Comparative Analysis of the Impact of Innovation: Tesla vs. Ford Motors

Comparative Analysis Tesla Vs. Ford Motors
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Comparative Analysis Tesla Vs. Ford Motors
Ford Motor and Tesla Motors Company are the most prominent names in the automotive industry. Both have captured a considerable percentage of the market, which is evidence of their innovative prowess. However, the outcomes of their attempts at innovation vary due to fundamental disparities between the two. Elon Musk started Tesla Motors because he thought electric cars were the future wave. By demonstrating the financial potential of selling electric automobiles, he got investors to embrace his project. Since then, Tesla has amassed a sizable fan audience for its electric cars, but the company has struggled to turn a profit from this fan base due to issues with its manufacturing supply chains and the high prices at which it sells its vehicles. Founded by Henry Ford in 1903, Ford is a motor vehicle manufacturing giant. Ford's objective was to provide inexpensive transportation to anybody who desired it. Even though the first-generation Ford Model T lacked modern conveniences like GPS and automatic driving, it became a symbol of American industry and popular culture. This research examines the two businesses regarding their innovation effect, knowledge implications, and technology management.
Impact of Innovation
Companies in the auto industry have always been driven to innovate to keep up with the demands of their customers and secure a larger market share. It is impossible to succeed in business without being open to new ideas (Chiaroni et al., 2010). Innovative approaches to problems are becoming more crucial as companies attempt to keep up with increased consumer expectations. Additionally, competition is high among organizations in all sectors, and unique marketing approaches are essential for standing out (Belderbos et al., 2010). It has been proved that adding new features to already established goods or services increases revenue and output (Herstad et al., 2010). There has been a shift in consumer preference toward innovative, high-quality items. The public also looks for products that solve their issues without becoming complicated. Innovating is essential to enhance and broaden your product offerings and deliver more value to your consumers (Chiaroni et al., 2010). It is an excellent chance for companies to grow into new areas and capture a more significant portion of the market by creating products that customers prefer.
Globalization, information exchange, migration, and the development of new technologies have all contributed to a rise in the business world's level of competitiveness. The only way businesses can thrive in a dynamic market where customer needs and preferences are continually evolving is to constantly develop new products and services (Aggeri et al., 2009). A company's goods and services may become obsolete if it cannot keep up with the rapid evolution of technology (Karamitsios, 2013). With its state-of-the-art features, Tesla Motors hopes to revolutionize the vehicle industry (Liu et al., 2019). The corporation has started to carve out its niche in the industry rather than take on the big manufacturers in the ...