Innovation And Entrepreneurship In The Luxury Car Industry: A Case Study Of Volvo Essay.

Discuss About The Conference Innovation And Entrepreneurship?

The report provides with a business plan for Volvo and evaluates the product innovation and development in existing time-frame.   The entrepreneurial development in a company is important to gain competencies in today’s business scenario.  The business plan focus on innovation in the luxury cars and describe the potential marketing interventions in order to deal with the contingencies, Volvo is an international luxurious brand in automobile industry. In order to understand the market strengths and weakness, it is evident to develop a comprehensive plan in advance. This will help in avoiding situations that might affect the business plan execution.  A professional business plan is focussed on attaining distinguished result with a market centric approach.

The primary objective is to gain market competencies by developing a suitable business idea and to implement it in an effective way. For managing changes, it is evident to manage an effective business plan that helps in gaining appropriate market share. The changing dynamics in the market allows in defining the sustainable market position by deriving the appropriate policies. Innovative car is the new way to gain market competencies. The business plan provides an estimation regarding the project stages (McKeever, 2016). It allows investors to gain an insight into the project development.  The purpose is to align the objective of the organization with the realistic approach. Innovation in the company manufacturing process will allow in developing long term sustainable goals. It provides with a concrete vision where the approach is to gain a market insight.  The objective of the business plan is to gain market certainty by developing V2V model. This model will help in incorporating innovations (Wagner, Ortman and Maxfield, 2016). This will allow the business in growth and development. The V2V model will help in ensuring car safety and an easy communication on roads. This will help in ensuring easy communication in cars. They can avoid accidents and traffic congestion occurring on roads. It is a part of intelligent transportation system.

The mission of the company is to develop multi-fold opportunities for the business organization to gain competencies. Volvo has a mission to incorporate changes in an effective way by gaining competencies. Innovation is important aspect in an organizational growth and development. This parameter is important to gain effectiveness in gaining long-term sustainable results. By this it is possible to deploy effective marketing strategies to compete against the other brands in the market

Company summary

Volvo is a well-established brand in the market with a focus to gain luxury car market. It is more or less evident that the key to success for Volvo is to deploy effective marketing and expansion strategies. These strategies will allow the brand in gaining a sustainable market position with distinctive results. The purpose of managing the key development policies in advance is to gain the concrete results in long run. These sustainable marketing objectives focus on making desired changes in the market (Schaper, et al 2014).

Volvo is a Swedish automobile brand manufacturing luxury cars, buses and other customized automobile. It has a good name in the international market due to its market based strategy and luxury car line. The brand was founded by Assar Gabrielsson and Gustav in 1927. The headquarters of the company is located in Gothenburg, Sweden. The brand is known for its distinctive market objectives and preliminary goals. In order to meet the objectives, the brand is diversifying in the international market by manufacturing customized cars this is helping the brand in gaining a sustainable market position and growth. This is an effective parameter that is made applicable by the company in order to gain a consistent growth chart. While expanding business to an international market it is advisable to consider the local market. This will allow the brand in gaining assurance about the growth prospect. This will be helpful for the brand like Volvo to develop core market policies in order to gain result. The automobile company is consistently growing in the international market while planning to grow new line of vehicles (Volvo.com. 2017).

Currently many automobile companies are working on V2V technology.  The system will be based on WIFI and will allow in an easy communication.  Development of an ad hoc network based system will help the car in avoiding accidents. Over the years many automobile companies are working on this technology. By developing this mechanism it will be possible for Volvo to be the pioneer of the technology (Baker, 2014). V2V communication model will help Volvo in creating a core competency in the market.  A major section in the Automobile industry is planning to make an investment in this technology. Growth is only possible if the company specifically focus on gaining core competency in this sector. This will help them in gaining concrete market objectives in a long term plan.  In coming year, V2V will become a mandatory necessity in the vehicle. With an increase in the rate of accidents, it is important to develop core competency in ongoing market objectives. By adding distinctive services and object, it will be easy for Volvo to meet the targets. For now there are conflicts occurring due to spectra. After this the company can effectively gain market objectives on a long run. These distinct goals have a capability to manage the sustainable goals (Armstrong, et al 2015).     

Services

There are majority of market competitors in luxury automobile industry. In order to grow distinctly it is important to be a pioneer in this technology and to gain US, Europe and Australian market. There will be an upsurging demand in this context. This growth will eventually help in managing the sustainable results.  Many universities across the world are making a research in the distinctive field of V2V model. This technology mechanism will allow in managing distinct goals in every country. Technology and innovation is important for the growth of each and every sector (Johnston and Marshall, 2016). By managing the distinct objectives and goals, it is easy for a business organization to manage effectiveness in the current market situation. Different market competitors are BMW, Daimler, Honda, Audi, and Toyota. These companies are already planning to develop an effective technology and mechanism to gain competency in the market (Cetindamar, Phaal, and Probert, 2016). Over the years of research and growth in the field of technology and innovation it is appropriate to look out for effective market goals. These goals will help in gaining distinctness in many ways Growth is only possible if the companies do understand an effective market capabilities.  Critics do have argued about the enforcement of this technology in the vehicles. This is only possible if there will be possible changes in the automobile industry. These changes will allow in managing the risk in the most appropriate way. This will allow the business organization in gaining competency in order to develop marketing objectives. The purpose of this technology is to develop core competency and to grow in a distinctive way. The business plan provides an estimation regarding the project stages. It allows investors to gain an insight into the project development.  The purpose is to align the objective of the organization with the realistic approach. It is appropriate for the company in gaining desired objectives by incorporating innovative technology. These technological up-gradation help in managing the changes (Dodgson, Gann and Phillips, 2013).

