A Detailed Project on BMW Innovation and Creativity Strategies

This project examines BMW's approach to innovation, focusing on its strategies for new product development and maintaining a competitive edge. It analyzes the factors driving innovation, such as changing trends, technological advancements, and customer demand. The project outlines BMW's business objectives, including providing exceptional customer experiences and developing electric and autonomous vehicles. It explores the planning process, including internal and external assessments using tools like PESTLE and SWOT analysis, and details the company's plans to introduce new technological features and unique designs. Furthermore, the project discusses how BMW fosters innovation through a diverse workforce, new technologies, and strategic partnerships, and it highlights the importance of understanding customer needs and market trends. The project concludes by emphasizing BMW's investment in research and development to drive innovation and meet customer expectations.

BMW innovative and creativity

BMW innovative and creativity

INTRODUCTION
 In present highly competitive and dynamic business environment, it has become essential for companies to
facilitate innovation. Innovation is the factor which helps business entities in gaining the competitive
advantage. Many of the companies such as BMW is developing the new products for maintaining its position
in the market. Innovation assists an organization in differentiating their products from that of competitors. It
also provides firm an ease in attracting more number of customers. Lots of resources are required for
facilitating the innovation and developing creative products.

Drivers of Innovation
he major factors which has encouraged BMW for facilitating innovation are change in trends, technological
advancement, increase in competition, customer demand etc. Business objective of BMW is to provide
high level of satisfaction to customers. In addition to this, firm intends to provide memorable driving
experience to customers. Business entity is now planning to develop electric and autonomous car with
more technological driven features.

Factors which are considered by manager before
developing a plan
 The various factors such as latest development , trends, economic factor , legal variables, customers
needs and expectations all are considered by manager in BMW before making plan related to
development of new product. Manager has conducted internal as well as external assessment utilizing
various Techniques such as Pestle as well as Swot for analyzing the need of facilitating innovation and
development of new car. After the assessment it has been found that there is requirement of innovation
for increasing sales and revenue. Innovation is only the factors which has supported BMW in
becoming market leader.

Plan
 Business entity has planned to develop new car with new technological features. This purpose of this
creative plan is to satisfy the need of customers and meet their expectation. Manager in an organization is
taking high initiative for developing innovative culture at workplace which as supported firm in
development of new ideas.
 The design of the car will be unique and and there will be great choice of colors which will help an
enterprise in attracting the customers. An organization has form strategic partnership with other
companies in same industry which has assisted an organization in successful implementation of its
innovative plan.

The way BMW will facilitate innovation
 developing innovative culture at workplace which will supported firm in
development of new ideas. Diverse workforce strategy will support firm in
generating the innovative ideas for bringing the positive as well as drastic
improvement in business as well as developing new product. It will also assisted
business entity in bringing the biggest transformation in the quality of products as
well as services. In addition to this, New technology has been implemented by an
organization which has provided firm an ease in developing new products.

Factors which are considered by manager before
developing a plan
 The various factors such as latest development , trends, economic factor , legal variables, customers
needs and expectations all are considered by manager in BMW before making plan related to
development of new product. Manager has conducted internal as well as external assessment utilizing
various Techniques such as Pestle as well as Swot for analyzing the need of facilitating innovation and
development of new car. After the assessment it has been found that there is requirement of innovation
for increasing sales and revenue. Innovation is only the factors which has supported BMW in
becoming market leader.

CONT.
 Study will also include the detail information about the target customer group to whom an enterprise
will serve innovative product. It will concentrate on all innovation and creativity parameters required
for its business success. Project also includes the suggestions strategies which can be utilized by
companies fort managing innovation procedure. It includes detailed information about megatrends,
technology, customer, business, strategy and organization.

CONCLUSION
It has been concluded that Bmw has soon realized the significance of fostering its
innovation procedure into a more systematic procedure. An organization has made
huge investment on research and development, which has assisted an enterprise in
developing the understanding about the customer needs.

 THANK YOU