Innovative Business Models and Sustainable Product-Service Systems

The provided document is an assignment on innovative business models, specifically focusing on sustainable product-service systems. It requires students to explore and analyze various research papers and studies related to the development and implementation of innovative business models in different industries and contexts. The assignment aims to assess students' understanding of the topic and their ability to apply theoretical concepts to real-world scenarios.

DEVELOPING AN
INNOVATIVE
BUSINESS REPORT
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Overview of BMW......................................................................................................................3
MAIN ANALYSIS .........................................................................................................................5
DISCUSSIONS AND PROPOSALS ...........................................................................................11
CONCLUSION..............................................................................................................................14
REFERENCES .............................................................................................................................16
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INTRODUCTION
Innovation is very important for part of the business. With ever- increasing competition,
innovation is one of the major concern of all companies. The role played by innovation is great
in the development as well as coordination of the market is unalienable. It is a process that starts
with the introduction to pan of an idea as well as it become the new function which is different
from creation (Goldratt, 2017). In addition to this, it is also very essential to the advancement of
society. The standard of living of the people is also increased with the innovation. In today's
market, innovation is also very essential for the organisation to sustain in the market because
customers are now become highly advance and they are attracted towards the innovative and new
products and services.
Innovation gives the greatest advantage for the company like innovation stand out from
competitors, meet the needs of customers, loyal customers, raise the profitability, raise the name
of the brand and many other benefits. In this present report, BMW is being chosen for
assessment (Gelbmann and Hammerl, 2015). It is one of the leading automotive company in the
world. It was founded in 1916 by Karl Rapp. This present assignment will develop the
innovative as well as business report by analysing the external, internal environment that affect
the organisation function and operation. In addition to this corporate strategies of organisation,
innovation models, importance of innovation for the success of firm will also add in this report.
MAIN BODY
Overview of BMW
Bayerische Motoren Werke AG which is recognised as BMW company. It one of the
leading German multinational organisation which presently produces the luxury automobiles,
motorcycles and it also manufactures aircraft engines. The company is operating in automotive
industry which was founded in 1916 by Karl Rapp. The headquarters of the organisation is
located in Munich, Bavaria, Germany. About 129,932 employees are currently working in the
company in whihcb 117,664 employees are employed in Automotive segments, 3,506 workers in
motorcycle segments and 8645 in employees in the segment of financial services. The operation
of the company is worldwide as they are also manufacturing cars in Brazil, India, China, United
States, China and United Kingdom (Jokela and Elo, 2015). BMW is the 12th world biggest motor
vehicles in 2017 which is around 2,279,503 vehicles. It is fact that the special enchantment of
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BMW company does not only lie in its product as well as technology but the history of the
company is written by leasers, investors and glorious designers.
In addition to this, in terms of innovation, BMW company is the leader of innovation
with outstanding mix of material, a technological shift towards the digitalisation as well as
resource efficient manufacture. Similarly, regular optimisation as well as flexibility of value
chains make sure competitiveness. In touring cars, sports cars, Isle of Man TT and Formula are
the most preferable products of BMW which are recorded in the history of the company (Parrish,
Lee and Kim, 2016). The company is going to introduce the car fully environment-friendly, low
emission and self driving cars. The features and design of the care manufactured by BMW are
outstanding and it is unique.
The Innovation strategy of BMW is designed with the holistic approach for supporting
the creative procedure for catering the continuous changing needs of business. The sales of
company are raising only because of its highly innovative cars which help business entity in
increasing sales and profitability. It also supports firm in fostering growth. There are several
issues which can create barriers in innovation process. BMW company has set the trends in the
technology of production as well as sustainability as a leader of innovation. The corporate level
strategy of BMW company is where the management monitors all the trends as well as analyse
the dynamic changing world along with the landscape of the business in which they are operating
in order to develop new strategies and plans (Martins, Rindova and Greenbaum, 2015). BMW is
going to launch the vehicle which are highly environment-friendly, self-driving cars which will
be the biggest innovation of the company in the market.
Vision of BMW Group- They want to become one of the most successful premium producer in
the automotive industry.
Mission of BMW Group- The BMW Group is the world leading provide of premium products as
well as premium services for individual mobility.
Objectives
 Providing high quality, continuous services as well as fully integrated for the
customers of BMW.
 Delivering a good and healthy working environment to employees so that they
can work more effectively and efficiently.
 Raise added value for the company group as a Flag Carrier.
