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Managing Innovation in Business Concepts

   

Added on  2020-10-23

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Managing Innovation inBusiness
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EXECUTIVE SUMMARYThis project report summarises various concepts that are related to business innovationprojects. Innovation is the process of making modification in the existing products of a companyso that all the business objectives can be successfully achieved. Different types of innovation thatare going to be introduced in automotive industry in upcoming period and the innovations thatLotus Cars is planning to launch in future have been discussed in this project report. A detailedroad map for the launching process of new carbon fiber body cars is also being formulated in thisreport. The road map consist information about the suggestion for a specific innovation, reasonfor the selection and impact of change that includes analysis of resources and cost. Feasibilitytesting, approval process, application and review of the innovation has also been covered in thisreport.
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Table of ContentsEXECUTIVE SUMMARY.............................................................................................................2INTRODUCTION...........................................................................................................................1THE FUTURE OF THE INDUSTRY 2020 AND BEYOND.........................................................1THE ORGANISATION INNOVATION REQUIREMENT 2020 AND BEYOND......................3BUILDING THE FUTURE INNOVATION CAPABILITIES FOR THE ORGANISATION......4CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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INTRODUCTIONInnovation can be defined as a new idea which is used by most of the companies in orderto enhance sales and profits in upcoming period. It is not easy to manage whole process ofinnovation because it requires appropriate planning and strategies. When an organisation plan fora creation or modification in its products than proper information, sufficient funds and marketinformation is needed for this purpose (Tidd and Bessant, 2014). Main objective of businessentities behind the innovation is to meet customer's requirements and fulfil all their needs so thatlarge market share can be captured. If organisations are willing to get success by launching aninnovative product than it is essential to communicate the plan with all functional departments ofthe company and allot them resources and responsibilities. Appropriate execution of plans willhelp to successfully introduce the innovation products in market. Main aim of this project reportis to develop an understanding of proper management of innovation for a business. Thisassignment is based on Lotus cars which is a British automotive manufacturing company and itsheadquarter is in Hethel, UK. The organisation was founded in the year of 1952 by ColinChapman. This report consist detailed analysis of future of automotive industry, innovationrequirement of the organisation and future innovation capabilities of the company.THE FUTURE OF THE INDUSTRY 2020 AND BEYONDAutomotive industry is the sector that deals in different types of auto mobile productssuch as cars, motor vehicles etc. All the products are manufactured and developed under thissector. This industry is continuously growing in UK and contributing a higher amount in nationalincome that helps to grow the economy. This industry was established in year 1860 and sincethan the sector is successfully running its business. Various companies such as Aston Martin,Daimler, Morgan, Bentley, Jaguar, Lotus, Rolls Royce are operating their business under thissector in UK. Higher employment is generated by the commercial enterprise in UK and currentlyit is offering jobs to large number of individuals (Drucker, 2014).The companies who are a part of automotive industry continuously launching differenttypes of innovation that helps to enhance profitability and productivity of whole sector. One ofthem is Aston Martin who is planning for electrification in upcoming period. The new car whichis going to be launched by Aston martin is RapidE and the directors have decided to launchlimited cars. This innovation will take the industry to the next level and increase competition1
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