Samsung Business Development Assignment: Analysis Of Innovative Ideas
Task: You are required to write a 2000-word report for a novel business proposal you have developed. The business proposal must build upon your value proposition developed in assessment 1 for the existing business or organisation selected in assessment 1. You must use appropriate headings to structure the body of the report.
Your report must demonstrate:
Logical and persuasive articulation of: business model description; value proposition development; business operations development; supply chain development; competitive advantage; financial value capture and strategic fit (this includes elements 5 to 10 in the disciplined entrepreneurship canvas by Aulet (2017, p. xviii) and elements 3 to 9 in the business model canvas by Osterwalder and Pigneur (2010, pp. 16-41)).
Logical and persuasive argumentation in regard to how assumptions and uncertainties related to: customer desirability; technical feasibility; and financial viability have been addressed to date and how they will be addressed in the future as described in a phased development plan.
Logical and persuasive argumentation for the selection of the innovation tools and techniques used to support the report findings and recommendations. These must be beyond the tools and techniques used in assessment 1. Minimum eight (8) additional tools and techniques must be selected from the unit textbooks and online materials.
Logical and persuasive application of the selected innovation tools and techniques used to support the report findings and recommendations. These must be different to the tools and techniques used in assessment 1. Minimum eight (8) additional tools and techniques must be applied from the unit textbooks and materials. Illustrations of the tool usage details can be included in the appendix.
Candid and critical self-analysis about assessment 2 tasks including: a reflection on the development of personal innovation capabilities and practices; identification of own personal strengths and weaknesses; supported with examples of own behaviour.
Clear flow of thought throughout the report with: a convincing executive summary; clear and succinct purpose described in the introduction; relevant structure and content within the body of the report; and a clear and succinct conclusion.
Critical review skills and integration of relevant academic and professional literature. A minimum of ten (10) academic and professional references must be used.
Appropriate in-text referencing and reference list. Adherence to CQUniversity APA reference style.
Clarity of expression, grammar and spelling. Appropriate report format with good use of bullet points, illustrations and figures. Within ±10% of the word limit for report, excluding references and appendices: 2000 words.
The main aim of the Samsung business development assignment is to provide an innovative a sustainable business proposal of Samsung Company. Each and every enterprise must have proper innovative ideas in order to run effectively and efficiently in the competitive market. Samsung is facing many issues and difficulties due to lack of innovative products and ideas. Thus, the report aims to provide detail of all innovative ideas that must be adopted by the company as well its benefits. The Samsung business development assignment will even explain the hard-core capabilities of the basic partners and as well as the company resources that are required to promote innovation.
The main aim of the Samsung business development assignment is to provide an innovative and sustainable business proposal of Samsung Company. Samsung is a multinational conglomerate organisation which is famous for its innovative products. Its headquarters is located in South Korea. It is considered to be one of the most successful companies in the world. Due to stiff competition the Samsung Company is losing its place in the market. The company requires novel value of proposition which will define the company regarding the type of value they will create to satisfy their customers. The organisation should provide considerable effort and time in order to create the proper value of proposition that will form a basis of marketing. The study of Samsung business development assignment will mainly focus on how the organisation can improve it quality of product to withstand in the market.
Business model description (Joyce & Paquin, 2016)
Business Model Description
Nine elements in business model
Internet of things
Man power resources
Value proposition development
Value of proposition discussed in this Samsung business development assignment means solution that can differentiate the company product with other products in the market. Value of proposition can even define as the promise of value that is being delivered communicated and acknowledged to the customer (Payne & Eggert,2017). Samsung company should come up with the idea of producing wide range of wearable and durable product. The innovation in the products can be wearable product such as to wrist watch which should be technologically advanced as well water proof. The watch should have the ability of controlling phones as well other electronic gadgets. The watch can even measure body temperature and body weights. It must be water proof so that it can be used during rain as well swimming. As discussed in this Samsung business development assignment that it will be really very helpful as in this busy world people always rushes in hurry therefore, they are in need of such type of products that can be convenient to carry as well takes less time.
