Using the recommendation that you provided in Milestone One, you will develop a strategy to implement the innovation and get ahead in the marketplace, Scenario You work as a middle manager for one of the top U.S. producers of lubury and mass-market automobiles and trucks. You are now leading a crossfunctional team to move forward with the compary initiative. To remain a viable competitor and meet the demands of consumers' desire for technology, the compary's chief technology offcer (CTO) has decided to inplement the internet of things (loT) into its product line. In Milestone One, you and your eross-functionat team loolued at risks and benefits of each innovation option, competitors in the market, and the compary's internal capability for moving forward with the innovation. After doing this analysis. you presented your tecommendation to various stakcholders about how to proceed. You chose one of the following: A. Destgn a completely new product line, based on the recent technology (discontinuous innovation) or B. Add recent technology features into one model and then incrementady into the broader groduct line Jocremental innovationy 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 strate sy, you will need to look at your competitors' relatwe atrengths in the current marketplace, to understand how the compary compares to your competitors, and to identify the total market and the markot's annual growth rate. firally. you also need to share your theubhts on how to respond to ehanges in buslness conditions. Although no one can predict what as going to hagpen. it is imgortant to think about how flevble your plan is in order to meet uneongected condibook. Prompt Using the recornmendation you provided in Mllestone One, develop a strategic plan to implement the innovation and bain comperitive advantage 1. Anslyze the competitors' relathe strengths in the marketplace. - Write a shoet paragraple describing the growth rate of each competitor. You will get the solution from the comparative erowth data Mhet: + How much of the market dioes each competitor now owm? Do you see a trend of gaining or losing market share? Present your finding asirs Power Ba. * Pefform your analysis for the cars and truckis category. Ceeate pie charts using columns C and F from the comparative erowth. Excel shetet in Rovier il. - Perform vour analysis for the connceted cars and trucki category. Greate ple charts using columins H and K from the comparative growth Excel sheet in Power bi. - Determine cacti compctitor's funancial strength by fookinit at their comparative operating itata. 2. Explain how your company's market share compaces to your competitors: - 1s your company ganlyeg or losinit maked stuee? Expand on the analyas done in Jask 1 abore and explan the trajor factors behind the charent in market share * Vohat is your cempacty's growth potential in the inthastry? * How do your comparyis financials look compared to your competitoes? 3. Identy fulure potential total available market ftaMe and mrowth for each chosen nroductiervice and technotosy * What is the TAM forcars and light trucket - What is the projected CAgh for forfochriected can anil light tricka? - Identify the dasteit-ipowina competitor. 4. Identify ways to adjust if business conditions change. - What can you do if your customers are slow to respond (buy) the innovation? - What can you do if one competitor is overtaking all the others, including your company? 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. - What is the size of develogment that will be required? - Wil you require additional capital and personnel? - How would you approach determining the timeline from the beginning of development until initial product launch? Guidelines for Submission Strategic Plan Submit a Word document of 5 pages devoting 1 page to each critical element described above. Inctude a graphic using Power Bl for competiton relative strengths (p, 1). Place the graphic at the top of the pase with bullets underneath. Sources thould be cited according to APA style Consult the Shapiro Library APA Strle Gulde for more intormation on citations Power BI on VDI Access VDI using the VDI log-in process. Open Power BI in VDI and access the MBA 580 Comparative Growth Excel sheet 5 5ve your charts as images in the OneDrive folder on VDI Follow the MBA. 580 Power BI User Manual for completing these steps