Innovation and Commercialisation in the Retail Sector: A Case Study of Asda and Waitrose

INNOVATION AND
COMMERCIALISATION

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
A thorough comprehension, analysis and discussion on how innovation is sourced and fostered
by each of the selected retailers. .................................................................................................3
Detailed analyses and discussions on type(s) and process(es) of innovation in each of the
selected retailers...........................................................................................................................5
A critical evaluation of the success (or failure) of the innovation in each retailer......................6
PART 2............................................................................................................................................7
Recommending unique products for a new online grocery retail stores supported by innovation
risk and benefit analysis-.............................................................................................................7
Suggestions of funding channels for the recommended innovation that is supported by analysis
of business value for potential investment...................................................................................8
Recommendation on Knowledge and intellectual property tool..................................................9
Action plan for the innovation along with the method to protect them.....................................11
CONCLUSION..............................................................................................................................13
REFERENCES................................................................................................................................1

INTRODUCTION
The organization is always anticipated generally in enhancing growth of an organization. Here
marketers mainly alter their existing or current product by simply observing the present situation
of particular demand. The organization mangers particular make plan to improves the current
product through some changes. Here the innovation mangers are mainly responsible for
commercialization of new product. Whereas commercialization means simply launching new
products into market place (Alipal and et.al, 2021). So, the customers also get innovated or new
products easily and can purchase it. Unilever is a multinational company located in London. The
company offers products such as food, ice cream, beauty products, clearing agents as well as
personal care. Tesco, is an second largest chain of the supermarkets in the UK. Both company
offers good quality products at fare price and offer wide range of products.
The report generally analysis how an innovation is sourced as well as fostered by both
companies. The report also discusses in more detail on type as well as process of the innovation
in both businesses. Moreover, the report includes critical evaluation of success or failure of the
innovation in both organizations. Also, includes some recommendation of the innovation
products for new online retail as well as innovation risk and also benefits analysis. The report
includes some suggestion of the funding channels particular for recommendation innovation. The
report will also explain explicit action plan for such innovation.
MAIN BODY
A thorough comprehension, analysis and discussion on how innovation is sourced and fostered
by each of the selected retailers.
Innovations are referred to the new things such as the new inventions, introduction of
new things or it can be the practices that help in developing the new things. Typically, it can be a
new product, new ideas but, at the same time it can also be a new and modified way of doing
some activity (Kahn, 2018). These are some extra efforts that are put in by the businesses in
order to create a great value for themselves as well for the customers. This has also became one
of the most important part as innovation directly implies to the improvements and modifications
that are done in the businesses to generate extra profit and offer something extra to the
customers. The whole concept of innovations is essential for the world as without the
innovations taking place, there is no betterment, there will be no improvisations and there will be

no progress made by the world (Gabriel, 2019.). As in the world today the whole digitalization
has taken place which is also giving a great advantages to the companies, businesses and many
other organisations by making their work easier but without the innovations, digitalization would
have not taken place and the world would be the same as it was earlier.
Sourcing and fostering innovations can be done in number of ways (Mazzarol, 2022). It
completely depends on the organizations to choose how they are going to source the innovations,
from whom they are going to source the innovations, how are are going to implement the
innovations etc. But, here is the example of how two companies from the retail sector source and
foster their innovations:
TESCO: Its not easy to live without updating the living standards or without the technologies.
So yes, innovations hold one important factor in the world and for its progress. With the great
innovations there are many companies that are doing wonders and are creating a great value for
themselves. The work's been done in a much easier manner than it was done yesterday. The
businesses have evolved and are still evolving with each passing day. Tesco's team of
innovations main aim is to start from the initial ideas and end on the minimum viable products
under six weeks. The team of the innovators run hackathons twice in a year which demands 350
people to work together and develop new ideas for the challenges that are coming or can come in
the company's business. The innovations in the company provide a competitive advantage which
gives the company an upper hand in the competitive market and makes it one of the most
successful company of the UK economy. Tesco source and foster its innovation mainly from its
employees and enables them to share the new ideas with the company. This strategy of sourcing
the innovations from the employees encompasses the transformation of the knowledge of the
employees and works well for the company also as it helps in developing the products or
bringing new technologies to the company. Thus, innovation in the company is mostly bring
forth by the employees and the work teams of the company.
UNILEVER: There is no end to innovations and technologies, they are still evolving on a good
scale. The big organizations also come up with good innovations in their operations as it gives a
upper hand to the companies in the market and make it easier for them to survive or to give a
neck to neck competition to the other companies. Unilever comes up with different products
through the innovations and craft its each and every product with the help of great experts,
collaborated with the partners network. The company also translates its scientific uncovering into