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Managing Innovation in Business- Assignment

   

Added on  2020-11-12

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Managing Innovationin Business
Managing Innovation in Business- Assignment_1

Executive SummaryThis report talks about innovation and the significance of indulging in innovativepractices for the growth and expansion of company. The present report is based upon GeneralMotors which provides high-tech cars with innovative and technical features. The main aim ofthis enterprise is to ensure customer satisfaction by providing cars that match the requirementsand demands of consumers. This report is basically categorised into three parts.The first part includes the overview of General Motors and its innovation history.PESTLE analysis has been used to ascertain the factors that act as drivers for innovation incompany.Also, the overall existing performance of company is highlighted along with thecapabilities that foster innovation in enterprise. For this, SWOT analysis has been done toascertain the strengths of company and the probable risks for the existence and growth ofenterprise.Lastly, the overall scenario of automobile industry has been described to gain an insightinto the present growth of industry and also the scope available for companies in this sector forusing innovation.It has been analysed that General Motors is engaging in innovative practices tocontinuously design and develop products that meet requirements of customers. It has beenfound that company is going to overhaul its car development process to manufacture more carsand also bring improvements in processes to emit less carbon footprints.It has been recommended that company should involve in hybrid technology to developand design cars that meet preferences of customers at present.
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Table of ContentsExecutive Summary.........................................................................................................................2INTRODUCTION...........................................................................................................................1The Organisation and its Innovation History..............................................................................1The Organisations existing Innovation Performance and Capabilities.......................................3The Industry................................................................................................................................5REFERENCES................................................................................................................................8
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INTRODUCTIONInnovation is a process that involves multiple activities to develop the existing productwith creative ways and also includes introduction of fresh ideas or thoughts to design newproducts. The present report is based on General Motors which is an American multinationalcompany that manufactures, designs and sells vehicles and their parts. This report discussesabout the innovation history of company. Also, it includes existing innovation performance ofenterprise along with capabilities to involve innovation in future. Along with that, it covers theindustry overview.The Organisation and its Innovation HistoryGeneral Motors(GM) is amultinational corporation situated in Michigan. Companydelivers services in around 35 countries. It is the largest American and also one of the world'slargest automobile manufacturers (El-Refaie, 2013).In the first 50 years of operations, GM developed the electric starter, bulk production ofcars with replaceable parts, automatic transmission, manual transmission with synchromesh foreasier gear shifting, high-octane leaded gasoline and high-compression V-8 engine.In 1918,Chevroletbecame a division of General Motors. In 1960, Chevrolet introducedthe Corvair. It was the only American car that had air-cooled engine made up of aluminium(Jurkovic and et. al., 2015). Furthermore, it was the only car with independent suspension at allfour wheels. Also, during 1960s, GM was one of the first manufacturers to use robots andcomputers on the plant floor. In 1961, the company installed world’s first industrial robot on aproduction line which made door and window handles, gear shifting knobs, light fixtures andother hardware for car interiors.In 1966, GM came with Oldsmobile Toronado. This car was a true reflection ofinnovation made by company. It had 7.0-liter, 385-gross-horsepower V-8 in the traditionalforward position, however, it drove the car’s front wheels. It was the most powerful front-driveproduction car ever built (Helper and Henderson, 2014).In 1996, the company came with a revolutionary product OnStar which became leader inin-built vehicle communication system. In modern context, it is used by over 7-million peopleand provides facilities like emergency, security, navigation, connectivity and in-car Wi-Fiservices.1
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