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MAIN ANALYSIS
External and Internal Environment that affect Automotive industry
PESTLE ANALYSIS
Automotive industry is one of the most essential part of the world economy. It is true that
because of giant size of auto industry, the growth as well as revenue are largely impacted by
different forces. BMW Group is operating in distinct environment which influence the operations
and functions both positively and negatively. When they plan for innovation, external factors do
affect the company. In 21st century, innovation and advance technology is become the
fundamental basis of differentiation for the producers of vehicles (Zhura, Ilyina and Polozova,
2017). Beside this, the focus of the companies operating in automotive industry is on
environment friendly and fuel efficiency. Now, with ever increasing pressure on the company or
industry related to pollution control as well as carbon footprint are rising. Thus, it is very
important for BMW company as well as other firms to focus on innovative features that fulfils
the needs and require of environment. It is very important for company to track the factors which
affects the company in planning for innovation or any other strategy. The vehicles which BMW
is presently manufacturing are highly environment firm and low emission vehicle. BMW Group
use the tool which track those factors which influence the decision making of the company.
Pestle analysis is one the best model which help company to track the external factors affecting
decision making of the firm are as follows-
Political Factors- This is factor which plays a significant role as well as it leads to direct
impact on the profitability of automotive industry as well as BMW Group. Governments across
the world are preferring vehicles with low emission and environment friendly. In addition to this,
the taxes are also rising on luxury vehicles along with on fuel guzzlers. In UK government is
providing subsidy for producing vehicle with low emission and environment friendly. BMW
Group is bring more innovation in the features because of increasing demand of ozone-friendly
vehicles (Bhattacharyya, and Palit, 2016). Government is also putting pressure on the companies
to produce cars with low emission. Moreover, there is law in UK and many other countries that
the vehicle is passes by the rules of government which also largely affects the revenue and
profitability of the organisation. These changing regulations of government lead to both
favourable and unfavourable impact of the company. All the same, it is true that the political
factors are not in control of any organisations. The law of exports and imports, heavy taxes,
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policies extremely affects the fortunes of the auto firms. Thus, BMW Group has taken all these
laws and policies as an opportunity and they are renovating there vehicles as well as adding
features which are highly environment friendly.
Economic Factors- This is another factors which affect the automotive industry in both
positive and negative manner. With the recent crisis in the economy has seriously hit very hard
to this industry. The sales and profitability of the organisation in this industry are greatly
depended on this factor as if the economic condition of the county is not good than it
automatically hit the sales of company to fall. The vehicle of BMW company is directly hit by
the poor economy because they produce high costly cars and the sales of these luxury cars are
badly fallen. But at the time of flourish economy, the sales of these cars remain at top. The
operation of BMW are in both developed and under-developed countries which is also a good
opportunity for the company (McKenzie and Woodruff, 2015). For example, if the economic
condition in India is not good but the economic conditions in UK is good, company will recover
its margin from UK. Therefore, the economic condition as well as size of the economy have a
major impact on the profitability of the auto industry in different markets.
Social Factor- This is the factor which is deeply influenced the market of the economy.
The change in social factor as well as preferences of customers directly affect the automotive
industry. It is very essential that they should borrow these forces. Thus, BMW company always
keep customers at the first priority, the needs and expectation of customers. They design the
products as per the expectations of customers (Bernardes and Nogueira, 2017). All the models
which are launched by BMW company keeping in the customers expectations and trends in
market in mind. There are various factors like age population, culture of the people, living
standard etc. The models which are launched by the BMW company is always for high income
group as well as high living standard of people. The change in social trends also influence the
brand's popularity. Many models with the changing trends becomes useless. Thus, in order to
overcome this factor, company has to going to introduce the environment-friendly and self-
driving cars because now people are becoming very conscious about environment concern.
Technological Factor- This is one of the most important factor which directly affects the
profitability, performance, sales and entire organisation functions and operations of the company.
It is true that more innovative product's means more customers are attracted towards the
company. The market share of BMW is automatically increases by highly advance technological
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products because customers are becoming highly advance and innovative. There are many
companies in automotive industry who are investing huge amount of fund in low emission as
well as on environment-friendly vehicles (Lee, Yang and Pham, 2017). BMW is major player in
terms of technological advancement. Innovation is the base of manufacturing products which
have high degree of uniqueness. Due to the major shift of consumers towards high mileage as
well as fuel efficient vehicles. Thus, it represents that innovation and technological advancement
is the key to raise the sales along with the profitability of organisation in automotive industry.
