Managing Innovation in Business

MANAGING INNOVATION
IN BUSINESS

EXECUTIVE SUMMARY
Innovation in business is essential for growth & development. In this report how business
manages the innovation id discussed. In the main body part chosen firm; Tesla and its innovation is
history is being presented with its existing innovation performance & capabilities and the industry
in 2016. Tesla has been well known for its electric vehicles across the globe. With new ideas as well
as implementing new strategies in business assist them to create innovation in business sector. It is
stretching its product line such as model S has increased their sales and revenue at larger scale. By
going through this report, investigator will be able to understand the brief concept of innovation.
Many firms are developing their research & development department to make new changes in
industry but it requires skills as well as high level of expertise to understand the concept. Further, it
is also necessary to be aware about market changing trends so that decisions making is done
accordingly. By conducting proper market research, it becomes easy to prepare planning for new
changes in the enterprise.

Table of Contents
EXECUTIVE SUMMARY..................................................................................................................2
INTRODUCTION................................................................................................................................4
The organisation & industry overview............................................................................................4
Organisation & its Innovation history..............................................................................................4
Organisation existing performance & capabilities...........................................................................5
The industry in 2016........................................................................................................................6
CONCLUSION....................................................................................................................................8
REFERENCES.....................................................................................................................................9
Books & Journal:.............................................................................................................................9

INTRODUCTION
In this competitive world, business sector is rising at rapid level and competition is booming
up. In market there are two types of organisation one which introduces the change & create
innovation whereas other who remains static focuses on profit. Tesla, an automobile industry
headquartered in California. Organisation deals in variety of products, equipment, vehicles etc. It
has many competitors in market such as Ford motor, Honda Motor etc. This report includes
organisation and industry review, innovation history, existing innovation performance & capabilities
and industry in 2016. Automobile industry is consistently changing when it comes to innovation and
which makes important to manage innovation in business. Main purpose of conducting this report is
to assist entities how to manage and create changes in business through innovation.
The organisation & industry overview
Automobile industry has changed drastically with changing time period. Tesla has been a
well-established EV producing car in the market which provides good quality to its customers as
well as solves their problems in effective manner. Thus, being innovative is the key measure success
point of Tesla (Tidd, 2018).
Organisation & its Innovation history
Tesla, a multinational corporation was established in 2003 and founded by Elon Musk.
Organisation deals with automobile vehicles products and services and increasing their range of
business. The first car which launched by firm was Roadster and to market their product they made
history by sending the prototype of roadster into space. This creates a sensation at that time because
without spending a dim on advertising they did marketing for their product at wider level. With
changing time & demand as well as need of people enterprise is developing and improving their
mode of doing business to deal with market situation as well as competition in effective manner.
They created electric vehicles to safe the society and environment from being polluted. For example
their model S is the most used electric car in U.S market. In automobile industry they are
revolutionising the sector so that people life become more easy & secure when it comes to driving.
(Biemans, 2018).
Moreover, many other competitors also were giving tough competition to the
company such as Toyota, BMW, etc. Tesla invests most of its capital and funding in their research
and department unit. With motive of consistently changing innovation, firm is becoming more
advanced as well as innovator in the sector. There are many cars which have been launched in the
market such as roadster, Model S, Y Model X etc. & still to be continued in process of
manufacturing the cars. Also, they have developed their supercharging station across the globe by