Discuss About The Dynamic Commercialization For Technology.
Samsung is the South Korean multinational conglomerate which was founded in the year 1938 by Lee Byung-Chul. The organization served the area worldwide, and they are a high range of products that involve apparel, electronics, telecommunication equipment and much more. The organization has almost 490,000 employees all over the world. The organization is divided into various segments like the electronics, then the heavy industries, like insurance and so on. The project that will be developed within the firm is the implementation of the new smartphone with innovative psychology like VR.
The purpose of the plan is to provide an effective understanding of the development of new and innovative technology within the market. The plan will cover the development process as well as the commercialization of the new product then the analysis for understanding the preparation of the firm for the technological innovation. The plan will also consist of the process of marketing of technological innovation within the market. The impact of the new project on the success of the company for the next 5 to 10 years is also provided.
The new proposed technological innovation is the smartphone with full body display and glass body. The phone will have the suitability of access to virtual reality as well as the augmented reality for their customers. The fingerprint sensor will be on the display screen, and also it will have the facility of face unlock. This project is creative because the gaming zone, as well as the usage of the smartphone, will be changed by this new project. This is different from the other product of Samsung as this project deal with the previous drawbacks and provide a new model that can fulfill all the needs of the customers (Lawson, Krause, & Potter, 2015). The key feature of this product is that it is of the full-screen display, have the fingerprint sensor on the display screen with the face unlock system. The benefits that the innovation technology will provide is the 4K quality of video along with the virtual reality for the customers (Marion, Eddleston, Friar, & Deeds, 2015). The product will be superior to the competitors as this will provide numerous facilities to the customers and also the chance of performing Internet of Things to control the various things in surroundings and also it can be transformed as the remote of TV, AC and so on.
The model of new product development (NDP) process for the development and the commercialization is utilized as this covers the entire process of bringing the new products within the market (Chang, & Taylor, 2016). This model is highly useful for understanding the operation of the new product development within the market. In this model there is three phase that is ideation, then the development and the last phase is production. This is one of the best models that is utilized for the development of the product as in this process the technical analysis, as well as the market analysis, is also provided for the new product (Gutierrez-Gutierrez, Barrales-Molina, & Kaynak, 2018). In the ideation phase, the initial concept generation, as well as screening, took place. In the development phase, the product has the preliminary technical analysis which is further associated with the preliminary marketing analysis. Then the next step is the preliminary production analysis which is also associated with the market feasibility study. For the new product of Samsung, the phase I and phase II will provide benefits to understand the market need and also the improvement within the technology. Then in the third phase, the product is developed, and it is provided for in-house product testing or prototype along with the field trial is provided (Gopalakrishnan, Libby, Samuels, & Swenson, 2015). Then the independent technical review is provided on the product, and after that, it is forwarded to the production team. After the production, it is provided in the market and achieve the ongoing reaction and the feedback of the customers to make it more suitable for the market (Rubera, Chandrasekaran, & Ordanini, 2016). For the new product development of Samsung, this model is best as it will gain the feedback from the customers by field testing and also the review of the technical team so that the product is appropriate for the market.
The innovation diamond is the diagnostic tools that help to understand the readiness of the firm for technology innovation. In this diagnostic tool, four indices help to measure the preparation of Samsung for managing the technological innovation. The market index is utilized by Samsung to understand their future market for the innovation (Herliana, 2015). It clearly shows that the business is prepared for the technology innovation as the technology they are providing is compatible with the existing technology of the consumers. The innovation index of the firm shows that the firm is having the most effective operational function for the development of new product (Ayele, Juell-Skielse, Hjalmarsson, Johannesson, & Rudmark, 2015). They provide their entire focus on the development of innovative product within the market. They have also consulted with the intellectual property lawyer to maintain their innovation. The resource index of Samsung shows that they are ready for the innovative product with their technology resources to create the prototype and also they have adequate staff members for the development of the innovative product (Slater, Mohr, & Sengupta, 2014). The strategic index of Samsung shows that they have fully accessed the threat of the alternative technologies and also they are having the formal written business plan for the product. It provides the view that the organization is fully prepared for the technology innovation within the market.
