Innovation and Commercialisation in Online Retail Market of UK

Innovation and
Commercialisation

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
PART 1............................................................................................................................................1
A thorough comprehension, analysis and discussion on how innovation is sourced and fostered
by each of the selected retailers. .................................................................................................1
Detailed analyses and discussions on type(s) and process(es) of innovation in each of the
selected retailers...........................................................................................................................2
PART 2............................................................................................................................................4
Recommended innovative products/processes for a new online grocery retailer, supported by
innovation risk and benefit analysis.............................................................................................4
Suggestion of funding channels for the recommended innovation, supported by analysis of
business value for potential investment.......................................................................................7
Recommendation of tools to retain/ protect the knowledge and intellectual property (IP),
generated through the innovation process above, complimented with a critical evaluation of
the tools........................................................................................................................................8
Explicit action plan(s) for the innovation (recommended above), supported by methods to
protect them in a wider environment context..............................................................................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation is one of the simplest method which has been utilized by an business
enterprise for growing new and powerful thoughts. The idea of innovation is primarily based
totally over making use of diverse set of new merchandise and practices that is primarily based
totally upon growing particular packages that is associated with the sphere of market. Innovation
has been effecting diverse divisions and structures this is primarily based totally upon enhancing
position of authentication, technical supervision, marketing and marketing and reviewing of
product and offerings associated with customers. Innovation is an critical component that is used
or improving online business operations for an organization that makes innovative ways
developed for online shopping and makes its experience better for customers. In this part of the
file two retailer organization case that has been taken into consideration are Tesco and ASDA.
The part relates with innovation and its impacts upon establishment of retail organization while
analysing grocery market of UK.
MAIN BODY
PART 1
A thorough comprehension, analysis and discussion on how innovation is sourced and fostered
by each of the selected retailers.
Innovation is one of the most effective perspective which has been used in order to
develop new and effective ideas within an organization(Kotler, 2020). Innovations hold
importance over various aspects which relates with conceptualization of brand new products,
process and idea to approach upon existing products. Thus Peter Drucker, defined seven sources
of innovation in his book, Innovation and Entrepreneurship (1985). Thus both Tesco and ASDA
are seeking towards making expansion possible within market of United Kingdom are required
to use certain resources which are discussed as follows:
 The Unexpected: This is based over various kinds of aspects which is based over
development of new product or services. It is mainly based upon using of new idea with
innovation that makes idea of organization more effective in nature. Tesco and ASDA
requires to fin out best suited option for improving their online process of delivery and
orders.
1