A Comprehensive Report on BMW's Innovation and Creative Processes

This report provides a comprehensive analysis of BMW's innovation and creativity strategies, examining the company's approach to new product development, market analysis, and the pursuit of a competitive advantage. It explores how BMW leverages technological advancements, addresses customer needs, and navigates the evolving business landscape. The report delves into the company's internal and external assessments, including the use of tools like PESTLE and SWOT, to identify opportunities for innovation and address challenges. It also discusses BMW's strategic partnerships, focus on research and development, and the importance of fostering an innovative culture within the organization. The report further outlines the target customer groups and suggests strategies for managing the innovation process, providing insights into megatrends, technology, customer needs, business strategy, and organizational structure. The aim is to provide a detailed overview of BMW's innovation journey and the factors contributing to its success in the luxury car market.

: BMW innovative and
creativity

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................3

EXECUTIVE SUMMARY
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. Innovation task is designed with the holistic approach for
supporting the creative procedure for catering the continuous changing needs of business.
Innovation help business entity in increasing sales and profitability. It also supports firm in
fostering growth. There are several issues which can create barriers in innovation process.
The 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. The design of
the car will be unique 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. 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. Diverse workforce strategy has
supported firm in generating the innovative ideas for bringing the positive as well as drastic
improvement in business. It has 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. 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. It has also assisted organization analyzing the customer expectation related to

the launch of new product by company. 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.
The report will have focus on analyzing the way an organization is driving innovation in
context of BMW. It is among the world's best-selling manufacturer of luxury cars. Innovation is
the factor which has supported BMW in achieving success. In assignment, the complete
innovation procedure executed by an organization for developing new product will be included.
In addition to this, the various innovation model will be used for demonstrating the various
phases involved in innovation. Report will also have focus on identifying the various issues
faced by business entity in facilitating innovation or developing new product. It will also
emphasize on analysis the techniques adopted by BMW for eliminating the obstacles in
innovation process. 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.