Innovation and Commercialisation in Tesco

Innovation and
Commercialisation

INTRODUCTION
Innovation is the process through which additional value is added to goods and
services that are already present and available in the market in order to increase the
product's performance and efficiency, while also enhancing the overall value these
goods and services provide to the customers within the consumer markets of UK (Duan,
Cao and Edwards, 2020). This report assesses the innovation operations of Tesco,
which is an international business organisation operating in retail sector that specialises
in selling general merchandises and groceries to the public within retail markets of UK.
The business was founded in 1919 with Hertfordshire, England being its headquarters.
Owing to its successful operations within the retail sector for long duration of time has
presented Tesco with various opportunities to grow their operations to international
markets, with Tesco now operating 6,800 distinct establishments in 11 different
countries.
MAIN BODY
P1 Comparing the Concept and Importance of Innovation with Invention in
Organisations
Innovation:
Innovation is the strategic process of translating or converting an invention or an idea
into a consumer service or product in such a way that it provides the customers with
additional value for which they can pay. The process of innovation includes imagination
and creativity to think of new innovative ideas, application of new information or
technology and an inherent initiative towards generating increased value from existing
and available resources, goods and services within the markets. Innovation also
includes the processes through which new innovative ideas and thinking are generated,
created, which results in the conversion of these into valuable useful products for the
consumers (Kahn, 2018). Innovation of new goods and services is of immense
importance for the increased performance, efficiency, operational and financial
performance of Tesco within the UK’s retail sector because not only does innovation of
new products allow Tesco to service a greater number of retail customers with efficiency
towards satisfying their diverse needs and requirements, it also provides Tesco with a
sustainable competitive advantage against their industry competitors allowing for Tesco

to operate successfully within retain markets and increase their total market share and
user base metrics.
Invention:
Contrastingly, invention is the strategic product development and engineering
process through which a new idea, service, product or technology is created or
designed, the likes of which were not present in the markets prior to the invention.
Invention of completely new ideas, goods, technologies or processes can result in
radical breakthroughs within the industries of the world. This is why inventions are also
of immense importance and significance within businesses as these pave way for goods
and products that are novel, unique and never seen before by the consumers in
operational markets. Inventions can be patented by the creator in order to maintain and
protect their intellectual property rights.
Differences Between Innovation and Invention:
 Innovation is the strategic process through which additional value is added to the
goods and services which are already present and available in the marketplace
for consumers to purchase. On the other hand invention is the strategic process
of designing and creating a new idea, technology, good or service the likes of
which were not present in the marketplace for consumers to purchase, prior to
the invention operation.
 Innovation process results in goods or services that possess increased
performance, efficiency or value to their patent goods and only result in additional
value being generated from existing goods and services within the consumer
markets (Koch and Guceri-Ucar, 2017). On the other hand, invention process
results in the creation of completely new goods and services which were not
present at all within consumer markets, allowing for inventions to have the
potential for radical breakthroughs in various industries of the world.
For any business organisation including Tesco, there are present primarily four
main sources through which innovation operations can occur. Within the business
organisation, these sources of innovations relate to unexpected occurrences within the
organisation, incongruities within the business, processing needs and changes within