MGT2321-6 Principles of Innovation and Entrepreneurship
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Analysis of the general problem being faced including stakeholders
The general problems that were being faced while moving forward with the innovation of the product are the lack of effective innovation strategy in the initial phase which led to the application of wrong operations along with missing the mark and the wrong amalgamation of the innovation attempts. On the other hand, it was also found that when the innovation of the Model S was first time conveyed and explained to the employees they were not so much empowered and motivated about it as they were not initially understood properly (Wanzenböck et al., 2020). Moreover, the stakeholders were also in complete doubt and suspicious about the innovation that was thought for bringing in the automobile car. There was also a lack of collaboration between the members of the teams.
Description of innovation
The innovation of an automobile car of Model S has been thought and executed for increasing its quality, outlook, and modernization so that the competitiveness of the company can be sustained for a long tenure. Moreover, the innovation is to be done in the features and technological factors such as induction of Wi-Fi inside the car, electronic push-button mobility, automation system for self-driving, designing seat belts, airbags and lock breaks in the new innovative Model S. This model will also include cinematic experiences for the drivers, a 960-watt 22-speaker system of audio and peak power of 1020 hp (Aithal and Aithal, 2019). Innovation works through the discovery, creation, and development of an idea, refining it into a useful shape and utilizing them for earning huge revenue, reducing costs, and raising efficiency.
Analysis of the unique selling/value proposition
The uniqueness of the idea of adding innovative features in Model S cars in comparison to the present context is that it would generate more market value and demands among the young population and high income group of the society. It will also increase the brand value of the Model S cars as the innovative facilities that are being added to this product are not being introduced by any other rival automobile company in the market yet (Sikdar, 2018). The demands of global customers are also met as they always demanded for more mileage capacity, speed, accommodation and comfortable seating, internet connection, and television facility which are all included as innovative characters in the new Model S cars.
Description and evaluation of resources needed to make this innovation happen
The resources that are required for making innovation happen are raw materials such as iron ore, glasses, and aluminum for creating steel along with petroleum goods like rubber, plastics, and special fibers. On the other hand, there are also requirements of huge amounts of liquid cash as capital to make the initial payments for purchasing raw steel. Moreover, there is a necessity for digital resources such as new software, automation tools, and machine learning for increasing technical upgrading of the car (O'Sullivan and Thierer, 2018).
Explanation of how to engage stakeholders with this innovation
The stakeholders were engaged with this innovation by convincing them to provide sufficient funds for it along with taking them into confidence in matters of sales, demands, and revenue benefits that will be generated from Model S cars.
The study will reflect on the authenticity of references that have been used by me for developing the idea. It will also depict knowledge about how my understanding of innovation altered and things that had been learned from this experience. It would also provide information about the way this experience will assist me in the future if the same condition arises.
Evaluation of efficacy of the references utilized for developing the idea
The efficacy of the references that have been utilized for the development of ideas is very relevant and factual as it has provided very correct information about the different types of the process through which the innovation is being generated. It has also assisted in me knowing the hurdles that I may face while executing the innovative idea about the automobile product of Model S cars. Moreover, the personal communications that were used have assisted me in understanding the insight of the different aspects of the automobiles where new thoughts are very much necessary for competing rival companies.
Exploration of the way understanding of innovation changed and things learned from this experience
My understanding of innovation has changed in the sense that it has helped me in analyzing the different consequences both internally and externally that can be faced while implementing the innovative idea in business. It has also been identified that innovation makes the company more competent and relevant with the present trends of the markets. The thing that I learned from this experience is that for making innovation it is very much necessary for me to make a survey and identify the different changes that have taken place in tastes and preferences.
Relating of how this experience may assist me in dealing much effectively with future scenarios
This experience can assist me in dealing with the same condition in the future in the sense that I would be able to properly follow the innovation strategy so that the same problems do not arise again. Moreover, it will also help me to adopt the correct convincing technique to persuade the stakeholders for gaining sufficient funding and the effective communication procedure that should be undertaken for making the employees properly learn the skills of using innovative things.
The benefits of this experience are that it has also assisted in me knowing the hurdles that I may face while executing the innovative idea about the automobile product of Model S cars. Moreover, it helped in identifying that innovation makes the company more competent and relevant with the present trends of the markets. The limitations are lack of deep insight about the basic concept of innovation, customers' viewpoints, and recommendations about the solutions that should be followed for preventing the occurrences of the same issues in future times.
Aithal, P.S. and Aithal, S., 2019, October. Digital service innovation using ICCT underlying technologies. In Proceedings of International Conference on Emerging Trends in Management, IT and Education (Vol. 1, No. 1, pp. 33-63).
Demidenko, D., Malevskaia-Malevich, E. and Dubolazova, Y., 2018. Optimization of the innovation process management at a manufacturing enterprise. Advanced Science Letters, 24(9), pp.6308-6310.
Koroth, A.K., Mazurek, G. and Pater, P., 2019. Disruptive Innovation in Automotive Retailing. Journal of Management and Business Administration. Central Europe, 27(1), pp.44-59.
O'Sullivan, A. and Thierer, A., 2018. Counterpoint: Regulators should allow the greatest space for AI innovation. Communications of the ACM, 61(12), pp.33-35.
Sikdar, S., 2018. Artificial intelligence, its impact on innovation, and the Google effect. Clean Technologies and Environmental Policy, 20(1), pp.1-2.
Wanzenböck, I., Wesseling, J.H., Frenken, K., Hekkert, M.P. and Weber, K.M., 2020. A framework for mission-oriented innovation policy: Alternative pathways through the problem–solution space. Science and Public Policy, 47(4), pp.474-489.