the nature and the size of the company. With the help of this
assignment the trend of wearable devices is highlighted used by the managers of Samsung
for enhancing their market area and productivity.
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Table of Contents
Executive summary....................................................................................................................2
Introduction................................................................................................................................5
Problem to be solved..................................................................................................................5
Problem insight..........................................................................................................................5
Portfolio of generated solution concepts....................................................................................5
Solution selection analysis.........................................................................................................6
Value Proposition.......................................................................................................................6
Business canvas model...........................................................................................................7
Critical assumption and uncertainties........................................................................................8
Customer desirability.............................................................................................................8
Technical feasibility...............................................................................................................8
Financial viability...................................................................................................................9
Innovative tools and techniques.................................................................................................9
Recommendations for the organization...................................................................................11
Critical reflection.....................................................................................................................11
Conclusion................................................................................................................................12
References................................................................................................................................13
Appendix..................................................................................................................................14
Business canvas Model........................................................................................................14
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Introduction
The assignment revolves around the issues of Samsung. Samsung is a popular brand and is
known for providing quality products at reasonable prices. The company is very popular for
providing innovative products to its customers. The managers of the firm study the market
and try to fulfil the requirements of the customers in every possible manner. The company try
to provide electronic products to its customers like mobile phones, tablets or other electronic
gadgets. In order to resolve the marketing clashes or the issues of the firm the managers are
deciding to start a new product line that will completely be based on the wearable products.
The assignment will focus on the plans and strategies of the respective company that are
required for the start of new product line in the market.
Problem to be solved
In this era of competition, it is becoming very important for the organization to engage in
innovative activities. In the according manner the managers of Samsung are likewise facing a
serious competitive threat. In order to protect their business or their position in the market the
managers require starting a new product line that can help them in gaining back the
competitive advantage in the market (Arias et. al., 2015).
Problem insight
With the effect of competition, it has become extremely important for the managers of
Samsung to think of a new approach that can help them in enhancing their market area and
customer base. The new and innovative products that are coming in the market are impacting
the business of the firm (Arias et. al., 2015). The organization is losing its customers and is
also losing its goodwill in the market. The profitability of the company is decreasing
gradually and it is becoming important for the managers to address the issue in an effective
manner.
Portfolio of generated solution concepts
In order to resolve the issues of the firm, the following trends can prove useful:
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 Wearable devices
 Robots
 Smart-connected products
 Augmented devices (Yang et.al., 2016)
Solution selection analysis
In order to resolve the issues of the firm, the managers have decided to start producing
wearable devices. This is the latest technology that is currently very popular in the market.
These are portable and wearable devices that can be used by the customers in very easy
manner. There is a great demand for wearables devices in the market as in this busy life the
consumers need such portable and wearable devices (Arias et. al., 2015). The wearable
devices launched by the company are both innovative and scalable. These devices will help in
boosting up the sales of the firm and will likewise assist in enhancing the profits of the firm.
These devices can be used by the consumers that have a busy schedule in scheduling and in
academic period. With the help of these devices the consumers can plan their activities and
can likewise keep them fit and healthy. These devices monitor the activities of the users and
guide them to perform actions that can keep them healthy (Yang et.al., 2016).
Value Proposition
By offering a new product in the market the managers of Samsung will be able to resolve all
their production and sales-related issues. This strategy will help them in attracting a strong
base of the customers and will likewise assist in enhancing the goodwill of the firm. The
below-stated points will help in understanding the value proposition of Samsung in most
attractive manner:
1. Raison dEtre:
Mission: The mission of the firm is to enhance is the market is and to improvise its
profitability
Passion: The passion of Samsung is to enhance the scope of innovation in the
organization. This will help them in improving their customer background
Values: The Company always try to provide quality services to its loyal customers
and likewise try to protect their rights in every possible manner
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Initial assets: The initial asset of the firm is its technically upgraded models and
technical staff
Initial Ideas: The initial idea of the Company was to propose a sound and innovative
plan in the market that can help in dealing with the competition.
