Role of Innovation in the McLaren Group Essay Example | Topics and Well Written Essays - 3500 words

Role of Innovation in the McLaren Group - Essay Example The paper tells that the Mercedes Benz Group has established itself over the past 125 years as a leader in promoting innovative trends in the automobile industry. Its strategic alliance with McLaren Group has added to the Mercedes Benz Group’s strengths as McLaren captures the market leadership position through its focus on innovation management. Rob Durrant, the Communications Executive at Mercedes Benz provides a deeper insight into the innovation policies of the company and the management practices that have helped in defining and supporting innovation goals and objectives. The global markets expose firms to wide complexities in terms of delivering unique products and services that help in distinguishing itself from similar goods available in the market. More and more firms today are developing their innovative capabilities to leverage their competitive advantage and expand their market shares. While these strategic capabilities have proved companies with extended capabilit ies to design and develop new products, there is limited understanding of what innovation is and how it can be managed effectively for desired results and outcomes. The McLaren Automotive Group represents one of the most innovative firms that have successfully launched premium cars in the luxury and sports segment. The Mercedes Benz SLR McLaren is the world’s highest volume high performing sports car. There are several milestones that this company has achieved over the years in terms of innovation in car design and launch of new models on the road. Technology plays an important role in defining the firm’s competitive advantage and its innovation strategy. Firms apply existing technology systems and tools to design new products, enhance product features and deliver creative solutions that cater to the rapidly evolving customer needs and expectations.