Running Head: MEMO bb bb bb bb b bb bb b bb bb b bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb bb b bb bb b bb bb b bb bb bb bb bb b bb bb b bb bb bb b bb bb
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1-3 Memo: Integration of Innovation
MBA 580
SNHU
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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. bb
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.