Value proposition of business model (Payne & Eggert,2017)
Key Partners in Business
The company must have key partners that can outsource the company in many ways. The company should mainatain a good realtionship with suppliers by making them payments on right time who will help the company any kind of emergency. The organisation must have financial institution who can help the organisation with finance and grants loan for innovation, The governements rules and regulations must be followed while taking all kind of decisions.
Key partners in business model.
The company should focus on innovation and implementing innovative ideas for bringing uniqueness in its products. The company must maintain make proper marketing strategies to make aware of the products to the customers and maintain the quality of product.
Key activities of key partners
The Samsung must give the facility of providing the products to the customer by online. The company should focus on providing proper services to customer after the product being sold to them so that the customers can be reliable while purchasing the product of the organisation.
Customer relationship management
Supply chain development
The concept of Supply chain development discussed in this Samsung business development assignment means systematic activities that must be followed in designing the products and reaching to the customers along with maintaining the quality of the product. The Samsung needs to design new product such as technologically advanced wrist watch whose cost of manufacturing will be quite high. Hence the company requires the help from the financial institution such as banks, lenders who can grant loans to the company. The ideas of incorporating internet of things in its product require high expertise and technical skills people who can design all its electronical gadgets in a modernised way, such as the wrist watch can be used to operate air condition or any other electrical appliances. Government rules and regulations must be strictly followed while designing any products. The company must also appoint a secretary who should keep in mind about the company norms and laws. A marketing manager should be appointed who can guide the organisation with proper marketing strategies to reach the information of the products to the customers.
Financial value capture
The company explored in this Samsung business development assignment should calculate the cost very carefully while thinking of implementing artificial intelligence and interest of things because the negative returns from the investment will ruin the company instead of providing any place in competitive market. (Suzuki,Hong & Tamayose ,2015) The project using artificial intelligence can vary the cost approximately $50000-$125000. The wrist watch that the company has thought to design requires must have a proper pricing .While deciding about its price the company must pay attention towards the cost of manufacturing that includes labour cost , service cost as well as the recruiting of highly skilled professionals , hence it should keep in mind the overall investment being made (Choi, 2016). Also, to be noted that the pricing should be done in such a way so that the customer feels satisfied that the product is worth to the price.
Samsung electronics Capex (Uhl & Gollenia, 2016).
The product illustrated in this Samsung business development assignment will help the Samsung to gain competitive advantage due to its unique features that will attract the customers to buy the products. (Noe et al,2017) The new designed wrist watch must have the power to identify any one face, can connect with many electrical appliances, can check the blood pressure and can detect any weather changes. The watch must be trendy and fashionable and price should be worth of its service (Rani et al., 2016). The company must always produce better quality of services to the customers after the sale of the products to its customers. Implementation of artificial intelligence and internet of things mentioned in this Samsung business development assignment help the company to withstand with high market competition. The low cost, the super innovation as well the quality of product will act as competitive advantage for Samsung.
Competitive advantage of Samsung (Rani et al., 2016).
There are many companies that used to sell phones now started selling watches. The company earns huge profit as it creates the craze among the customers. Thus, the innovation of designing smart watch mentioned in this Samsung business development assignment which can even link with the phones and can perform several functions will act as a boom for the Samsung. Thus, the proposal is very compatible for the organisation to survive in the market in the tough competition. (Prajogo,2016)
Design and Build
Identification and assessment of assumptions and uncertainties
As mentioned in this Samsung business development assignment that the taste and preferences of customers always alter with the passage of time. Thus, when the product is launched many uncertainties take birth which is very challenging for the company to face.
Customer desirability fades with time as everyday new product gets launched into the market. Thus, the organisation should identify uncertainties and design the product accordingly. Samsung company should make the product durable and offer at cheaper price so that it attracts the customers and also make their life comfortable and advanced.
Technical feasibility discussed in this Samsung business development assignment for the company such as Samsung will not be any issue but with the launch of new product will basically increase the cost of operation. Thus, it should plan properly in designing the product as well pricing it.
