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Innovation and Commercialisation (I & C) Assignment
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INTRODUCTION
When a new idea or imagination is implemented in a device or method, this is referred to as innovation. Commercialization is the introduction of new products and manufacturing methods into the market, which can provide a competitive advantage to businesses. Samsung was founded in 1938 and is having its headquarters in Seoul, South Korea. The company was founded by Lee Byung Chul and since then the company has expanded in a lot of services like advertising, construction, entertainment, financial services, hospitality, information and communications technology, etc. which is a great factor to increase the profit margins. Report would be discussing the commercial funnel, innovation funding sources and intellectual property rights.
Commercial funnel and the application of new product development (NDP)
Business is getting in a lot of innovation to be able to find the right working and processing which is going to be a great factor to be able to gain competitive advantage. This assists businesses in finding the right sales and funnelling the idea well in order to eliminate the risks that would come in the company, which is a great factor for the company to have. Marketing a well-planned project will also be beneficial to the overall working and processing, ensuring that they are doing the right thing. Samsung is getting in a lot of changes including innovation so that they would make themselves a loyal customer base and make sure that they are having the right profitability as well.
- Importance of Commercial Funnel for innovation in Samsung
- Edge against the companies in new market
A lack of direction can lead to a lot of misdirection in Samsung, which is bad for the organization's reputation in the market. There are numerous ideas that require the proper method to be implemented in the market in order for the organisation to function more effectively in the long run.
Using the commercial funnel is the perfect method that the organisation has adapted so effectively that it can help the company to have a better stand in the market. Customers' and the company's desires and needs will be met on time, which will increase Samsung’s profitability.
- Helps in relating to customers
The company operates in their own language, which customers are unaware of, and other organisations in the market do as well. The organization's content is unique, allowing for better functioning and easier market penetration for the product (Rus and et.al., 2019). This will assist Samsung in better understanding its customers, and their needs and demands will be easily met in the market. Samsung is in the market from a long run therefore it is important for the business to make sure that they are relating to the needs of the customers in the unique products which the business is investing in which is going to make it successful.
- Picking a market strategy for the company
When Samsung does not have a strategy to use in the organisation, the funnel will come in handy (Harvey, 2017). The decision-making process will be improved, and the organization's direction will be maintained, resulting in improved performance. This provides a better sense of direction for a business, allowing them to compete in the long run. Customers are provided with the best services and products, which is what Samsung is focused on in order to provide the best to customers.
- Improve the ways through which business can grow
There is no perfect model that can be applied in any organisation, so it is critical for Samsung to keep changing in response to market conditions in order for the organisation to be successful. Success cannot be attained over time, but using the right methods and strategies can assist the company in achieving those factors. Customers can easily switch from one company to another, which must be controlled in order for the organisation to make a profit.
Funding Sources
For the better development the business will have to make sure that they are making the right financial investment for it. There are a lot of funding sources which are present for the business to be able to find the right working which are going to be discussed in the further report.
There are different companies and workers which like to invest in new ideas which have a potential to be able to grow in the market. This can make the shares of the company be given out as well as there has to be good transparency with the investors which has to be present by the company. This gets in the right investment for the company to be able to get in the resources which are required by the company.
This is a very financial stable investment which Samsung would be able to take as they have a strong portfolio and also have the right reputation in the market as well. The company is experienced therefore they would be able to make sure that they are having a stable working and functioning for themselves which would pay back the loan which they have taken as well.
Businesses have a good saving for themselves as well for the new projects but Samsung is always having a lot of investment in this field therefore they might not be able to collect the right saving for this project. The company will have to work harder for this to be practical and make sure that they are saving their profits to make such huge investment in this project.
Samsung would be opting for loan from the banks in order to be able to find the right working and not lose any kind of control on the company as well. Business has to make sure that they are taking the right actions and improvement so that there is going to be right working which is present.
Tools that organization can use to develop, retain and protect knowledge
Trademark of Samsung
The organization's trademark is Samsung Electronics Co, Ltd. There are numerous other trademarks that the organisation has acquired so that competitors or other companies cannot take away their distinguishing feature of getting in wireless data transfer (Lee and Miozzo, 2019). There are trademarks on the products that are invented or innovated in the organisation, giving them a competitive advantage in the market for the long run. Customer loyalty is also present in the organisation, which is a significant factor for the organisation. The disadvantage for this factor is that the organization will have to make a lot of investment which is going to be required to be able to find the right working.
Patent of Samsung
Samsung's patent number is D876414, and it was filed on August 3rd, 2017. Wooseung Han and Sangsik Park are the inventors of mobile phones. In the entire United Kingdom, there are more than 75,594 patents that are valid in nature (Burnick, 2017). The market's competition has increased, so it is critical for the organisation to make such decisions and take such measures to ensure the organization's long-term success in the market.
Copyright of Samsung
Many rights, such as copyright, database rights, website and content rights, have been taken by Samsung so that no one else can use them. Samsung takes strict action against companies that take any kind of right away, such as an icon, button, post, broadcast, download, reproduce, copy, images, and so on (Loya and Rawani, 2016). This is a good method that Samsung is using to build a strong reputation in the market and improve the organization's functioning. Advantages of copyright are that they will not have to lose any of their work and important information to the competitors which are present in the market. Disadvantages are that they have to find inventors to be able to get the copyright and find the right sources to share the information with as well so that they can gain the advantage from it.
CONCLUSION
According to the above report, there are numerous actions being taken by Samsung in order to gain a competitive advantage and to protect their products and services in the market. Innovation is a great method which is used by business to be able to find the right profitability in the market. Unique features and working is only going to help the company be able to gain the loyalty and trust and also make the business value be higher in the market as well for the long run. Samsung is taking the right actions to be able to consider this aspect which is present in the above report through wireless data transfer. To be able to get the product on the market, there must be a good investment plan and method in place to ensure that the company will make a better return. The risk of the company's brand value falling in the market must be avoided in order for them to work properly.
References
Books and Journals
Bondy, M. and Hamdullahpur, F., 2017. University research mobilisation and the fourth industrial revolution. International Journal of Research, Innovation and Commercialisation. 1(1). pp.2-7.
Burnick, S., 2017. The importance of the design patent to modern day technology: The Supreme Court’s decision to narrow the damages clause in Samsung v. Apple. North Carolina Journal of Law & Technology. 18(5). p.283.
de Zubielqui, G.C., Jones, J. and Statsenko, L., 2016. Managing innovation networks for knowledge mobility and appropriability: A complexity perspective. Entrepreneurship Research Journal. 6(1). pp.75-109.
Harvey, T., 2017. New UK photonics centre to shine a light on healthcare: With funding confirmed for a UK innovation centre, Dr Tom Harvey, programme development manager for healthcare photonics at CPI, discusses how the National Centre for Healthcare Photonics will support the commercialisation of novel medical technologies, which will improve patient outcomes and care. Electro Optics. (277). pp.12-14.
Lee, H.F. and Miozzo, M., 2019. Knowledge-intensive services in academic engagement and commercialisation.
Loya, M.I.M. and Rawani, A.M., 2016. Strategic framework for commercialisation of fly ash innovations. Technology Analysis & Strategic Management. 28(5). pp.555-567.
Rus, D and et.al., 2019. Workplace innovation: a review and potential future avenues. International Journal of Technology Transfer and Commercialisation. 16(3). pp.208-227.
Wonglimpiyarat, J. and Chandrachai, A., 2016. Cluster management and research commercialisation. International Journal of Business Innovation and Research. 11(3). pp.311-325.
