MANAGING INNOVATIONS 7 7 Running Head: MANAGING INNOVATIONS Name of the University Author

Running Head: MANAGING INNOVATIONS
MANAGING INNOVATIONS
Name of the student
Name of the University
Author’s Note

MANAGING INNOVATIONS1
Table of Contents
Introduction................................................................................................................................2
Discussion..................................................................................................................................2
Conclusion and Recommendations............................................................................................4
References..................................................................................................................................6

MANAGING INNOVATIONS2
Introduction
In the era of rapid increase in competition and growth innovation has become the key to
sustain in the market. Innovation refers to implementation of various ideas and concepts in
the existing product or technology to distinguish it from the other similar products and
services and to gain a competitive advantage. The demand for technological innovation has
seen a major increase in the market. The importance of artificial intelligence has increased
rapidly (Galindo and Méndez 2014). This project aims to discuss the major types of
innovation that has been focused on by the Car industries and emphasises on how the
automobile sector has set milestones for this innovation. It will also focus on 3 future
developments that can be made in order to sustain the product in the market and gain a
competitive edge.
Discussion
The automobile industry from the time of its establishment has undergone various
technological and social changes. The industry has rightly determined the need and
importance of innovation in its cars and other automobiles (Kaur and Rampersad 2018). The
manufacturers in the automotive or Car industry take various approaches to innovations, of
which three major innovations are as follows:
1. Incorporating updated and advanced technologies into the existing automobiles in the
market.
2. Enhancing the supply chain management and implementing effective manufacturing
techniques to improve quality.
3. Adapting the business models in a proactive manner as the market experiences a
decline in individuals who are owning cars.
Driver-less cars or Autonomous Cars