Innovation and Commercialisation in Waitrose and Kroger
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This report discusses the ways of fostering innovation in Waitrose and Kroger, different types of innovation and their roles in the organisation, and a business case of innovation in context with the organisation. It also includes risk factors, benefits, and ways of accessing funds for innovation.
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INNOVATION AND COMMERCIALISATION
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Table of Contents INTRODUCTION...........................................................................................................................4 TASK 1............................................................................................................................................4 P1 describe the ways of different organisation sources and the foster innovation by using the specific examples........................................................................................................................4 M1 describe the ways in which innovation supports the environment and culture of the different organisation..................................................................................................................6 TASK 2............................................................................................................................................7 P2 describe the different types of innovation and their roles in the organisation.......................7 M2 Analysis of the successful process of the different innovation methods in context with the organisation.................................................................................................................................8 D1criticallyanalysisofthesuccessfulinnovationdevelopmentincontextwiththe organisation.................................................................................................................................8 TASK 3............................................................................................................................................9 P3 detail business case of innovation in context with the organisation for describing the risk factor, benefits and ways of accessing the funds........................................................................9 M3 evidence based business which emphasises the business value for the potential investment ...................................................................................................................................................11 TASK 4..........................................................................................................................................12 P4. Evaluate the different tools which can be used by the establishment for development, retention as well protection of intellectual property right.........................................................12 M4. Critically evaluate the different tools which are used by the establishment to develop, retain or protect the knowledge of intellectual property widely...............................................13 D2. Producing commercial driven business case for bringing innovation which include an action for developing the methods to protect the business surrounding...................................13 CONCLUSION..............................................................................................................................14 .......................................................................................................................................................14 REFERENCES..............................................................................................................................15
INTRODUCTION The innovation to the commercialisation is the process which help the possible way of introduction in the innovation market. The commercialisation is the way which transform the ideas and the views for increasing the goals of the business. The main aim of the innovation and thecommercialisationistoenhancethecompetitiveadvantageswhichishelpfulinthe development of the business. The innovation technique help the business organisation in improving the products and services by providing the new strategies (Marion and Fixson, 2021). The commercialisation also play very crucial role in the market because it increase the customer base by introducing the new products and services in the markets. The report has chosen the super market company which is Waitrose Limited for understanding the innovation and the commercialisation process. The company is the retail shop of the grocery which has 300 shops in the United Kingdom.The headquarter of the company Waitrose Limited is in Londonthe another retail company which has chosen by the report for understanding the innovation process is the Kroger. The report has analysed the different way of which support the innovation in the organisation. The report has also described the different methods which develop the innovation and the commercialisation process (Kalinga, 2020). TASK 1 P1 describe the ways of different organisation sources and the foster innovation by using the specific examples The different source play significant role in the analysis of the innovation which increase the competitive advantages in the markets for increasing the leading change process. The chosen company Waitrose and The Kroger should develop the new ideas which is helpful in the productivity and the profitability of the business(FACT, 2021).The chosen company has followed theprinciple of the Peter Drucker seven sources for implementation of the innovative ideas in the company. The Peter Drucker's source of innovation are as follows: Unexpected conditions:This is the stage which focus on the unexpected success and the failure of organisation by focusing on the new ideas. The source of this innovation focus on good and the bad consequences of the newideas. The company Waitrose has decided thecreatethe innovative ideas which is related to the better service and the products failure. The company has used the different method for enhancing the quality of the products. The Kroger company focus
on the ideas of innovation to increase the market area for increasing the sales of the new products (Oyadener and et. al., 2020). Incongruity:This is situation which describe that the innovations needed when things are not happening as per the demand. This situation needs the Foster innovation for framing the corrective actions which is helpful in creating the innovative ideas. This source of innovation increase analysis power of the Wait rose company to understand the difference between reality and the expected outcomes of the company. The company has increased the new ideas for increasing the competitive advantages in the retail industry. This source is also helpful in the Kroger industry by which thecompany increase the innovation over the incongruity for increasing their sustainability in the environment. Deficiency in the process: The innovation is needed when there is gap in the process and the process is insufficient to target the demands of the customers. The gap of the organisation covered by the innovative ideas. The Waitrose company has failed in their production which increase the development of the Foster new technology. The development of the innovation techniques when there is lack of sufficient process increase the productivity of the business. The Kroger company has used this deficiency as the source of innovation in their online business for increasing the customer base (Raby and Gregson, 2018). Dynamicchangeinthestructureofthemarket:Theinnovationandthe commercialisation process needs the change in the market or industry for increasing the new market area. The change in market and the industry provides the scope of the innovation. This source of innovation provides the opportunities to the business in the market development process. For controlling the price of products and services there is need of the foster development in the company Waitrose. The change in the market has helped the company Waitrose in decreasing the competitive market in theindustry. The Kroger company has taken this change principles to increase their opportunity in the market which has decreased due to increase in the competition level. Demographic change:The change in demographics leads to the major innovation process in the business. The Waitrose company faces the more competition in the market and this decrease the customer base of the company. So the Waitrose develop the innovative ideas as per the age, income, education and other demographic of the customers. The Kroger has focused on
