Developing Innovative Business Report - BMW

Added on - 04 Oct 2020

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DEVELOPING ANINNOVATIVEBUSINESS REPORT1
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3Overview of BMW......................................................................................................................3MAIN ANALYSIS.........................................................................................................................5DISCUSSIONS AND PROPOSALS...........................................................................................11CONCLUSION..............................................................................................................................14REFERENCES.............................................................................................................................162
INTRODUCTIONInnovation 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 greatin the development as well as coordination of the market is unalienable. It is a process that startswith the introduction to pan of an idea as well as it become the new function which is differentfrom creation (Goldratt, 2017). In addition to this, it is also very essential to the advancement ofsociety. The standard of living of the people is also increased with the innovation. In today'smarket, innovation is also very essential for the organisation to sustain in the market becausecustomers are now become highly advance and they are attracted towards the innovative and newproducts and services.Innovation gives the greatest advantage for the company like innovation stand out fromcompetitors, meet the needs of customers, loyal customers, raise the profitability, raise the nameof the brand and many other benefits. In this present report, BMW is being chosen forassessment (Gelbmann and Hammerl, 2015). It is one of the leading automotive company in theworld. It was founded in 1916 by Karl Rapp. This present assignment will develop theinnovative as well as business report by analysing the external, internal environment that affectthe 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 BODYOverview of BMWBayerische Motoren Werke AG which is recognised as BMW company. It one of theleading German multinational organisation which presently produces the luxury automobiles,motorcycles and it also manufactures aircraft engines. The company is operating in automotiveindustry which was founded in 1916 by Karl Rapp. The headquarters of the organisation islocated in Munich, Bavaria, Germany. About 129,932 employees are currently working in thecompany in whihcb 117,664 employees are employed in Automotive segments, 3,506 workers inmotorcycle segments and 8645 in employees in the segment of financial services. The operationof the company is worldwide as they are also manufacturing cars in Brazil, India, China, UnitedStates, China and United Kingdom (Jokela and Elo, 2015). BMW is the 12thworld biggest motorvehicles in 2017 which is around 2,279,503 vehicles. It is fact that the special enchantment of3
BMW company does not only lie in its product as well as technology but the history of thecompany is written by leasers, investors and glorious designers.In addition to this, in terms of innovation, BMW company is the leader of innovationwith outstanding mix of material, a technological shift towards the digitalisation as well asresource efficient manufacture. Similarly, regular optimisation as well as flexibility of valuechains make sure competitiveness. In touring cars, sports cars, Isle of Man TT and Formula arethe 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, lowemission and self driving cars. The features and design of the care manufactured by BMW areoutstanding and it is unique.TheInnovation strategy of BMW is designed with the holistic approach for supportingthe creative procedure for catering the continuous changing needs of business. The sales ofcompany are raising only because of its highly innovative cars which help business entity inincreasing sales and profitability. It also supports firm in fostering growth. There are severalissues which can create barriers in innovation process. BMW company has set the trends in thetechnology of production as well as sustainability as a leader of innovation. The corporate levelstrategy of BMW company is where the management monitors all the trends as well as analysethe dynamic changing world along with the landscape of the business in which they are operatingin order to develop new strategies and plans (Martins, Rindova and Greenbaum, 2015). BMW isgoing to launch the vehicle which are highly environment-friendly, self-driving cars which willbe the biggest innovation of the company in the market.Vision of BMW Group-They want to become one of the most successful premium producer inthe automotive industry.Mission of BMW Group- The BMW Group is the world leading provide of premium products aswell as premium services for individual mobility.ObjectivesProviding high quality, continuous services as well as fully integrated for thecustomers of BMW.Delivering a good and healthy working environment to employees so that theycan work more effectively and efficiently.Raise added value for the company group as a Flag Carrier.4
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