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Managing Innovation In Business Assignment | Rolls-Royce Report

   

Added on  2020-01-28

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INNOVATION WITHINBUSINESS AND ITSENVIRONMENT
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Executive summaryInnovation means to change, alter the ideas and make a new idea is a innovation.Innovation is done to modify the product and makes new. It create a new value of the product forwhich the customer is ready to buy and pay for it. It increase the cost of the product. Innovationis done by every organization. It is to be done in accordance with customer needs and wantstowards that product. The organization will modify the product according to the past sales of thatproduct. In every organization the past performance of the product reflects the present and future.This report contain about the Rolls-Royce as a organization. It include its history and innovation.There are different capabilities of the organization. It shows the future of industries in 2020 andbeyond it. The requirements which are needed by the organization in 2020 for innovation andcapabilities. To build the organization the future innovation are require and maintain the gapbetween the present and future innovation. 2
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................4The organization and industry overview..........................................................................................4The Organization and its innovation history................................................................................4The Organizations existing innovation Performance and Capabilities........................................5The Industry in 2016....................................................................................................................6The future of the industry 2020 and beyond................................................................................6The organizations innovation Requirements 2020 and Beyond..................................................7Closing the innovation Gap.............................................................................................................8Building the Future innovation Capabilities for the Organization..............................................8Conclusion.......................................................................................................................................8references.......................................................................................................................................103
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INTRODUCTIONInnovation is necessary in every business. The term innovation means to change the ideasor to alters the idea from time to time. It create the value of goods and services for whichcustomer is ready to pay for it. Innovation reflects the economic cost of product. The productsthat are developed after innovation are capable of satisfying the needs of customer. Innovationhelps the business as it attracts customers and enhances the goodwill. To develop theorganization at a grand level, innovation is required. The present report is about Rolls-RoyceMotors. It throws light on the history of the organization. It includes the past innovation of thecompany and their performance and what are the impact of that innovation on present as well asfuture. Report contain information about the future of industry in 2020 and the requirements thatare needed for innovation in 2020. THE ORGANIZATION AND INDUSTRY OVERVIEWThe Organization and its innovation historyRolls-Royce is the produce by BMW which is the subsidiary of it. Rolls-Royce Motorswas created in 1973 during the DE-merger of the Rolls-Royce car from the nationalised Rolls-Royce Limited. Vickers has acquired the company in 1980 and sold to Volkswagen in 1998. Theleading contender is BMW who already supplied the internal combustion engines and othercomponents for Rolls-Royce and Bentley cars. Rolls-Royce has made many innovation whichhelps to lead in the market. Company has made the innovation according to their customer needs.It has innovates different models which is up to the satisfaction level of customer. It create themodel Ghost which is to be the same but it increases the level of comfort in each model that isbest part for the company. The Rolls-Royce Ghost is one of the luxury saloon from Rolls-RoyceMotor Cars. Company has create many strategy for innovation to give their best to customer.Rolls-Royce has awarded their engineers for the innovation. The organization introduces changesin each and every part of its model. For example, it brings changes in symbol, size of the cars,headlights etc. It is an indication that the company is innovating its product from time to timeand increases the goodwill and the satisfy the need of the customer (Windahl, 2015). Innovationdone by Rolls-Royce is one of best example for the automobiles industry. It uses the technologywhich helps them to innovate their ideas into reality. Technology and innovation are the heart of4
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