Managing Innovation in Business

Managing Innovation in
business

Executive summary
The current study concerns with innovation and provides deep understanding that how an
innovation plays an important role in the success of a business. Similarly, the report is based
upon Land Rover which is one of the top company in UK and operates in range of countries by
offering high quality of car to their customers. The study determine the future trend that assist to
shape up the industry from 2020 onward such that by using advance technology, company tries
to attract range of customers and this in turn raise financial position of a firm. Moreover, quoted
firm is well known for its quality product and adapting technology but while comparing the same
with industry requirement, it is analyzed that there is a need to use more advance technology and
that is why, it is consider rare under VRIO analysis. Thus, to comply with the advance
technology, company has to innovate the automatic car parking system within its car, for that
roadmap is used which define entire process of innovating new product.

Table of Contents
Executive summary..........................................................................................................................2
INTRODUCTION...........................................................................................................................1
Future trend of industry 2020 and beyond..................................................................................1
Organization requirements..........................................................................................................2
Building future innovation capabilities.......................................................................................4
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Managing innovation is that practice which assist to generate new idea and then
introducing the same in order to generate profit. So to sustain in the competitive era, it is quite
necessary for the firm to develop innovative ideas in order to stay ahead in competition. In the
same way, current study is based upon an Land Rover which is one of the top firm within
automobile industry. From the previous study, it is examine the firm maintain quality and have
strong market share which in turn assist to maintain brand image of a firm. Also by conducting
competitive analysis, it is examine that company faces threat due to competition and that is why,
it has to provide innovative product for their customers. Therefore, the present study will
provide a complete brief with regards to innovation which in turn assist the firm to sustain
reputation within international market.
With the help of current study, company examine future trend of industry within 2020
and determine its own capabilities by comparing it with industry requirements. This will help the
firm to examine key areas for improvement to enable innovation. Lastly, report will devise a
roadmap which is based upon key differences and then outline various steps that require to make
a plan of action.
Future trend of industry 2020 and beyond
By conducting porter five force analysis, it is analyzed that buying power of customer is
high and that is why the companies operating within this industry are perform better. Also,
customer prefer to innovative things and that is why, their major focus is use of technology
among products. This is one of the major trend that shape up the future of automobile sector.
Such that companies connect internet within cars and these further help to communicate with
other device as well (Melwani and Sitlani, 2017). Moreover, people inside and around the car
may easily connect to WiFi hotspot and enjoy the services easily. Thus, it is clearly reflected that
the industry is growing at faster rate and even the demand of customers is also increases time to
time.
Apart from this the industry also faces substitute threats which means there are range of
substitute available in the market which may be used by the customer such that public transport
which is more cheaper than other. While most of rich families prefer to use their own vehicle
rather than public transport and even ready to spend lot of money. So companies should provide
innovative things which in turn encourage them to buy the product which in turn cause positive
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