The organization needs to access the risk that is associated with the product to emerge in the market, and for that, a quick screening tool is required which is the RENT model. Here the RENT is referred to the economic rent to secure the superior return from the innovation that is owned by Samsung (Ren, & Dewan, 2015). The component of the rent model is the volume, length, and rate. It can be seen that the calculation for the amount of rent within the organization is being performed with the help of formula. The volume is focused on the size of the industry, then the size of the end-users (Huang, 2018). The rate is focused on the type of innovation, level of prior protection and so on. The length is concentrated in the technology, innovation intensity and much more. The RENT score of the organization provides the most effective view of the development of new product within the market (Manzini, & Lazzarotti, 2016). The rent innovation is configured into 6 different typologies and they are champion, shrimp, gadget, Joker, a flash in the pan (type A and type B) and the Oasis (type A and type B). The entire business function of the rent model depends on the innovation profile that is utilized for the return-risk of the product. The calculation is done by market analysis and estimation for the firm regarding their innovation.
For the volume, it can be seen that the estimation of the potential market than the sales innovation, as well as segmentation, is considered to be 3 respectively. This clearly shows that the total volume for Samsung is 9 which show that they are having “++” potential regarding volume in the market. The rate is calculated to be 8 by the calculation of gross profit and the net profit for being 2, whereas the innovation is the creation of a new design that would become dominant provided 4 points. This also clearly shows that the potential is in the “++” category which reflects the high potential of the firm in the term of an innovative product. The length is calculated to be point 11 which show their potential level within the market. The organization with their new product is offering a new technology platform with the face unlock facility and VR along with AR in the product (Carayannis, Sindakis, & Walter, 2015). The design and the technology of the product are neither easy not hard to copy which earn them 3 points. In the legal point of view of the firm, it is quite hard to copy the product as they are having a patent for the new product development. Typology of the tent configuration shows that they are in the position of Champion which is the most attractive type of innovation offered by the RENT model (Norman, & Verganti, 2014). The contingency matrix model shows that the firm has structured strategic planning where the focus needs to be external, and the uncertainty along with the complexity is maximum for the organization.
Consider the readiness of the market: It is the process where the organization ensures that they are ready for the launch of their new product in the market (Kogan, Papanikolaou, Seru, & Stoffman, 2017).
Consider the user end: The primary focus of Samsung is on their customers especially the young adults for their new and innovative product.
Beware existing market players: The level of competition in the technological world is high, and the primary competitor of Samsung is Apple.
Look for the premium price market gaps: Looking for the premium gap in the price market allow the firm to develop their pricing strategy.
The steps that are involved with the development of technical innovation allow the firm to understand their business process in the market. The steps that are followed by Samsung for the development of technological innovation are as follows
The 3 critical tests that are to be met by the strategies can disrupt by the creation of new opportunities for the consumers. The three critical test are as follows:
The issues that are surrounding the adoption, as well as the diffusion of the fundamental technology, is considered to be particularly complex as well as high risk. The four key issues are as follows:
The creation of the new market space for the product is quite complex. It is essential for Samsung to look across the substitute industries, then redefine the buyer group and so on. It is essential for Samsung to perform the most suitable and the effective strategy that would allow them to develop their product within the market. The organization needs to impose the blue ocean strategy where the competition level will be low rather no competition for the new and the innovative technology within the market.
Samsung is providing their best in the market with the fine-tuning of the current product. It can be seen that in the next 5 to 10 years the product will be a huge success for the organization. This is due to the facts that the world is changing and the development of new technology are emerging is the primary reason for the development of product within the market. The design innovation as well as the technology of the product are innovative and provide the most effective operational function of the firm. The organization has the effective organizational structure that provides valuable business process within the market. From the comparison of champions of innovation and the innovation champion, it can be seen that Samsung is considered to be the champion of innovation. The innovative product is generally driving from the top management, and it provides the basic formal responsibility along with the high level of control. Samsung with their innovative product is going to impose a greater position within the market for the next 5 to 10 years.