Environmental Factors- This is another most essential factor which is affecting the
growth and development of the company. All the laws which are related to the carbon emission
and environment-friendly are flourishing stiffer around the world. Government has banned the
vehicle which are spreading pollution in the environment. Even government is giving subsidies
to companies for making vehicle fully pollution free. In addition to this, government has make a
rule that all the vehicle that company is manufacturing will be checked by the government
authorities and if they are passed by them are only allowed to launch inn the market (Nigam and
Boughanmi, 2017). Thus, in order to overcome these impact of environmental factors, BMW
company is going to introduce the cars fully environment-friendly and self-driving cars which do
not harm the environment or surroundings.
Legal Factors- This is the factor which each and every industry or organisation needs to
be consider for the smooth flow of the functions and operations of the company. The companies
which are operating in automotive industry, the name of the brand, profitability and performance
of the company will surely be affected by the laws. BMW Group is selling its cars and other
products in the global market are subject to laws and legislations which are related to the quality
as well as safety of the products. The laws on pollution are growing very stricter day by day
because of accidents (Jackson, 2018.). The Company who are exporting their vehicles have to
pass with strict emission control. In addition to this, there are various laws which are related to
the safety of product or vehicle and it is very essential for the company to follow these laws for
smooth functioning of the company. For example, the airbags of BMW are very effective. BMW
Group is following all the laws of environment, taxation and many other laws. BMW company
and other companies as well as are bound to protect there customers and community.
PORTER'S FIVE FORCES
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With the ever increasing competition, company have to come with innovation and new
technologies frequently in order to sustain in the market. BMW company is going to introduce
the self-driving cars and highly environment-friendly products in order to stand out from its
competitors. Thus, in order to track the competitive forces in the market, BMW used the tool
called Porter;s five forces model that will help company to analysis its competition. Here is the
analysis for BMW company -
Threat of Substitutes- Threat of substitutes is low on BMW company. It is very tough for
the customers as well as the market to consider the substitutes for the brand like BMW. The
position of BMW company is very strong and powerful in the market and in the eyes of its loyal
customers which is called as image or reputation in the market. Even so. There might be chances
of arising of risk from other companies (Fisher and et.al., 2017). In addition to this, government
can also pave a threat for BMW company while considering the emission from fuels as well as
the environmental hazards the vehicles are causing. Because of these issues, people are
encourage preferring the public transport which in result reducing the transportation issues. But
the strategies which are employed by BMW are outstanding and this is reason why the impact is
low as compare to other companies. They are launching environment-friendly cars and self-
driving cars which are very beneficial for the company.
Power of Competitors- It is fact that the competition is very high in automotive industry.
The list of competitors of BMW is very long globally. Those rivals also have tremendous target
customers in the market. Some major competitors of BMW are Audi, Benz, Hyundai, Mercedes
etc. Beside this, Yamaha, Ducati are the major bike brands who are giving tough competition to
BMW. Day by day the demand of self-driving cars and hybrid cars is raising with the high
technological advancement. This is the positive opportunity for BMW because they are planning
for launching the cars which are highly environment-friendly as well as self-driving and hybrid
cars. The issues of transportation will surely be minimized with these innovations.
Power of Buyers- This is pressure which is exerted by the customers or buyers on the
company to reduce the price of the product or services. The power of buyers are somewhat high
of BMW because of intense competition in the automotive industry. Companies operating in
automotive industry invest huge amount of funds on promotion and advertisement activities in
order to capture huge amount of customers in the market. Today the customers used to purchase
product on the basis of reviews as well as comments inserted by the other customers on
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magazine websites. Before purchasing the products they used to check the ratings of the
products. The customers are highly influence to buy the cars of BMW because the comments and
reviews are very nice about the cars used by the users (Bojovic, Sabatier and Rouault, 2015). In
order to control the power of buyers, company focus on innovation and advanced technologies.
Threat of New Entreats- The threat of new entrants is low in automotive industry because
it required huge amount of capital investment as well as huge amount of working capital to run
the business. Thus, it is not an easy task for any person to start the business in automotive
industry. The competition is also very high in the automotive industry which is also a big
concern for any individual to take risk. The name of BMW is recognised brand name in the
market, it is not easy for any company to beat its position. The employees of BMW is also highly
skilled which is also a bid advantage of the company. In addition to this, designers, technicians
and engineers of BMW are the backbone of the company which is also not easy for any other
organisation to acquire this brilliant talent which BMW have. Moreover, the innovations and
advanced technologies used by BMW are also one of the biggest reason why it is not easy for
any other company to replace the position of BMW.
