Innovation and Enterprise-Proposal

Innovation and Enterprise
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Contents
INTRODUCTION...........................................................................................................................4
Innovation theories & idea generation of innovative idea......................................................4
Evaluation of selected product with its strength as well as weaknesses................................5
Proposal of innovative product for company & development of implementation plan.........7
Solutions and recommendations for improvement in shortcoming of product......................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11
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INTRODUCTION
Innovation is defined as the way of converting an idea into goods as well as services that
take place in order to develop value for customer's and enhance market performance as well. IN
the present competitive business environment, it is significant for companies to bring some
innovation as it assist in attracting large number of customers and also help in sustain at
marketplace for longer time period (Lessem and Schieffer, 2016). In the present report, TESCO
is taken into consideration. It is a multinational British grocery retailer of UK which was
established in year 1919. The managers of TESCO decide to bring innovation in its offering of
products that is Ice-cream. The company is bringing sugar-free ice cream as an innovation after
analysing the present situation of market and customer requirements. It is analysed by the
company that people are now more concerned towards their health and offering of such
innovative product will help in attracting more customers and enhance performance of
organisation. The report will cover innovation theories in relation with new product. In addition
to this, there is evaluation of product strength as well as weaknesses. Moreover, an
implementation plan is develop to deal with the shortcomings of product in a proper manner.
Innovation theories & idea generation of innovative idea
Innovation is vital and is required to be carried out with properly considering product,
market size, scope and so on. In addition to this, innovation is a time consuming procedure an
also require high level of skills as well as expertise to implement it. In order to carry out
innovation and idea generation of an innovative idea, the theories that are used by respective
organisation is discussed below:
Disruptive innovation-
It is undertaken as one of the important theory as it seeks the concept of accepting change
with the passage of time and then displacing existing products at marketplace. In context to
TESCO, its managers make use of this theory as it will assist in fulfilling expectations and needs
of customers & market as well. The innovation is all about offering of sugar free ice-cream that
is coming by analysing the market trends and customer demand. By the help of this theory, the
company will be able to make use of its innovative product in right manner. Furthermore, it also
assist business entity to change their organisational structure with the changes take place in
product and company as well.
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Open Innovation-
This theory states that in innovation, the idea is developed as well as collaborated with the
macro environmental factors, professional people and paths as well. As per this theory, it focuses
that there is in-depth learning of market so that innovation is developed in a way that meet with
market trends and demand as well (Squicciarini, 2017). It is determined that open innovation
theory involve less risk in relation to other theory of innovation. Moreover, it also help in taking
effective decision associated with the innovation bring by TESCO.
By analysing the above theories of innovation, it is determined that such theories will help
business entity to implement out innovation in an effective as well as appropriate manner.
Furthermore, it is determined that by using innovation theories organisation is able to develop
methods of doing business at marketplace (O’Leary, 2020). Therefore, market research and
analysis is to be conducted in proper form with the help of chosen theories.
Evaluation of selected product with its strength as well as weaknesses
Strength
Ice-cream is a one of the most preferred products for all the people having preferences for
desserts and something sweet products. In case of Tesco there is wide variety of ice creams that
are manufactured by this brand it includes calories clotted ice-cream, magnum Mini Classic ice
cream, salted caramel ice cream or the Magnum almond ice cream (Saebi and Foss, 2015). These
are some of the most popular range of ice-cream products that are already manufactured by
Tesco but these contain high calories in terms of sugar Milk chocolate and other nuts products
that are main ingredients of these brand. In case of the new range of healthy ice cream there are
some of the benefits in terms of new target market of customers that can be approached with the
help of this new launches (Ice Cream, Ice Lollies & Frozen Desserts, 2020).
The main strength of this new ice-cream will be that it will lead to more preferences
fibre Millennium generation who are having concern for the high calorie products. The digital
marketing sources will be able to use the new diet ice-cream as their one of the popular desert by
having highlighted some of the surprising health benefits that can be experienced by the
customers by eating this healthy range of ice creams (Martín-Rios and Ciobanu, 2019).
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Evidence has already suggested that people are having a preference for limiting the
saturated fat In that case that arises from the fatty foods like ice-cream that contain high sugar.
Healthy ice-cream will be that it will lead to reduction of risk of diseases like heart problems.
There can be use of digital media marketing strategy by Tesco in order to run a campaign or
different promotional sampling ideas to make people aware of the benefits that are associated
with eating this healthy range of ice cream with low calorie and the sugar content.
Consumption of added Sugars in the ice-cream leads to diseases of hypertension diabetes
or obesity that is a very commonly occurring disease for people of all age groups. There is dance
of less saturated fat in the low calorie ice cream that is suggested by many nutritionists.
