Strategy to implement the IoT innovation and move 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. To remain a viable competitor and meet the demands of consumers’ desire for technology, your company’s chief technology officer (CTO) has decided to implement the internet of things (IoT) in your company’s product line. You are now leading a cross-functional team to move forward with the company initiative.
Design a completely new product line, based on the recent technology (discontinuous innovation)or
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 your 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.
