Running Head: MEMO q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q 1
1-3 Memo: Integration of Innovation
MBA 580
SNHU
MEMO q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q q
q q q q q q q q q q q q q q q q q q q q q q 2
Subject – Integration of IoT into the company’s product line by using the RWW (real, win,
worth it) tool
The memo sheds light on the need to integrate IoT technology into the product line so that
the company could create value for itself as well as its intended market audience.
Feasibility of the product line
The new product line involving IoT-connected cars could revolutionize the product
portfolio of the company. The RWW screening tool has been used to explore the innovative
product, its market potential, and the ability of the company to work on it. There is a need for
connected cars by customers as it could them in diverse ways like locating the cheapest gas
station, finding the nearest Starbucks or parking lot with open spaces, etc. The market size of
IoT –connected cars stood at USD 54 billion in 2019, and it is expected to grow further. Thus
the market size is adequate (Find innovation success - wharton executive education, 2021).
The product could be made by focusing on connected car capability and expanding the
existing infrastructure. The final product could satisfy the market by enhancing the driving
experience.
Ability of the company to win market share
The company’s products could gain a competitive advantage by creating optimum
value for the customers. High emphasis must be given to functional aspects like navigation,
vehicle control, systems maintenance, entertainment, and 5G. The competitors could respond
by working on these functional areas and delivering better service in the market. The
company is not a market leader in the connected car domain but it has considerable insight
into the area. By relying on existing partnerships with Toyota and Waymo the company
could further understand the market properly.
Potential benefits of producing the product
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Several benefits could arise for the business by introducing the new connected
vehicle product line. In order to derive profits from the new product, the company would
have to effectively manage and evaluate the acceptable risk such as technical complexity.
Launching the new product makes strategic sense for the company as it would open up new
opportunities to provide innovative driving solutions to the customers (Watch et al., 2021).
The IoT –connected product fits the company’s overall growth strategy as it would help the
company to adopt an innovative approach to capture a considerable portion of the global
market share. The project could draw support from the company’s senior management as it
could enable the business to introduce an innovative product line that could give it a
competitive edge in the market.
Strategic importance of IoT and connected cars for the company
Based on the RWW screening process, it can be stated that IoT and connected cars
are of paramount importance for the company. Since the new product is aligned with the
evolving needs and desires of customer, the company’s new product plan could add value for
them. In order to respond to the strategic move, the competitors are likely to work on their
connected car capabilities to compete with the company’s IoT-based product line. The
accelerating development of connected cars would help the company grow and strengthen its
innovative competency. q
References
Find innovation success - wharton executive education. (2021). Retrieved October 16, 2021,
from https://executiveeducation.wharton.upenn.edu/wp-content/uploads/2018/03/1306-
Find-Innovation-Success.pdf.
Watch, P., Watch, S., Data, B., & Computing, C. (2021). Advanced Technologies for
Industry. Technology.