The low calorie ice creams also consist of the fibre which helps in increasing the process of
digestion because the benefit of added fibre leads to improving the fullness and the digestion
criteria. Fibre also leads to preventing the blood sugar from spiking after eating of the high carb
meal that leads to non suffering from the crash and sugar high.
The low calorie content ice-cream will be rich in the content of Carbohydrates and protein that
will be a great source of energy & the taste it offers but will not lead to scenario of gaining
weight for the people who are highly conscious of calories.
Weakness:
There are many instances when the low calorie ice creams are the diet ice creams has resulted
into large number of health issues as people eating these ice creams are suffering from more
higher risk of obesity arises from the artificial sweeteners that are part of these ice creams
(Komninos, 2016).
There is high competition situation as other competitive brands of Tesco like Sainsbury’s
& Morrison’s can easily adopt this strategy and launch the low calorie products in some other
category of food range that may lead to higher threat for Tesco in long run (Karlsson and
Tavassoli, 2016).
Sometimes, with the excess consumption of the ice cream by people who are having high
cholesterol level can increase the risk for the risk of heart disease even if the ice cream is of low
calorie content. There is no nutritional value that is associated with the new launches of low
calorie content ice cream. Ice-cream consists of the high content of vitamins and minerals but
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excessive amount of consumption can lead to cardiovascular diseases. It is also a big associated
weakness with the expansion of the new product range by Tesco in form of newly launched low
calorie content ice creams.
It is a big threat in terms of an initial investment because there will be a completely new
range of products that will be launched and because of the present situation of covid-19 not
having preferences for only necessity goods. If there will be low sale of the product then it is
going to be a useful and shall loss for the coming year for Tesco.
Above mentioned are some of the strengths and weakness that are associated with the
newly launched of innovative in form of the low calorie ice cream range for Tesco that may lead
to new target market of customers that can be approached through this innovation.
Proposal of innovative product for company & development of implementation plan.
Implementation is considered as an act of executing a plan, procedure or decision.
Moreover, it is defined as the documented steps that firms require to undertake for successfully
attain their execution pursuits (Song,Yang and Zhang, 2019). This is generally developed for
supporting the strategic plan developed through entity like TESCO. As respective company is
planning to introduce innovative product that is sugar-free ice cream so they are formulating a
proposal of innovative product which are described below:
Stage 1: Idea Generation as well as Mobilization: Respective phase considered as initial
stage in which innovative idea is formulate through entity. Moreover, this is procedures that may
be effectually be performed through enhancement pressure of rivals at competitive marketplace.
so, after new ideas is developed through firm it would pass upon mobilisation phase, where the
idea move towards several physical and location areas. In context to TESCO, they plan to
introduce low calorie ice creams after analysis the trends of market and audiences requirements.
So, this could be undertaken that it is the phase that is essential for effectively innovative idea
progression.
Stage 2: Advocacy & Screening: After accomplishing the initial phase, other one
incorporates analysing the innovative ideas benefits and drawbacks. This requires to undertake
during weeding out of ideas in which stakeholder could reject ideas after evaluating the
affirmative and pessimistic aspects (Picciotti, 2017). Along with this, in case the process is much
transparent then the success rate becomes higher as staffs feel comfortable for facilitating its
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potential. In respect to TESCO, their managers determined optimistic and adverse affect of idea
generation through them when introducing into market area.
Stage 3: Experimentation: Respective stage holds various tests to examine the innovative
ideas sustainability associated to particular entity at certain time period as well as at appropriate
atmosphere. Within this phase, this becomes vital to determine who are its potential audiences.
Through understanding the consumers desires, this may be described that firm might simply
experiment the ideas. In context to TESCO, the idea generation through them are experimented
effectively and appropriately within market areas.
Stage 4: Commercialization: In respect to Commercialisation phase, the firm required to
seek for its consumers for verifying that innovation which is bring through them could be helpful
in solving various problems and issues. In context to TESCO, herein its senior authorities needs
to acknowledge that either its innovative product that they are planning to launch is satisfying the
consumers desires as well as expectations effectively and efficiently.
Stage 5: Diffusion as well as Implementation: This has been described that diffusion
consider as process of accomplishing the final acceptance of innovation that required generating
the product. Moreover, it is final phase of innovation procedures that is accomplished after
fulfilling the whole desires above phases.
Therefore, the above stages of innovation procedures is adapted through senior authorities
of TESCO for bringing new as well as innovative product at market areas. Moreover, the product
that is innovated through respective firm is low calorie ice creams that is innovated through them
after evaluating the present situation of the market areas. In addition to this, the process that is
executed through higher authorities at its work areas in which staff have to obey all phases
initiated from one to five is systematised way in order to gain affirmative responses.
Solutions and recommendations for improvement in shortcoming of product.