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theinnovation in the demographics of the company for understanding the demands of the customers who are economical backwards. Perception change:The new ideas has needed by the company or organisation to change the perception of the customers. The perception change increase the taste and the preferences of the customers. The company Waitrose has focused the demands of the customer but could not focus on the preferences of the customer(Stoykov, 2018).The changing preferences and behaviours of the customers has decreased the profit level of the Kroger. The innovation is needed to the both the company for overcome the changes in their business. Change by new knowledge:The new knowledge increase the innovation on the product development. The knowledge is the best aspects in the change process which increase the productivity of the business for overcoming the competition in the markets. The Company Waitrose have lack of technology for the proper operation in the market while the Kroger has also lack of innovation which create the hindrance in the success. The both organisation has to focus on the new knowledge for influencing their technology. M1 describe the ways in which innovation supports the environment and culture of the different organisation The Peter Drucker seven sources has describe the ways in which organisationand the company needs the foster of innovative ideas for development of their business organisation. The different source of innovation as per the Peter Drucker are unexpected situation, dynamic markets, demographics change, process deficiency, new knowledge and the change in the perception. The innovation support the business of the Waitrose and the Kroger by improving the culture of the business. The innovation also help the company in product development and the market development which increase the demands of the customers towards their products and services. The innovation source, demographic change increase the profitability of the business by enhancing the products and services as per demands of the different groups(Roy, 2018).The innovation in the change in market's dynamics increase the new market area which creates the opportunities to the environment of the different business organisation.
TASK 2 P2 describe the different types of innovation and their roles in the organisation The innovation is the way which increase the productivity and the profitability of the of the business. The innovation increase the smoothness of the business operation. The different types of the innovation which is needed for the company Waitrose and the Kroger are described as below: Product innovation:This type of innovation develop the quality of the existing products for increasing the competitive advantages and the profitability of the business. The company Waitrose has focused on the development of the new products for attracting the customers towards the new products. The Kroger has also increase the quality of their products for developing the economy of their business. The product innovation is the risky way but it increase the sustainability of the business in the marketplace (Geels, 2019). Position innovation:This process of innovation focus on the position development of the products and the services. The management focus on the quantity of of sales in the specific markets. For change in the position of the products,the Waitrose has framed the new ideas while the Kroger is positioning their products and services by increasing the quality of the products as well as also by increasing the awareness. Process innovation:The process innovation is the way of changing the equipments, technology in the production and the delivery methods. This process play the significant role in the organisation by developing the products and services as per the demands of the customers. The company Waitrose has used modern technology in the production methods(Dahesh and et. al.,2020).The Waitrose also used different software for increasing the business plan in offline and online modes. The Kroger has used the distribution channel as the process innovation for increasing their delivery in the different area of market which increase the profitability of the business. Paradigm innovation:It is the way of enhancing the thinking ability for overcoming the problems. This innovation increase the capabilities of the organisation or business to analyse the different mind set of the competitive markets. The Waitrose has understood the level of competition and different prospective of the market business by focusing on the paradigm innovation. The company has opened the shops at the different places for fulfilling the demands of the customers. The Waitrose has also developed the online marketing for enhancing their
markets. The Company Kroger has developed the distribution channel for enhancing the good accessibility to the customers. The distribution of channel make the delivery faster and help the customers in buying of their products and services. This process also help the Kroger company to increases their efficiency of delivering by saving the time(Abdul Basit and Medase, 2018). M2 Analysis of the successful process of the different innovation methods in context with the organisation The different type of innovation techniques help the organisation in increasing their efficiency. The management of the Waitrose and the Kroger has used the different methods of the innovation techniques for increasing their productivity and the profitability. The innovation technique increase the ability of the Waitrose and the Kroger company to overcome with the difficult situations and make their existence in the competitive markets. The Waitrose has used the different new strategies of the innovation in their production and the marketing department while the Kroger has used the different new strategies in the distribution Channel of their delivery products(Mariani and Nambisan, 2021).The Waitrose and the Kroger has developed the 4Ps of the innovation for development of the new products and delivery methods. The 4P of the innovation increase the outcomes of the business and increase the long term benefits of the organisation. D1 critically analysis of the successful innovation development in context with the organisation The innovation is the most appropriate way which help the every business organisation in achieving the competitive advantages in the markets. The company Waitrose and the Kroger has used the Peter Drucker's seven sources of the innovation for identifying the needs and process of the innovation in the development of the business. The innovation methods provides the strategic process for targeting the better objectives of the business. The Waitrose and the Kroger has used the product innovation and the process innovation for development of the innovation techniques in their organisation. The Kroger has used the paradigm, position and theprocess innovation methods for increasing the quality of products as well as enhancing the way of delivery for increasing the customer base. The development in the innovation methods by Kroger and the Waitrose organisation help both the company to increase their level in the market. The innovation technology help the business organisation in developing their business different from their competitors(Xinyue, 2021).The innovation methods increase the market area through the
