Opportunities and Challenges of Business Innovations: A Case Study of Myers and David Jones Group

Opportunities and Challenges of business
innovations: A Case Study of Myers and
David Jones Group
Assignment 1
Student Name: Student ID:
Subject Name: Subject ID: HI6008
Date Due: Professor Name:
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Abstract
Retail sector is booming globally with rising consumerism. In Australia retail segment is
experiencing tremendous boom with increase in sales. In retail innovation has been regarded as
the key attribute that allows sustainability. Myers and David Jones, one of the traditional
companies in the industry experienced significant downfall owing to its lack of capability to
innovate. The scope of this study comprises of challenges faced in innovation in the company. A
brief literature from various sources has been encompassed to reflect on the various areas in
which the company is lagging.
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Table of Contents
Abstract............................................................................................................................................2
1.0 Introduction................................................................................................................................4
2.0 Project Objective.......................................................................................................................4
3.0 Project Scope.............................................................................................................................5
4.0 Literature Review......................................................................................................................6
4.1 Background to the Project......................................................................................................6
4.2 The Concept of Innovation....................................................................................................7
4.3 Importance of Innovation.......................................................................................................7
4.4 Innovation impact Performance.............................................................................................8
4.5 Importance of Retailing.........................................................................................................8
4.6 History of Retailing in Australia............................................................................................9
4.7 Innovation’s role in Retail......................................................................................................9
4.8 Barriers to Innovation in Retailing.......................................................................................10
5.0 Conclusion...............................................................................................................................12
6.0 Reference Lists........................................................................................................................13
7.0 Appendix..................................................................................................................................14
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1.0 Introduction
Myers and David Jones Pty Limited is an Australian supermarket departmental store.
Both the brands merged to cater to more number of customers and increase their area of
operations. The companies had been suffering from a long period of time due to lack of
capability in innovations (Chesbrough, 2010). The companies faced severe challenges from
rising international retailers in the country along with online competition. The scope of this
project aims at developing suitable literatures to analyse challenges faced and lack of opportunity
of the companies within Australian markets that have led to their decline.
2.0 Project Objective
Australia has become on the leading global hubs for retail businesses with growing
immigrant population in the country. With government easing norms for international businesses
to conduct their operations in the country, there has been an influx of major retailers from around
the world (Sosna, Trevinyo-Rodríguez & Velamuri, 2010). Myers and David Jones an Australian
based business has been lagging behind in their innovative techniques to cater to growing needs
of customers. Hence, the study will cater to the following project objectives; Project Objective 1: To understand contribution of innovation in retail industry Project Objective 2: To analyse challenges faced by Myers and David Jones group in
innovating Project Objective 3: To examine competitors strategy within the industry
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