BU7030 - Managing Innovation Assignment Sample

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Managing Innovation

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INTRODUCTION

Innovation refers to the new ideas and methods which are being implemented in the organization 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 there are right working.

Samsung is belonging from the conglomerate industry and is having its headquarters in Seoul, South Korea.

The organization has come up with a new product which is disinfectant box according to the current situation.

EARLY STAGE DEVELOPMENT

Covid-19 has got a lot of changes in the way the organizations 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 disinfectant box so that they would be able to give the satisfaction level of the customers be higher.

Customers are looking for higher safety actions which is going to make sure that there are right actions and measures which the businesses are thinking for them.

Disinfectant box is a portable charger as well which would also make their products be charged for use and make them feel safer which a great factor about this product is.

Formation

Understanding the customers is very important and their needs from the organization which match the visions of the company as well.

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 make innovation around this factor which is a great factor for the organization to have.

Early period

This stage is of storming which is brain storming for the management and the other stakeholders associated with the organization 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 organization and especially when there are new products which are being launched by the organization. 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 organization needs to be more careful.

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 organization.

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 is 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 organization 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 organization it is important for the company to be able to have good performance management. There are stages for performance management and if the organization 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 organization 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 organization would be able to make sure that the customers are accepting the working.

It is important to make sure that the company is having affordable ideas therefore good analysed 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 got in.

Innovation and invention can help the business be able to get in 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 of them and the companies must make sure that they are taking the actions according to them which are good for the profit margins of the organization as well.

Innovation on feedbacks and involvement of the customers would make the satisfaction level of the clients be higher and the organization 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.

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