Submit a Word document of 5 pages, devoting 1 page to each critical element described above. Include a graphic using Power BI for competitors’ relative strengths (p. 1). Place the graphic at the top of the page with bullets underneath. Sources should be cited according to APA style.
Using the recommendation that you provided in Milestone One, you will develop a strategy to implement the innovation and get ahead in the marketplace.
You work as a middle manager for one of the top U.S. producers of luxury and mass-market automobiles and trucks. You are now leading a cross-functional team to move forward with the company initiative. To remain a viable competitor and meet the demands of consumers’ desire for technology, the company’s chief technology officer (CTO) has decided to implement the internet of things (IoT) into its product line.
In Milestone One (ATTACHED), you and your cross-functional team looked at risks and benefits of each innovation option, competitors in the market, and the company’s internal capability for moving forward with the innovation. After doing this analysis, you presented your recommendation to various stakeholders about how to proceed. You chose: Add recent technology features into one model and then incrementally into the broader product line (incremental innovation)
The CTO has accepted your recommendation. Now you are ready to develop a strategy for taking the innovation to market. In order to develop a strategy, you will need to look at your competitors’ relative strengths in the current marketplace, to understand how the company compares to your competitors, and to identify the total market and the market’s annual growth rate. Finally, you also need to share your thoughts on how to respond to changes in business conditions. Although no one can predict what is going to happen, it is important to think about how flexible your plan is in order to meet unexpected conditions.
Using the recommendation you provided in Milestone One, develop a strategic plan to implement the innovation and gain competitive advantage. Use the Sales Forecast, Comparative Growth Data and Comparative Operating Statistics to complete this milestone.
2. Explain how your company’s market share compares to your competitors’.
3. Identify future potential total available market (TAM) and growth for each chosen product/service and technology.
4. Identify ways to adjust if business conditions change.
5. Describe the steps your company needs to take from concept outline to launch. Consider your learning from the previous two modules to ensure the steps are easy to understand for your team.
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