The new and the innovative product that is developed by the firm is quite effective within the market to provide the best technological experiences to the consumers. It is clear from the various findings that the innovative product will get the innovation in technology and also in design. It is one of the best ways for the organization to develop their product and their business for the long run within the market. The basic fact that could be analyzed within the market is that the producers can develop the potential activity of the firm. The process of new product development clearly states the view that the firm can effectively improve their target market and provide the vast range of area for the launch of their innovative product.
Conclusion
The paper eventually concludes the facts that a new product of Samsung is the latest design smartphone with advanced technology that provides face unlock system, the fingerprint sensor on display screen and the entire body will be transparent. The paper also concludes that the organization is effectively using the RENT model along with the Innovation Diamond to understand their market and the preparation of the business for the development of new and innovative product within the market. The contingency matrix of the firms how that the innovation forms the part of CEO where the complex and the uncertainty is maximum.
References
Ayele, W. Y., Juell-Skielse, G., Hjalmarsson, A., Johannesson, P., & Rudmark, D. (2015, July). Evaluating Open Data Innovation: A Measurement Model for Digital Innovation Contests. In PACIS (p. 204).
Carayannis, E. G., Sindakis, S., & Walter, C. (2015). Business model innovation as a lever of organizational sustainability. The Journal of Technology Transfer, 40(1), 85-104.
Chang, W., & Taylor, S. A. (2016). The effectiveness of customer participation in new product development: A meta-analysis. Journal of Marketing, 80(1), 47-64.
Gopalakrishnan, M., Libby, T., Samuels, J. A., & Swenson, D. (2015). The effect of cost goal specificity and new product development process on cost reduction performance. Accounting, Organizations and Society, 42, 1-11.
Gutierrez-Gutierrez, L. J., Barrales-Molina, V., & Kaynak, H. (2018). The role of human resource-related quality management practices in new product development: A dynamic capability perspective. International Journal of Operations & Production Management, 38(1), 43-66.
Herliana, S. (2015). Regional innovation cluster for small and medium enterprises (SME): A triple helix concept. Procedia-Social and Behavioral Sciences, 169, 151-160.
Huang, B. (2018). A simple generalization of the singular rent model. Metroeconomica, 69(1), 109-124.
Kogan, L., Papanikolaou, D., Seru, A., & Stoffman, N. (2017). Technological innovation, resource allocation, and growth. The Quarterly Journal of Economics, 132(2), 665-712.
Lawson, B., Krause, D., & Potter, A. (2015). Improving supplier new product development performance: the role of supplier development. Journal of Product Innovation Management, 32(5), 777-792.
Manzini, R., & Lazzarotti, V. (2016). Intellectual property protection mechanisms in collaborative new product development. R&D Management, 46(S2), 579-595.
Marion, T. J., Eddleston, K. A., Friar, J. H., & Deeds, D. (2015). The evolution of interorganizational relationships in emerging ventures: An ethnographic study within the new product development process. Journal of Business Venturing, 30(1), 167-184.
Marx, M., & Hsu, D. H. (2015). Strategic switchbacks: Dynamic commercialization strategies for technology entrepreneurs. Research Policy, 44(10), 1815-1826.
Norman, D. A., & Verganti, R. (2014). Incremental and radical innovation: Design research vs. technology and meaning change. Design issues, 30(1), 78-96.
Ren, F., & Dewan, S. (2015). Industry-level analysis of information technology return and risk: what explains the variation?. Journal of Management Information Systems, 32(2), 71-103.
Rubera, G., Chandrasekaran, D., & Ordanini, A. (2016). Open innovation, product portfolio innovativeness and firm performance: the dual role of new product development capabilities. Journal of the Academy of Marketing Science, 44(2), 166-184.
Slater, S. F., Mohr, J. J., & Sengupta, S. (2014). Radical product innovation capability: Literature review, synthesis, and illustrative research propositions. Journal of Product Innovation Management, 31(3), 552-566.
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