This assessment will cover the following questions:

• Samsung Electronics is a major manufacturer of Electronic components, headquartered in South Korea. What do you mean by Innovation and examine the key difference between invention and innovation.
• What are different types of innovation.
• Examines the process required to commercialise innovation.
• How innovation helps to deal with the competitive market and create large base of consumers.

INTRODUCTION

Innovation is the process through which ideas and inventions are made into valuable goods and services for which customers and consumers will pay. There are primarily four different types of innovations: Incremental Innovation, Disruptive Innovation, Architectural Innovation and Radical Innovation respectively (Lambert, 2019). While commercialization is the procedure through which new goods and services are brought into the market. Broadly commercialization also includes manufacturing, distribution, marketing and promotion, sales, customer service and other key operations which are necessary in achieving commercial success for new goods and services.