In order to grow distinct characteristic of a business, it is important to look into the changing macro environmental pattern. It is necessary to study the local market before making any advancement. This will help in attaining growth and development. The purpose of a business organization is to manage the changing environment factors like- Political, social, economic and technological factors. Before initiating the technology in the market, it is relevant to manage the changes taking place in the environment. It is important to read the local market and to incorporate market advancement policies (Norman and Verganti, 2014).

Competitive comparison

V2V technology will still take some time for an effective implementation. Countries like USA, UK are doing comprehensive research in implementing this technology in order to reduce competition. It is important to read the political policies and structure in order to grow in the market. It is recommended to make advancement in the developed countries Like USA, UK, Europe etc to gain competency.

This technology will be relatively expensive in terms of implementation. Hence it is relevant to do a thorough market research and to make advancement accordingly. This is important for Volvo to make changes as appropriate so as to gain competency in the market. The economic factors like per capita income, standard of living, lifestyle etc are important factors to be considered before making any advancement. These changes taking place in the surroundings will help in incorporating changes in the ongoing market capacity.

The social status of people in the country is relevant to be studied in order to make any further advancement. Growth and development is only possible if changes are incorporated in an effective way. The changes need to be made by considering ongoing factors in the appropriate country and to develop policies accordingly. These policies will allow a business organization in gaining distinct market objectives.    

A thorough analysis of technological factors is important to be made in order to gain market competency. The purpose of the business organization is to manage the changes and to develop an innovative technology in order to handle the crises. This will relatively helpful in managing growth and development in the sector. The Automobile industry is making advancement and to gain appropriateness as per the changing market scenario. These changes are appropriate in gaining market contingencies. Innovation is the primary base of Volvo. They are incorporating changes in order to gain effectiveness in the industry (Harding et al 2014).

The company can slowly diversify in the market and can develop a better and comprehended technology in order to grow. At present there are certain barriers that are visible in the V2V sector. With time these barriers will diminish which will create more opportunities in the international market. By developing a core competency it will be easy for the brand to manage the changes that are taking place in the surrounding(Jerome, Monk and Campbell, 2015). These core competencies can be used for ensuring regular growth and development. After the acceptance of technology in the current scenario there are possibilities of growth in the other countries.  By adding on new services and technology it will be easy for the organization to gain better results for growth. This will be appropriate in managing long-term result in favouring growth. It is necessary for gaining competency against the other international brands. V2V technology is believed to gain market advantage in coming years (Narla, 2013). By incorporating an effective changes and development process, it will be easy to manage the changes and to gain competency in ongoing market scenario.          The changing dynamics in the market allows in defining the sustainable market position by deriving the appropriate policies. Innovative car is the new way to gain market competencies (Lagrosen, 2014).

Macro environmental factors

The overall cost of this technology will be very high. In such a situation it is recommended to understand the market situation and to make advancement accordingly. The technology will grow in international market including UK, USA, Europe, UAE etc. These markets use better technology and focus on gaining market competencies through development of effective technology. The focus of the technology is to reduce the accidents and to provide an easy way to communicate. This will however help in managing changes that are taking place in the environment. The market analysis includes the growing trends and changes taking place in the market and to plot effective market objectives in order to direct growth (Kotler and Gertner, 2002).

Volvo is focusing on the luxury car users. It involves sports car as well. The target is to create awareness in the market and to develop a better growth opportunities by focusing on each and every target market. At an initial level the focus will be the luxury cars. In coming years there are plans to focus on automobiles at each segment.          

Currently consumers are inclined towards the purchase of luxury car. The section covered is the youth. They are the one who are more inclined towards buying technology up-graded cars. This will help in reducing the number of accidents taking place on roads and will create a proper accessibility. The rate of highway accidents is increasing, in such a situation V2V technology will help in creating awareness.

BMW, Daimler, Honda, Audi, and Toyota-These companies are currently developing V2V based model. They can cause competition to the company looking onto the current market situation. These companies involve a vast market and known for its luxury features (Onkvisit and Shaw, 2004).

In the initial year the primary focus will be to develop an effective market strategy. This can be gained through a better market scope and structure. After the finalization of Spectra, the company will penetrate in USA Market. It is a vast market providing with manifold opportunities. By gaining the market, it will be easy to gain objectives on a long run. After the successful trial, the company can make advancement in the Australian market. In this way they can manage the market at a different time. There is already a lot of competition in the market (Kapferer and Bastien, 2012). There is the possibility to manage the changes by developing concrete objects in order to gain results. V2V communication model will help Volvo in creating a core competency in the market.

Conclusion

To conclude, by incorporating effective changes and innovation through an effective market strategy it is evident for the brand to gain distinct objectives. This is evident from the current market scenario that the luxury car market is growing at a fast rate increasing the overall scope. This helps in gaining desired organisational goals and help in managing success on a distinctive parameter. The primacy goal of an international brand is to penetrate in market through competitive policies. Volvo already has competitive market policies but it has to develop better policies in order to gain market competency.  By incorporating technology based model, it will be better for Volvo to gain competitive advantage.

References

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