The Role of Innovation in Business Development: A Case Study of Tesco

ESSAY

Contents
INTRODUCTION.................................................................................................................................3
MAIN BODY........................................................................................................................................3
CONCLUSION.....................................................................................................................................5
REFERENCES......................................................................................................................................6

INTRODUCTION
Considering today’s business environment, wherein, manager of a business firm has
not only to deal with various fluctuations and uncertainties in its given business environment,
moreover, management of a firm also has to go through presence of competition in its
respective operational environment (Kerlin ed., 2017). Not only this with presence of internal
and external factors in business working environment makes it even more difficult for
management department of the firm to formulate effective plans dedicated towards
attainment of desired goals and objectives of the firm. Innovation plays an important role in
shaping various efforts being produced by various individual towards achievement of
respective goals and objectives of the workforce (Huber, Kaufmann and Steinmann, 2017). In
the present report, operational working of Tesco is being taken into consideration. Respective
company deals in grocery items in its various market regions and is being headquartered in
Hertfordshire, England, UK.
MAIN BODY
A company's efforts to increase procedures, introduce innovations and services to
market, improve productivity, and, most crucially, increase profitability depends on its ability
to successfully exploit fresh concepts. Innovation is a broad subject with several layers and
aspects. While innovation is sometimes thought of as a vague term, it is actually a
multidisciplinary area of study with a variety of models, concepts, and structures. Managers
and leaders of various business firms innovate their respective plans and strategy that helps
operational firm to regulate in their respective business activities effectively in given market
place (Theories of Innovation Adoption and Real-World Case Analyses, 2021).
In regards to chosen business firm i.e. Tesco, as the firm operates with high
competitors present in business environment and also their products are similar to what is
commonly available in given region of business operations. Therefore. Innovation plays an
important role in ensuring better goodwill of the firm in its various regions of operations. It
helps firm to create separate identity in given marketplace and are able to attract various
customers by lower prices with better quality of products and services being offered in the
given market of operation.
Innovation is a vast topic with many layers and facets. Although the word
"innovation" is often misunderstood, it is actually a multidisciplinary field of research with a