2. Initial market:
Beachhead: The beachheads of the organization are the business personals or
students that are busy with their profession and academic duties (Arias et. al., 2015).
End-user profile: The individuals that are attracted towards latest technology and are
very conscious of their fitness and health
TAM (Total Available Market): The youth belonging to the age group of 15-28 are
the total available market of the market.
Persona: The persona of Samsung is to propose an innovative idea that can enhance
the scope of fitness in the busy life schedule of the individuals.
3. Value creation:
Use case: The managers of Samsung have decided to introduce smart wearable
products in the market in order to enhance their sales.
Product Description: The product holds a great utility as it helps the busy personals
in managing their time for performing certain physical activities that can help in
maintaining good health.
Quantified value proposition: The Company attains goof potency of principles,
morals, employees and the customers.
4. Competitive advantage:
Moats: The innovative idea of the company
Core: The core strength is the changing lifestyle of the consumers and the need for
fitness in their life.
Competitive positioning: Recently the firm is gaining a competitive advantage by
providing high-quality products at cheaper prices. It has strong brand name in
comparison to brands like Amtel, Intel and so forth.
Business canvas model
The business canvas model of Samsung for the launch of the new product in the market is as
follows:
 Key partners: Technical experts, Customers, Government, suppliers and investors
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 Key activities: Use of latest technology and innovative ideas for the development of
wearable devices
 Value proposition: To provide quality products to the customers at limited prices that
can be utilised by them in enhancing the scope of health and fitness (Yang et.al.,
2016)
 Customer relationship: The customers of the company are provided with the
products at cheaper prices. This helps in attracting more number of customers. Along
with this the purchase of the product can be made through online and offline
platforms that help in saving the time and energy of the firm.
 Customer segment: The business class personals that are busy with their professional
activities and the students that are busy in academic processes.
 Key resources: Innovative idea, Latest technology, Softwares and hardware’s,
Technical team, financial resources
 Channel: Online platforms, Offline platforms, Distributors, Agents
 Cost structure: In managing the team of technicians, Product developers, Post
consumers services, marketing of the product, sales expenses
 Revenue structure: Profits from online platforms, Profits from an offline network,
Overseas profits
Critical assumption and uncertainties
Customer desirability
It is very important for managers to understand the requirements of the customers. This can
help them in satisfying the customers and enhancing their customer base in the market. As
Samsung is a consumer-oriented organization, therefore, it is very important to satisfy their
will (Brackley & York, 2019).
Technical feasibility
The company tries to make use of the latest technology for the manufacturing of their
products. This helps them in reducing the cost of their products and enhancing the scope of
sustainability.
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Financial viability
It is very important for the firm to frame effective financial plans as the launch of a new
product requires plenty of resources and investment.
Innovative tools and techniques
 Business process reengineering
With the help of this model, the managers of Samsung will be able to examine and
inspect the activities of business. The entire related task related to practices will be
analysed through this that will be performed by the workers for accomplishing the
objectives and targets of the business. It comprises of the point by point procedure
including characterizing the business procedure, examining the procedure of business,
planning the future state process, recognizing and usage of the chances in productive
manner (Yang et.al., 2016).
 Digital transformation
It alludes to digital innovation joining into various business regions by generally
changing the methods for working and conveying an incentive to the clients. Social
change is additionally required by the managers of Samsung for constantly changing
the test, the norm and getting settled with the disappointment and uneven situations.
 Agile management
It is a gradual and iterative methodology for conveying the necessities of the venture
life cycle of Samsung. The undertakings of coordinated of Samsung will show
cooperation, trust, strengthening, and adaptability. This will empower the
organization to expand the fulfilment level of clients, quicker return on the
speculation made, and dangers will be decreased alongside the high calibre of the item
(Yang et.al., 2016).
 Total quality management
With the assistance of this instrument mistakes in assembling procedure and store
network, the executives will be recognized routinely and this will likewise help with
decreasing or disposing of the equivalent. The experience of the clients with the man-
made intelligence presentation in Samsung will improve guaranteeing quality creation
(Yang et.al., 2016).