Power of Suppliers- The power of suppliers in automotive industry is moderate. The role
played by suppliers are also very important for the company smooth flow of operations in
automotive industry. There are many types of material which are required by automotive
company to manufacture the vehicle such as crude materials, spare parts, labour, technicians and
many other facilities to manufacture the car. Thus, it is very important for the all companies
operating in automotive industry to maintain a healthy and good relationship with the suppliers
because delay in acquiring raw material will lead to effect the customers. In addition to this, the
cost of suppliers also affects the company's profitability and performance (ukeš, Longo and
Zouhar, 2018). But BMW has maintained the relationship or contract with huge number of
suppliers as if any of the suppliers tends to raise the prices, company will switch to other which
in result a loss of business to suppliers.
SWOT ANALYSIS
SWOT analysis is the tool which is used by the company to track both internal and
external factors that influence the operations and functions of company. It is very important that
company should know its strength and weaknesses, opportunities and threat before going to
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launch or introduce any new product or any change in the market. BMW also used to this tool to
tack those factors which are as follows-
Strength
 Leafing position across the world is the outstanding strength of BMW.
 Brand awareness is also high as customers are highly attracted towards the
products and services of company.
 The quality standard and use of advance technology is also one of the biggest
strength of the company (Mignone and et.al., 2018).
 Innovation in the features are very fast, frequent and constant. Self-driving cars,
hybrid and environment-friendly vehicles are going to achieve the greatest heights
of success.
 Skilled and large workforce.
 Highly experience in automotive industry.
 The performance of CSR is also very strong.
 High profitability.
 Imported parts are used in the manufacturing of vehicle.
 In the financial service segments the performance of company is very stromg.
Weaknesses
 The biggest weakness of BMW is high price of the vehicles. They do not produce
cars for medium class people.
 The production cost is also very high.
 Perceptions of an expensive brand (Goldratt, 2017).
 Lack of strategic partnership as compared to the competition.
 Due to the air bag issues, the brand image has badly affected.
Opportunities
 The demand of environment friendly vehicles are increasing.
 The demand of hybrid vehicle is also raising.
 Expansion of brand portfolio.
 Including more low cost variants.
 The presence of company is increasing in the market of china.
 Fabrication of strategic coalition with other automotive companies.
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` Threat
 Increasing price of raw materials.
 Cut-throat competition.
 High fluctuation in currency (Parrish, Lee and Kim, 2016).
 Strict law of pollution.
 Loss of talent as well as key personnel to rivalry.
INNOVATION MODEL
Innovation model
Innovation model is the need in terms of growth for BMW. Technology, research and
development and also trends of market have contributed in the process of evolution overtime
(Press and Cooper, 2017). The models of innovation include the following-
First Generation Model- this model was developed by NASA and also known as technology
push. It is a simple linear model that has a suggestion has the process in terms of innovating new
product starts mainly by new ideas or discovery. This is done when research and development of
new technology drives new product development. There is lack of market research involved but
the cited company directly applies innovative technology by applying it to a product. This
process was broken down in order to help BMW in systematizing work and also in controlling
contractors and suppliers.
DISCUSSIONS AND PROPOSALS
SWOT analysis
Advantages
BMW industry is highly growing industry that is contributing continuously towards
growth and development (Gallejones, Pardo, Aizpurua and Del Prado, 2015). Thus, this industry
gives people the opportunity in order to live and work in safety way. This is possible because
BMW is launching eco friendly and pollution free cars. Thus, the ease and improvements in
quality of life, this will only increase the demand in terms of vehicles in the future. It also leads
to innovation of product and advancement in technology in constant manner. Thus, with advent
of E-vehicles and also the alternative fuels as Shell gas, CNG and other, the expenditure of
Research and Development has driven to next phase in terms of growth. This phase includes use
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of renewable sources of energy which may be solar. Environmental friendly cars has lower
emissions and also use power sources that occurs naturally in order to reduce need for petroleum.
Disadvantage
Dual power plants means that there is unnecessary complexity that is built in the power-
train system of this car (Goldratt, 2017). If comes to repair tends to be highly expensive. Such
type of cars eventually needs to be replaced and is the costly affair at very minimum. The market
of updated technology has been shifted from demand market to supply market. It has also given
the power to bargain and choose alternatives because of considerable number of variants and stiff
competition. This analysis also entails a subjective process that reflects bias of individuals that
collects data and that participates in the session of brainstorming. In addition to this, data that is
to be input in SWOT analysis can be outdated in quick manner. The employee turnover is BMW
is found to be higher if compared to other factors. In addition to this, attraction and retention in
BMW company can be very challenging.
