Running Head: MEMO aa aa aa aa aa aa aa aa aa aa aa aa aa aa a aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa
aa aa aa aa aa aa aa aa aa aa aa a aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa 1
1-3 Memo: Integration of Innovation
MBA 580
SNHU
MEMO aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa
aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa 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
MEMO aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa aa
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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.
Thanking You
References
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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.
