Managing Innovation in Business Assignment - Lotus Company
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Added on 2020-10-22
Managing Innovation in Business Assignment - Lotus Company
Added on 2020-10-22
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MANAGING INNOVATIONIN BUSINESS
Executive SummaryInnovation is a process of converting ideas into reality so that it can be beneficial for bothcompanies and people who are using them. In this report, researcher will focus on LotusCompany, which is a automotive company and manufacture sports cars. Auto-mobile industryrefers to as a commercial enterprise that involves in an activity of designing, manufacturing,developing and marketing of motors vehicles so that it can be sold to its valuable customers. In anation, it is a big source of income and comes under the largest economic sector across the globe.In this assignment, history and innovation which company has done throughout the years ismentioned in this report so as to analysed the growth which firm has gained in the years ofbusiness. Thus, innovation includes some deliberate application of resources and activitiesthrough which a thought can be changed into useful products which can be further deliver tocustomers for providing benefits. Since the automotive industry started in the year 1860s,commercial enterprise has gone through many changes such as making a four wheeler carincluding safety measures, adding new features for comfort etc. Other than this, performance andcapabilities of Lotus cars was included that assisted in making glorious history. In addition tothis, position of company in 2018 and things they have implemented for getting better intomarket area is included in this report. Therefore, in order to know different aspects of thecompany Porter's five force model is being included which will further provide an overview ofthe company's threats of substitute whether it is high or low or does bargaining power ofsuppliers is high or low etc., further with the help of SWOT analysis company's strengths,weakness, opportunities and threats is being evaluated. Henceforth, with the help of thisassignment company's performance and its implementation of innovation for getting betterservices and facilities is included.
Table of ContentsINTRODUCTION...........................................................................................................................1Main Body.......................................................................................................................................1The Organisation and its Innovation History.........................................................................1The Organisation existing Innovation Performance and Capabilities....................................3The Industry in 2018..............................................................................................................5CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONInnovation is basically define as a new idea, device or method which company imply forgaining benefits from the market area.Lotus Cars is a British Multinational Company of UnitedKingdom that manufactures sports cars and racing cars. This company was eastablished in theyear around 1952 and since than they are providing effective services and facilities to its loyalcustomers. Generally, the company designs and manufactures racing cars that are light weightand inbuilt with lot of features and characteristics. Company is operating its business worldwideand they are doing well. Auto-mobile industry, with the change in course of time has evolvedand now they are touched every aspect of technology such as making a light weight car whichcan reached to its destination in quick time without any problem. Thus, this is the main reasonwhy this topic was chosen as determining the innovative process in this industry will be veryhelpful in getting proper information related to the evolution of this auto-mobile industry.According to the survey conducted in the year around 2014 it has been analysed that Lotus Carsis ranked 50 according to the IQ Score (Automotive Brands Ranked by Digital IQ Score, 2018).Purpose of Lotus Cars is to manufacture best cars which incorporates all the features thatcomforts an individual who is driving the car. Thus, company wants to pioneer in one of therenowned racing competition i.e. Formula racing. As a result, Lotus Cars is manufacturing carsconsidering the factors required for the same. Structure of Lotus Cars is similar like othercompanies who are dealing in manufacturing industry. For instance: they have a GeneralManager under which five departments are included and these are manufacturing centre, researchdepartment, personnel department, financial department and marketing department. Thus, it canbe said that Lotus Cars follows a hierarchical structure for performing its activities. Presentreport will include overview of the company along with its innovation history. Other than this,firm's existing innovation, performance and capabilities are also being explained in thisassignment. Lastly, the latest position of the company in market area is included in this report. Main BodyThe Organisation and Industry OverviewThe Organisation and its Innovation HistoryLotus Cars is a automotive company which was found in the year around 1952, by ColinChapman. Firm mainly manufactured sports and racing cars and its headquarter in Hethel,1
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