2
Running Head: INTEGRATION OF INNOVATION
Is It Real?
Safety and convenience are always a priority within the world, especially within vehicles.
Connected cars can help to increase safety and precautions on the road. They can communicate
with other cars to decrease accidents, identify various road hazards when needed, and the ability
to adjust to current road conditions. A connected car can have the ability to warn of maintenance
needs and repairs in advance so that the owner is taken by surprise if the car is having issues.
This can be very convenient so that it can be handled strategically and be more time effective.
Navigation, communication of ETA, voice activation features, and even make phone calls are all
innovative and convenient features of a connected car which assist with safety and decreasing
potential driver error risks while within the car.
The potential size of the market is very adequate. In comparison to the global market of
$53.9 billion for connected cars, our company contributes $3.83 billion. We have a projection of
10.2% when it comes to growth for connected cars. It’s still less than the industry at large but it
has potential. Participating in this market could increase revenue tremendously with strategic
planning and innovation. Increasing the rate of growth will ensure that we are able to meet the
goals set in place. If we can successfully complete, we can satisfy the market of connected cars.
Can We Win?
When it comes to competitive advantage, our cars are the only ones that feature 5G
signal, entertainment, systems maintenance, and navigation when it comes to functionality.
Competitors may have something similar, but our quality is what allows us to stand apart and
have the upper hand. In 10 years, our technology is expected to only get better. In addition to
technology, our design, affordability, and quality will always provide the competitive advantage.
3
Running Head: INTEGRATION OF INNOVATION
The response from competitors will be to improve their technology to meet ours or be
better. That is expected because every company wants to have the best and be the leader in their
market. It is imperative that we protect our investments and get patents. Innovation is going to be
our lifeline and the main tool we need to stand out from all others.
Understanding the market is simple when having an open mind. Buyers are very clear on
what they want and need within a car. The wins and losses of competitors are well known
because they are publicized just as ours. We have a long history and knowledge within the car
industry; therefore, we should adapt easily and have a full understanding.
Is It Worth Doing?
Every new thing has a risk. Our product will be profitable at an acceptable risk. The
reality is that we take on a higher risk not pursuing this market. We have the opportunity and
potential to be a leader and increase revenue tremendously. Launching the product does make
strategic sense because we will be innovative and aggressive. The current technology plan that
we have in place allows an annual growth rate of 3.1%, which is 1% less than the industry. We
must implement a plan that allows us to grow more rapidly so that we can keep up with the
industry and our competitors. With a few small changes, it is possible to get rid of the 1% lack
and be ahead.
Our goal is to get the support from the company’s senior management with this project,
however, it will not be an easy task. Many of senior management are accustomed to the
traditional ways of cars so modern vehicle and new technology can take them by surprise and
pose a high risk to explore. It is my belief that with the proper presentation and facts, they will be
on board because they have the knowledge and know it is best to always improve and create
quality products that satisfy the current market and produce the revenue that the company needs.
4
Running Head: INTEGRATION OF INNOVATION
IoT and Connected Cars Are Strategically Important
The evolution of customer needs and desires is what drives the company. It allows us to
continue to push forward, create, and evolve. The technology in our cars must meet those
demands. Technology changes almost every day so being innovative and open is our key to
success. Any plan that we have in place needs to have room for updates and changes. The
response from competitors to the changes in our development plan will simply be to stay ahead. I
think they will adjust their plan to increase production or quality, maybe both, to try get ahead.
Accelerating the development of connected cars will help grow the company because it will
increase revenue and keep us up to date with technology. Technology is always changing and
evolving and incorporating it into cars allows customers to keep up with their current lifestyle
and not feel like time is being wasted while in the car. I envision this to be a great opportunity for
the company and the growth will surpass what we predict.
Powered by TCPDF (www.tcpdf.org)