This is essential for top level management of TESCO to do improvement through
concentrating as well as overcoming the product shortcoming. Moreover, it would aids firm to
develop new product at market area as well as increase their level of performance in appropriate
and effectual way (Liao, 2018). Some of the solutions in respect of this are described below:
 This is essential for entity to adapt effectual tactics which is cost differentiation as this
assists entity to provide items at affordable cost as well as facilitating something healthy
into market that in turn aids to attain competitive edge.
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 Moreover, this is vital for TESCO, to utilise social media apps for create awareness
among huge number of audiences in shorter duration of time. Also, it assists entity to
enhance their consumer base level as well as maximise their marketing presence
effectively as well as efficiently which have affirmative affects upon respective entity
profitability and productivity.
 The excess consumption of the ice cream by people who are having high cholesterol level
can increase the risk for the risk of heart disease even if the ice cream is of low calorie
content. So into their packaging all information are provided related to as per the people
weights how much it can eat so that their health do not get affected.
 Also, as due to COVID-19 pandemic situation the launching new range of ice would
results in some losses so as a backup plan respective entity do not have to produce more
number of products. At initial time only few product are distributed with market so that
they can easily get to know the market demand and manufacture more accordingly or if
there would be less demand but TESCO do not have to face much losses.
 For improvement, the firm have to develop smaller packaging of ice creams and also
cones which includes product ingredients and specification. Moreover, so that consumers
have knowledge about it is healthy for them or not and consume accordingly.
 Additionally, one of the vital aspects which is needed to perform through entity is
marketing investigation as this aids them to gain understanding related to consumer
desires form the product so that modification which could be performed at beginning
phases as well as accept into market successfully (Jin and et, al., 2018). Also, developing
awareness related to product advantages would accomplish the customers’ satisfaction
within market area.
Therefore, whole above mentioned strategies would aids entity to overcome from weakness
as well as there would be more chances of product success. Along with this, these factors would
perform during innovation procedures for TESCO to undertake overall such aspects before
introducing new product within market areas.
CONCLUSION
From the above discussion, it is analysed that innovation plays significant role for a business
entity as it assist in sustaining and retaining at marketplace for longer time frame. Along with
this, it assist organisation to attract large number of people and achieve competitive edge at
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marketplace. It is determined that there are different theories of innovation which is used by
business entities in order to bring innovation and these are open innovation theory, diffusion
theory and many more. Moreover, it is significant for a business entity to analyse the market
trends and demand of customer and then bring innovation as it raise the chance of acceptance
and assist in gaining higher profitability as well.
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REFERENCES
Books and journals
Lessem, R. and Schieffer, A., 2016. Integral research and innovation: Transforming enterprise
and society. CRC Press.
Squicciarini, M., 2017. Entrepreneurship, innovation and enterprise dynamics. Small Business
Economics, 48(2), pp.273-278.
O’Leary, D.E., 2020. Driving innovation using enterprise crowdsourcing. Journal of Information
Technology Teaching Cases, 10(1), pp.2-10.
Zhou, Z., Zhi, Q., Morisaki, S. and Yamamoto, S., 2020. IMAF: A Visual Innovation
Methodology Based on ArchiMate Framework. International Journal of Enterprise
Information Systems (IJEIS), 16(1), pp.31-52.
Saebi, T. and Foss, N.J., 2015. Business models for open innovation: Matching heterogeneous
open innovation strategies with business model dimensions. European Management
Journal, 33(3), pp.201-213.
Martín-Rios, C. and Ciobanu, T., 2019. Hospitality innovation strategies: An analysis of success
factors and challenges. Tourism Management, 70, pp.218-229.
Komninos, N., 2016. Smart environments and smart growth: connecting innovation strategies
and digital growth strategies. International Journal of Knowledge-Based
Development, 7(3), pp.240-263.
Karlsson, C. and Tavassoli, S., 2016. Innovation strategies of firms: What strategies and
why?. The Journal of Technology Transfer, 41(6), pp.1483-1506.
Song, Y., Yang, T. and Zhang, M., 2019. Research on the impact of environmental regulation on
Picciotti, A., 2017. Towards sustainability: The innovation paths of social enterprise. Annals of
Public and Cooperative Economics, 88(2), pp.233-256.
Liao, Z., 2018. Environmental policy instruments, environmental innovation and the reputation
of enterprises. Journal of Cleaner Production, 171, pp.1111-1117.
Jin, X., and et, al., 2018. Knowledge source strategy and enterprise innovation performance:
dynamic analysis based on machine learning. Technology Analysis & Strategic
Management, 30(1), pp.71-83.
Online
Ice Cream, Ice Lollies & Frozen Desserts, 2020 [online], Available
trough<https://www.tesco.com/groceries/en-GB/shop/frozen-food/ice-cream-ice-lollies-and-
frozen-desserts/all
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