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Introduction - Managing Innovation
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Innovation refers to the new ideas and methods that are being implemented in the organisation so that there would be higher operations. Customers are always looking for something new; therefore, the businesses in the market must make sure that they are getting in this factor to make sure that they are working right. Samsung is in the conglomerate industry and has its headquarters in Seoul, South Korea. The organisation has come up with a new product, which is a disinfectant box, according to the current situation.
Early Stage Development
Covid-19 has caused a lot of changes in the way the organisations are working in the market; therefore, Samsung made the right changes so that there is good loyalty that would be gained. Samsung is coming up with a disinfectant box so that they would be able to give the satisfaction level of the customers a higher rating.
Customers are looking for higher safety actions, which are going to make sure that there are the right actions and measures that the businesses are thinking of for them.
The disinfectant box is a portable charger as well, which would also make their products be charged for use and make them feel safer, which is a great factor about this product.
Formation
Understanding the customers is very important and their needs from the organisation must match the visions of the company as well.
The formation phase makes sure that they are taking the right actions according to them so that the customers are also satisfied that the company took their suggestions and made innovation around this factor, which is a great factor for the organisation to have.
Early period
This stage is of storming, which is brainstorming for the management and the other stakeholders associated with the organisation so that they would be able to make the right decision.
External Challenges Impacting The Organization
A lot of external factors would impact the working of the organisation, especially when there are new products that are being launched by the organisation. The external factors would be discussed in the further report.
Political factors
The legislatures and trading policies need to be understood and since Samsung is working globally, then the organisation needs to be more careful.
The trading factor is going to impact the new product to be able to capture the market effectively and that is not a good factor for the overall working of the organisation.
Social factors
The pricing of the product needs to be according to the customers so that there would be higher operations. Attitude and beliefs of the customers are well maintained and according to the current situation, the company would be able to make sure that they have the right customer base as well.
Technological factors
New technological changes would be coming in the organisation, which is why the company is going to take time to produce the product but after training and development in the business.
Evaluation Of Performance Improvement Measures
For the innovation to take place effectively in the organisation, it is important for the company to be able to have good performance management. There are stages for performance management and if the organisation adapts to them, then the risk factors would minimise themselves.
Idea generation
Samsung comes up with effective ideas, which is a good factor for the organisation and makes the company also have a unique identification in the market. It is important for the company to have the right understanding so that they would be able to capture the market effectively.
Advocacy and screening
The company will have to make sure that all the designing processes are being well understood and analysed for the organization to be able to adapt to them.
Experimentation
The products of the company have to be tested so that the organisation would be able to make sure that the customers are accepting the work.
It is important to make sure that the company is having affordable ideas; therefore, good analysis would make the information be let out well as well.
CONCLUSION
From the above report, it can be concluded that understanding the customers is very important and accordingly, there must be right changes that have to be made.
Innovation and invention can help the business be able to get the loyalty and attention of them in the company so that there is going to be right working.
Customer’s needs and demands are changing with time since the lifestyle is improving for them and the companies must make sure that they are taking the actions according to them that are good for the profit margins of the organisation as well.
Innovation on feedback and involvement of the customers would make the satisfaction level of the clients be higher and the organisation would be able to have the right operations as well.
References
Abbas, J., & Sa?san, M. (2019). Impact of knowledge management practices on green innovation and corporate sustainable development: A structural analysis. Journal of cleaner production. 229. 611-620.
Andreeva, O. V., & Shevchik, E. V. (2017). Organizational and financial modeling of transnational industrial clusters sustainable development: experience, risks, management innovation.
Aydin, S., & Dube, M. (2018). Knowledge management, innovation, and competitive advantage: is the relationship in the eye of the beholder?. Knowledge Management Research & Practice. 16(3). 402-413.
