Entrepreneurship in Tesco: Innovative Products and Services, Growth, and Contribution to Economy and Society

Entrepreneurship
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INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
APPENDIX 1.................................................................................................................................13
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INTRODUCTION
Entrepreneurship is defined as an individual who utilise innovative idea, undertaker risk,
evaluate current market opportunity and develop new product or service in a market segment. It
is basically a process in which group or individuals exploit opportunity and bring innovative
product or service in a market (Ahmad Tajuddin, 2021). Entrepreneurship plays important role in
making significant improvement in standards of living as well as creating wealth. Entrepreneur
helps in driving change with the help of innovation in which they provide improved or new
products and services in market segment which helps in satisfying needs and demands of
consumer.
Present report has been conducted on Tesco which is a leading retailing organisation. This
company offers wide range of products and services while performing in retailing sector.
Organisation was founded in the year 1999 by Jack Cohen and headquartered in England, United
Kingdom. TESCO is a British multinational grocery and general merchandise organisation which
satisfy customers’ needs by providing them high quality products and services. Present report has
been conducted on the discussion on entrepreneur of respective organisation, innovative products
and services introduced by Tesco in market, discussion upon the growth of business and
contribution of company towards economy and society. Report also includes survival issue that
company experience due to the emergence of covid-19 along with certain recommendations.
MAIN BODY
About the Entrepreneur
As per the analysis of Jack Cohen entrepreneurial personality trait it has been reflected
that he was a motivator, group influencer, a visionary entrepreneur who strategically focus upon
willingness to achieve desired goals and objective by guiding individuals in effective manner. It
has been evaluated that Jack Cohen is one of the most influential leadership individuals as he
guided employees while managing than knowledge and fostering innovation and leading change.
With the help of strong decision-making Jack Cohen and strong business functioning with great
leadership style Jack Cohen motivated group members and individual to reach and goals. It has
been identified that, still just 21 out of 1919 Jack Cohen got back after he was demobbed,
however told his dad he would not like to remain in tailoring. All things considered, he utilized
his £30 demob cash to purchase overflow armed force stock, and set up a market stall to sell it in
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Hackney. By 1939, 20 years after that first market hand truck was wheeled into place Jack Cohen
possessed 100 Tesco stores the initial two having opened in 1931 in Becontree and Burnt Oak.
TESCO implemented replenishment application system is an effective innovation that
collects sale data from checkout point. This data is further transferred to supply department or
warehouse department which helps these department to know the overall quantity of product
which is needed. Along with this Tesco also undertake use of heat sensing technology as to
monitor lines at tills. Company also improves scanners checkout camera to offer better self-
service in order to enhance consumer overall satisfaction level (Assarzadegan and Hejazi, 2021).
Along with this company is also using technology to encourage digital transformation as due to
high technology adoption rates Tesco effectively responded to words this opportunity by
implementing online across channel to meet demands and requirements of consumers. Tesco
effectively implemented a digitalise in-store experience which is a located data-driven consumer
loyalty scheme in order to stay align with innovative practices. Furthermore, it has been
identified that company invited inventors with new ideas products and emerging technology.
This company is having a group innovation team who are constantly engaging in evaluating
ideas that allow TESCO to emphasize upon food and drinking products and technology, data,
robotics and automation and packaging. Furthermore, it has been identified that Tesco is
reportedly due to start that driving drone for delivering from October through which Tesco can
deliver order in 3 minutes. With having skilled and potential innovation team Tesco access many
opportunities across the globe in order to rapidly increase consumer experiences in market
segment. With the help of these innovative products and services Tesco enhancing experiences
of consumers (Sahut, Iandoli and Teulon, 2021). For example, with the help of digital technology
Tesco improve their in-store consumer experience as with the help of digital wallets self-
checkout machine with help of utilising innovative Toshiba technology Tesco is creating a
seamless in-store experience.
Tesco is a leading retailing organisation in Britain and offers wide range of products and
services across globe with large scale of employees. This company is competing on international
platform which makes innovation important for this organisation. With the help of innovation
Tesco can reduce cost of staff and can enhance profitability as well as competitiveness in
industry. Biggest rivals of Tesco are Sainsbury, Asda and Morrisons thus, to increase
completeness innovation can acts as an important tool of TESCO. In modern time innovative
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