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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