Financial Viability Wearable products always have high demand because of its trends. Thus, the launch of new wearable product with smart features and fashionable looks attract the customers ultimately leading to increase in revenue that can be used by Samsung company to pay off its debts which it might has to take to design the product uncertainty (Noe et al., 2017). It is mentioned in this Samsung business development assignment that high profit will help the company to gain more shareholders to invest in the company and can achieve higher growth.
Provide a Phased development plan for Samsung business development assignment to address uncertainties
Uncertainties are un avoidable. It can occur any time. The company should be aware of it and design every product in such a way so that although the uncertainties occurs it does not affect the company much. The company should be flexible enough to deal with uncertainty (Noe et al., 2017). They must make the product bit unique and provide some additional values that draws the attention of the customer. The company examined in this Samsung business development assignment must provide a system of giving any product in free along with the purchase of the product. Technical person should be hired to draw the price that recovers the cost of operation as well return positive amount of profit in the business.
Three-pronged strategy for superior business management
Selection of innovation tools and techniques
Fig: Business model canvas Samsung business development assignment
Value proposition model of Samsung product
Innovation tool of business canvas model and value proposition model illustrated in this Samsung business development assignment has helped me to analyze the need of value proposition and how a product can be improved through proper management of the key activities with key partners. It helps to understand the needs of the customers more promptly to develop products as per the demands and ease for the customers to gain better user experience. The business canvas model was crucial to identify the key activities and understand the cost structure to assess the value proposition.
I have collected all information from the company websites to build this Samsung business development assignment. Few were collected from journals and magazines. I have even faced few issues as the information were sufficient and vast information to manage them and condense in a report from was a challenge. Though I have managed to put my own creativity and skills to design the report. My peers and teachers also guided me to present the report well. The business development and strategies are taken from company websites and journals as mentioned in the reference list.
Conclusion and Recommendations
The Samsung business development assignment has made me understand that the success of the organization depends upon innovating new ideas and products in the market. The proper innovative ideas must be implemented to maintain the quality of products. The report is made to provide ideas regarding the product that must be launched by the company to draw the attention of the customers and win their satisfaction. The company must focus on hiring experts and technically skilled individuals for designing the better quality of watches. It is noted in this Samsung business development assignment that the company should organise proper promotional activities to make the product attractive and worth taking.
Choi, P. P. (2016). Samsung business development assignment Evolution of Samsung group and its central office: Imperfect market and capacity-building. Asian Business & Management, 15(5), 370-398.
Joyce, A., & Paquin, R. L. (2016). The triple layered business model canvas: A tool to design more sustainable business models. Journal of Cleaner Production, 135, 1474-1486.
Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2017). Human resource management: Gaining a competitive advantage. New York, NY: McGraw-Hill Education.
Park, C., & Lee, H. (2015). Value co-creation processes—Early stages of value chains involving high-tech business markets: Samsung–qualcomm semiconductor foundry businesses. Journal of Business-to-Business Marketing, 22(3), 229-252.
Payne, A., Frow, P., & Eggert, A. (2017). The customer value proposition: evolution, development, and application in marketing. Journal of the Academy of Marketing Science, 45(4), 467-489.
Prajogo, D. I. (2016). Samsung business development assignment The strategic fit between innovation strategies and business environment in delivering business performance. International Journal of Production Economics, 171, 241-249.
Rani, H. M. N. S., Zuber, F., Yusoof, M., Zamziba, M., & Toriry, S. (2016). Managing Cross-Cultural Environment in Samsung Company: Strategy in Global Business. International Journal of Academic Research in Business and Social Sciences, 6(11), 605-613.
Suzuki, H., Murakami, J., Hong, Y. H., & Tamayose, B. (2015). Samsung business development assignment Financing transit-oriented development with land values: Adapting land value capture in developing countries. The World Bank.
Uhl, A., & Gollenia, L. A. (2016). Digital enterprise transformation: A business-driven approach to leveraging innovative IT. Routledge.