Running Head: MEMO m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m
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1-3 Memo: Integration of Innovation
MBA 580
SNHU
MEMO m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m
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To – Mr A, Chief Technology Officer m
From – Mr X, Middle Manager
Date – October 16, 2021
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
MEMO m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m
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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
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. m
Thanking You
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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.
