Innovation in Business Assignment: Elfin Sports Cars Company

Added on - 06 Jun 2020

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Innovation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK..............................................................................................................................................11) Product for innovation............................................................................................................12) Background, history, characteristics and features of the product and service........................23) Evaluation of innovation.........................................................................................................34) Conclusion and recommendations for future improvement and development.......................5REFERENCES...............................................................................................................................7
INTRODUCTIONInnovation is an effective process which implement in business with new ideas in order tosuccess higher success at marketplace. In this process the organization translate their ideas intothe goods and service which assist in creating value and customers will pay that specific service.Innovation introduced something new and different which assist in defining customers needs andwants. Company implement the innovative ideas and things to develop the customers service andsatisfy their needs in effective manner (Innovation’s Impact on Economic Development). Itdefine the best solution that meet new customers requirements and also define the market needs.Innovation define the creative process in existing products to attract large number of customersand increase their sale volume at market place. Present report is based on the Elfin Sports CarsCompany, it deals in auto mobile sectors. It manufacture sports cars and racing cars. In thisreport product background, characteristics and features are mentioned. Evaluation of innovationis also discussed in their assignment. Along with, marketing issues, commercialization is alsomentioned in their report.TASK1) Product for innovationElfin sports cars company manufactured racing car and the recent product of thiscompany is Elfin Type 3 Clubman Car, this product introduce in the 1998- 2007 (Ayeni andDada, 2011). the main reason behind choosing the car is it is very innovative and attractive sportcar and having 4AG ZE engine that is strong and plus point of this product. It company involvedmany innovative techniques to manufacture best and innovative products to its customers inorder to achieve higher satisfaction by them. This company currently produce V8 powered sportcars. The name of these are MS8 Streamliner and another one is MS8 Clubman. Auto mobilecompany use various process and strategies to develop and improve their business at market.They also wants to expand at international market so that they define innovation in their processand successful products to its customers (Chari, Golosov and Tsyvinski, 2012). This companystart their business at local area and introduce sports care that having front engined but now daysthey make and set innovative process in this business in order to identify customers needs andwants so that they can easily manufacture variety products to its clients and get satisfaction bythem. Innovation is more important for the company to active higher success at market place and1
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