PESTLE analysis
Advantages
This analysis is very easy in order to understand. And the things that are easy to
understand can be implemented easily (Tsui, B.M. and et.al., 2016). If political factor has been
taken into consideration then BMW has to look at government policies and has to see its effect as
in positive or negative way. If economic factor is considered than the cited company will have to
see impact of exchange rate , interest rate on economy. Similarly, social factors include things
like innovation and changes taken place in technology. Further, environmental and legal factors
include things as change in environment and laws. This analysis helped the cited company in
finding out that UK government is providing subsidy if the company produces eco friendly
vehicle. In addition to this, this analysis helps in making complete use of profitable
opportunities. That arises time to time due to extreme change in external factors. It also helps
BMW in preparing for possible threats that arises on daily basis. This means that if there is
change in technology and they do not prepare and start producing environmental friendly cars
than it will lose market share to their competitors.
Disadvantages
The major disadvantage of this analysis is rapid change which means that these factors
never remain same and keeps on changing in rapid manner. Thus, if these factors due to which
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BMW takes decision gets change, then the whole analysis of theses factors gets wasted. Changes
in trend and many other things make this analysis as difficult task. The other main disadvantage
of undertaking this analysis is that it includes valuable resources of BMW. This valuable
resource includes time, money and manpower of company. The cost is so high that the benefits
that has been perceived is of no use to BMW company.
Porters Five forces
Advantages
The main advantage to undertake this analyse is that it helps in finding out the
competitive advantage in the industry (Zhura, Ilyina and Polozova, 2017). It is the best known
and commonly used model and is also termed as easy in order to use and provides
understandable way of market forces analysis. It helps in determining the effectiveness of
automotive industry and also in making decisions regarding entry and exiting industry. It also
helps in indicating trends of industry in terms of eco friendly and automated cars. If the demand
of such vehicles are more, than BMW finalises the decision of maintaining their position in
market and also earn high term profitability. This model also looks on BMW through wide range
of aspects that is been included in five forces. It is the systematic approach that helps BMW in
analysing current situation in terms of competition and accordingly make decisions. It also
enables in order to determine the attractive trends of the cited industry.
Disadvantages
Along with strengths of Porters five forces, there are many disadvantages included. The
disadvantage that has been analysed includes that the structure of industry are changing
constantly due to competition between various firms in automotive industry. This, model sees
environment as greater threat to BMW. Thus, innovation represents the driven force of
competition within particular industry. As BMW is coming up with new product as
environmental friendly and automated car, they can ear greater advantage by earning high profit.
Further, the other function of innovation lies in converting competition of industry. The cost of
production could be cut down because of these innovations. It is also termed as of limited value
as it do not represents the snapshots of changing situation. This leads to great loss for BMW
because to produce environmental friendly cars they require quantity of resources. If sudden
change occurs on market, it would result in extreme loss as the company has to change their
production plan.
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Innovation model
Advantages
The major advantage of this model is that all task are completed as one process before is
is being moved to next step (Sugarhood, P. and et.al., 2014). The technical uncertainties has also
been reduced due to this model. To find new place in order to generate growth presents essential
challenge for BMW. This model helps in facilitating and promoting understanding of changes in
things that can make difference for long term survival of business. It helps in aiding faster
identification of new sources in terms of innovation. It also reduces likelihood of competitive
disruption increases the return that is done in terms of investment in innovation. The main
advantage of this innovation model is that it can be a key element in terms of creating
competitive advantage and is also critical for sustained growth in the business environment of
BMW.
Disadvantages
In this model, all these activities has to be completed within a given phase before
progressing to created delays. Thus, it is mainly because all activities were therefore put on holed
until the review of management of BMW is completed for a particular stage.
CONCLUSION
From the above report, it has been concluded that innovation in business plays important
role in achieving long term success and high profitability. BMW wants to launch new product in
the market. This product that has to be launched by them is Automated and environmental
friendly cars. Thus, to analyse the trend and profit margin in automated industry, the cited
company used various framework that helped them in analysing the external and internal factors
that affects business. Further, importance of innovation has been analysed. Due to which it has
been found that innovation of such cars helped BMW to achieve good customer base and high
profits.
As today's generation is totally based on environmental friendly things. Therefore,
Innovation of such cars helped the company to meet the needs of customers and make them
happy and healthy. This product also helped them in gaining maximum competitive advantage
which has been analysed deeply with the help of Porters Five forces model. SWOT and PESTLE
framework has also been used that helped the cited company to generate information regarding
internal and external factors that affect BMW to survive in competitive market in terms of
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innovation. In addition to this, this assignment also highlights on strengths and weakness of all
tools that has been used in this report.
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