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This paper aims to study the various processes and practices of sustainable development in business by methods of innovation. The process of sustainable business development concerns with the idea of developing a business with minimum negative impacts and creation of value for both, the customers, investors as well as the environment. With the alarming rise in the climatic conditions, there has been a necessity of an integrated government policy system for innovation practices. A popular term that is under use these days is ‘de-carbonization of the economy’ (Global Banking & Finance Review, 2019). However, in order to maximize the gains from the capital invested, the companies can devise innovation practices with an added incentive to restore the nature or environment. The chosen organization to study the aspect of innovation and look into the sustainable development of that project is Samsung. The product chosen is a wearable item, driven by technology and sustained by the production of health benefits. Sustainable development is a kind of philosophy that requires the participation of every being in the global economy, consisting of the consumers and the government (Welford, 2013). Further, the paper discusses on how the various stages of innovation help in increasing the value of an idea or proposition.
The process of innovation depends on a number of factors, divided into different stages. These different stages of innovation consists of
Samsung, considered a multinational brand, composes of many forms of businesses. A South Korean company, Samsung has its headquarters in Samsung Town, Seoul. The Company emphasizes most of its business under the brand name of the Samsung, which is considered the largest business conglomerate in South Korea, and one of the biggest businesses in the world (Chang, Zhang and Xiong 2019). The company was founded in the year of 1938. The foundation of the company is laid upon trading background. The company initially have been trading in sectors like processing of food, insurances, securities, textiles and retails. Later, the company enters the business of electronics manufacturing and telecommunication. The company also had a primary background in shipbuilding industries and construction industry. The company have been segmenting in various sectors of business under the brand name of Samsung. With the recent development in the electronics industry, Samsung have been incorporating their business in globalizing most of their activities in the electronic development sector, where, major manufacturing of semi-conductors and mobiles phones are done. It became one of the most important sector of generating revenue for the conglomerate company (Song and Park 2018). With the recent estimations, the company has been considered as the 6th largest in the position of brand value.
With the increase of electronic market, Samsung have been generating most of its resources in the development in the electronic sector. Samsung electronics is the part of the brand Samsung, which was formally known as Samsung electric industries. The Company is a public company, accounting 70 percent of the revenue. The Company is considered to be the largest manufacturer of consumer electronics and semiconductors by its revenue. The Company has its major development in electronic components like lithium-ion batteries, flash memory devices and semiconductor chips. The major clients of the Company are Apple, HTC, Sony and Nokia. The company has its distinction in the manufacturing of devices such as smartphones and mobile phones. Afterwards, the company had major success with the development of its galaxy smartphones line-ups. The company also deals in electronic devices like tablets, computers, phablets and others. These are specified and powered by the Android Operating System, which is famous as galaxy tab collection. Other notable collection in the electronic departments of the company are the Samsung galaxy note collection, the A series. (Song and Park 2018) The organization also have a major development in wearable products like Samsung gears and smart watches.
Samsung gears are considered to be the line of wearable products, which are manufactured and maintained by Samsung electronics. The first device which was manufactured by Samsung was named as Samsung Galaxy gear. It was considered to be the first generation smart-watches (Wolos et al. 2015). The model was announced in the year 2013. After the hit of the device in the electronics market, the company have expanded its sector and have been manufacturing various series of gears like smart watches, fitness bands and ear-buds.
In the recent years, the company has launched new smart watches, fitness gear and ear-buds under name of Samsung Galaxy, in fact, switching the brand into the series name only.
The series of smart watches manufactured by company consist of variety of watches like Samsung galaxy gear, Samsung gear 2, Samsung gear live, Samsung gear S, Samsung gear S2, Samsung gear S3 and Samsung gear sports.
In the series, Samsung galaxy is the first generation smart watch, which was announced in the year of 2013. Due to the technological limitation at that time, the watch does not has as much as specification modern day watches have (Akana et al. 2018). The watch was initially released with in-build android operating system, with the version Kit-Kat. The watch had a specified AMOLED display in it, with storage of 4 GB and RAM of 512 MB. The watch had a huge success in the market, which in fact made validation for the company for manufacturing more watches in the line.
Most of the other smart watches in the line was made with respect to the modern specification of the modern upgrades in the line. The watches have been made with all the latest specifications, which would allow the user to answer calls and text message to contacts with the help of Bluetooth connectivity with the phones.
Fitness bands, which is also classified as the activity tracker, are smart wristbands, which have in-build tracking or heart rate meter, calories meter and blood pressure meter. The fitness band keeps a record of the steps that are taken by the person wearing the band (Armstrong John and De Bono 2015). The series of fitness bands which is made by Samsung are named as Samsung Gear Fit, Samsung Gear Fit 2 and Fit 2 Pro.
Ear-bands are the future of earphones, which would initially would be replacing earphones. The wearable device could be accessed by activating the Bluetooth feature of the device and paring it with a smartphone.
With the recent development of technology, wearable products are being a top most priority for many electronic manufacturing and electronic companies. The rising trend with wearable gadgets have raised the question of sustainability of the product.
It could be assumed the wearable products have a clear sustainability goal, which not only is user friendly, but also helps with maintaining the sustainability of the product. It would also be helpful for the customers for maintaining their style and comfort for the eco-friendly design of wearable products. Most of the wearable manufacturing company have been maintaining the sustainability of the environment as well as their customers.
In addition to the internal factors, discussed above that involves technicalities of project management and innovation procedures, there are other factors, external to the situation. According to Dodgson (2018), this includes the following factors:
The innovation process require plans that are innovative, cost-effective and technologically viable. The aim of an innovation process or business development measure is to maximize the profits gained from the returns. The integration process in a business or producing a diverse range of goods can enhance this (Tidd & Bessant, 2018). Targeting a wide spectrum of customers also accelerates this process of profit maximization. However, a sustainable form of development plan is more welcomed that aims to work in a holistic environment by delivering what the customers want, at an affordable price, without disrupting the environment. The use of gadgets, their longevity, product decay and radioactive and e-wastes produced in this industry acts as an essential guiding factor to this industry. Using business development software allows better analysis with frequent or regular checks from the operations’ point of view. Thus, the paper concludes on the note that every innovation process requires a strategic approach to maximize its profit through sustainable and technologically advanced methods.
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