 Zero-based budgeting
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With the use of this model, Samsung can make the best possible asset allotment and
directors will almost certainly locate the various methods for cost-adequacy for
improving the simulated intelligence exercises. According to the immensity of the
expenses and time the assignment of different exercises will be distinguished
 Bench marketing
This tool will help with estimating the organization's procedure, administrations or items
execution. The inner enhancements openings will likewise be recognized through this.
The correlation with the contender firms can be made through this apparatus about the
procedure of business and execution measurements (Brackley & York, 2019).
 Organizational time management
This will permit the administration of Samsung for the best possible arranging and
sorting out of the various errands of the organization. Simulated intelligence usage
will require great time the executives that will take into consideration the more
brilliant execution of work with the goal that the work can get cultivated in less time.
 Core Competencies
It alludes to the idea in the hypothesis of the board and takes into consideration the
mix of the aptitudes and assets that recognize the Samsung from the others in the
commercial centre. Through this instrument potential access can be given to the wide
assortment of business sectors, contender's impersonation winds up issues (Yang
et.al., 2016).
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Recommendations for the organization
With the study of the assignment, it is scrutinized that company have made all its efforts for
achieving its goals in the most advanced manner. The company have tried to introduce a new
product in the market that helped the firm in satisfying the will of the consumer and
enhancing the market area. Apart from this the managers must try to provide post-sales
services to the customers of the firm (Yang et.al., 2016). This will help in enhancing the
goodwill of the firm and will likewise help in enhancing the level of sustainability.
Critical reflection
The report is completely based on the launch of Wearable devices by Samsung. With the
study of the report I am able to analyse the importance of innovation in the technically
upgraded environment. With the help of this study I analysed that technological advancement
is the necessity of this era and it is likewise essential for the organizations to implement
innovative ideas with the use of this technology. This knowledge will help me in enhancing
my area of knowledge regarding the elements of business and technical issues in them
(Brackley & York, 2019).
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Conclusion
The above assignment is completely based on the use of advanced technology in the
organization. With the help of this assignment, it is conjectured that innovations are very
important for the existence of the organization. With the help of this factor the organization
are able to attract the customers and can enhance their customer base. The study of the
assignment helps in highlighting that the wearable devices are the latest trend and will help in
advancing the scope of the organization.
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References
 Arias, O., Wurm, J., Hoang, K., & Jin, Y. (2015). Privacy and security in internet of
things and wearable devices. IEEE Transactions on Multi-Scale Computing
Systems, 1(2), 99-109.
 Brackley, A., & York, B. (2019). What's next for sustainable business?
Retrieved fromhttps://trends.sustainability.com/
 Case, M. A., Burwick, H. A., Volpp, K. G., & Patel, M. S. (2015). Accuracy of
smartphone applications and wearable devices for tracking physical activity
data. Jama, 313(6), 625-626.
 Guo, F., Li, Y., Kankanhalli, M. S., & Brown, M. S. (2013, October). An evaluation
of wearable activity monitoring devices. In Proceedings of the 1st ACM international
workshop on Personal data meets distributed multimedia (pp. 31-34). ACM.
 Patel, M. S., Asch, D. A., & Volpp, K. G. (2015). Wearable devices as facilitators, not
drivers, of health behavior change. Jama, 313(5), 459-460.
 Porter, M. E., &Heppelmann, J. E. (2014). How smart, connected
products are transforming competition.Harvard Business Review,
92(11), 64-88.
 Son, D., Lee, J., Qiao, S., Ghaffari, R., Kim, J., Lee, J. E., ... & Yang, S. (2014).
Multifunctional wearable devices for diagnosis and therapy of movement
disorders. Nature nanotechnology, 9(5), 397.
 Yang, H., Yu, J., Zo, H., & Choi, M. (2016). User acceptance of wearable devices: An
extended perspective of perceived value. Telematics and Informatics, 33(2), 256-269.
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