Essay Unit 1 - Exploring Business assignment 3 (graded distinction). this assignment covers all the criteria for you to achieve our desirable grade (pass, merit or distinction)
Innovation= inventing new ways of doing things could save you
time and expense, as well as giving you a competitive advantage in the market place as you grow
and adapt your company. This does not imply that you should come with a creative concept; rather
you can prove a current concept by improving the service. business that innovates produce more
effective working processes, are more efficient and produce better results.
Product innovation= the invention and eventual addition of a new or upgraded version of prior
goods and services is referred to as product innovation. Process innovation is concerned with the
development of new facilities, skills, and technology for the manufacture and delivery of goods and
services. Consumers are less aware of the repercussions of product innovation than they of product
innovation.
Service innovation= the term “service innovation” can apply to a variety of things, these include but
are not restricted to the following. Services and service products innovation new or enhanced
service items.
Enterprise= a large company consisting of a large number of employees is referred to as an
enterprise. It’s all about taking chances, displaying initiative, and making things happen, as well as
starting a new business.
Samsung
Samsung is a multinational electronics corporation best known for producing personal laptops, smart
phones, tablets (iPad), and other items through inventive marketing tactics.
Samsung's innovation has been effective in inventing new ideas, such as with phones, laptops, and
galaxy watches. Both monthly and annual upgrades, as well as a range of automatic updates on the
laptop and smartphones itself.
Samsung has a simple corporate philosophy: “to commit its skill and technology to developing
exceptional goods and services that improve the world” this vision statement of Samsung
encourages all employees in the company to be creative. Samsung spends approximately 18 billion
dollars per year on innovation and production alone. Samsung recognises and has invested a
significant amount of money on innovation, as innovation necessitates a significant amount of
financing, the majority of which goes to Samsung's creativity sector. As a result, Samsung protects
and supports all of the industry's innovators. Samsung encourages diversity in the workforce since
individuals from various perceive things differently, allowing for fresh ideas to emerge when multiple
perspectives are combined.
Steps to Innovation for Samsung
Samsung has established a process called new concept development which can be
implemented across all business units for rejuvenating and inventing new products and
services. The Samsung innovation process involves having an incubation crew who analysis
and collaborate with each business segment in order to deliver greater market intelligence.
, Samsung has partition information table which is there to analysis any manufacturing and
solution strategies which is usually based on the consumer feedback and new innovations.
Samsung collects this information by working directly with design development departments
for every single business segment. There are four major steps in the process of partition
information table
They are:
Stage 1 =
The very first stage of partition information table is there to identify what are the current trends
around the world for innovations. To gain this information you have to do surveys, collect valid data
and ideas. Samsung also examines what their current competitors are planning on making.
Stage 2 =
Second key step is after collecting all important research the entrepreneurs and designers starts
doing their job by generalizing and coming up with new ideas. The goal is to come with lots of new
ideas which can bring new innovation ideas.
Stage 3 =
Third stage is the design phase (concept development) where the partition information team puts all
the information they’ve learned to good use. For example, the data, business plan and finally the
concepts that have resulted. The group takes a wealth of knowledge and distil it down to a single
thought. Then that concept becomes the business next aim and plan.
Stage 4 =
Finally, the last stage everything from product concept to business units gets completed by the
partition information workers but making sure it meets with the consumers requirements and is
right for the market place
This technique is very similar to the theoretical models which exist in a variety of formats, stages and
terminology for example graham wallas 1926 four stages of creativity model, where the first stage is
preparing meaning gathering all the important information about he product you are going to make
and the second stage is incubation where you set problems aside and the third stage is illumination
where you see the solution and lastly the last stage is verification where your refine your idea.
Samsung always listens to their customers and one of the biggest issues that came forward from the
customers was the protection of the environment. So, adapting the feedback from the customers
Samsung created an innovation strategy for the generation ahead. Which included plans to cut down
on greenhouse has emissions by 50% which is created by the manufacturing process and all other
toxic gases from all their products by 84 million tons in the next 5 years ahead.
Samsung’s innovations examples
Product or service development require both innovation and logical steps to the process. While
refining a current product or service might appear to take a less formal approach, there are
theoretical models for new product development developed by Booz, Allen and Hamilton which has
6 categories beginning with new to the world which Samsung is doing developing new products for
the world secondly new firm lines meaning if Samsung tries to make different types of products they
can enter into many new markets which is a big opportunity for Samsung the third stage is addition
to existing product lines which Samsung has been doing by their smartphone range they have been
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