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position innovation and helpful in expanding the business in the marketplace for increasing the profits. TASK 3 P3 detail business case of innovation in context with the organisation for describing the risk factor, benefits and ways of accessing the funds The business case is the detailed study of the benefits, cost, disadvantage, risk and other factor of the business. The business case describe the current situation of the business as well as also provides the future vision of the business. The management of any organisation takes the decision of the business and play a very significant role in the business case. The business case help the managers of the organisation to understand the different aspects of the business for performing the business operation ion proper way. The business case of the Waitrose company are given below in table form: ParticularsDescription Name of the companyWaitrose Vision statementThe vision of the Waitrose company is to make the brand value of their products and services in all over the world. The company wants to develop their business in grocery item like the foods, pharmacy and other items. The mangers of the company has used different strategies for achieving their vision. Executive summaryThisisthebusinesscaseofthecompany Waitrose for analysing the risk benefits of the organisation. This case includes the different business goals for accomplishing the vision and mission of the organisation. Mission statementThe mission of the Waitrose company is to providetheproductsandservicesinthe reliable rates so that it can be available to every
economicalgroupsofthesociety.The companyhasalsofocusedonthewaste managementprinciplesforreducingthe elimination of the wastes. Innovation in the products and the process.TheWaitrosehasfocusedontheorganic productsforcreatingtheinnovationinthe products. The organic products is healthy for the customer so it increase the customer base. The Waitrose company has also focusedto developthevoicetracingmethodsinthe innovation process(Omidi and et. al., 2020). Thevoicetrackinginnovationhelpthe customers in tacking order by voice setting. FundingThe Waitrose company has used equity capital and the retained earning for maintaining the cash flow and the monetary system of the organisation. The equity capital provides the fundstothecompanybysellingtheir ownership. The equity funding is les risky and helpful in gaining the competitive advantages in the market by developing the voice tracking methods. The another funding of the Waitrose company is the retained earning which deduct the expense from the profits and help in the innovation methods of the company. BenefitsThevoicetrackingmethodincreasethe benefits of the company by increasing their marketarea.Thevoicetrackingmethods increase the sustainability of the company in the markets.
RisksTheriskisthenegativeaspectsofany organisation which can crates threats to the organisation.TheWaitrosecompanyfaces strategicandthecomplianceriskinthe innovation of the new ideas and technology in thecompany.Thestrategicriskcreates negative impact on the voice track innovation. The company has faced high compliance in the innovationmethodsofvoicetracking.The managementhastoenhancethewayfor reducing the compliance risk. Evaluation and monitoring techniquesThe Waitrose has develop the KPI and the benchmarking for evaluation and monitoring of the innovation methods. The KPI is the key performanceindicatorwhichevaluatethe efficiencyandtheproductivityofthe organisation.Thebenchmarkinghelpthe Waitrose company in monitoring their internal process for identifying the corrective measures. Recommendation in the products and the process of the innovation including the risk and the benefits: The innovation is the process in the business environment which increase the profitability of the business by increasing the competitive advantages. It increase the profitability of the organisation as well as increase the brand value of the products and the services. The Waitrose company has developed the innovation techniques by developing the voice tracking of grocery which help the company in increasing their market area of the business. The Waitrose and the Kroger has to developed the risk strategies in order to overcome the problems and the risk of the organisation(Rudd and Beidas, 2021).
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M3 evidence based business which emphasises the business value for the potential investment The business case is the written proposition which analyse the overall process of the business in the implementation of the innovation methods in the products and the process development. The business case focus on the profitability of the organisation. The Company Waitrose has used the voice tracing innovation methods which is the costly process. The Company has to develop the appropriate way of funding which help the Waitrose to deal with the competition in the markets. The company also develop the new products for evaluation the risk. The innovation increase the sustainability of the business by increasing the ideas in the product development process. It provides the action of innovation and help the business in finding their mission and vision. The innovation methods improves the recognition of the brands and values of the organisation(Lokuge and et. al.,2019).It increase the relationship of the company to stake holders as well as also enhance the partnership of the business. The business case help the business by making the decision which is based of the evidence and the transparent. It frame the business in proper way so that the company properly mange and monitor the policy and strategy of the innovation. TASK 4 P4. Evaluate the different tools which can be used by the establishment for development, retention as well protection of intellectual property right. The intellectual property right is basically a legal authority right which mainly provided to a maker for protecting their content or creativity from any kind of duplication. This right provide a protection to an individual or an organisation by eliminating the duplication from the competitive market. In order to gain competitive advantages the organisational management built an innovative ideas. The right are provided by the lawful authorities in order to give them a safeguards to new creation. In relation to the business, the intellectual property rights may provide a protection or safeguards to the strategies, branding, marketing as well as to innovative ideas in order to develop business organisation(Buhl and et. al.,2019).Hence the Kroger organisation are also use the intellectual property right tools to develop or retain their properties as well as ideas. This right play a crucial role for increasing sustainability in the competitive marketplace. There are various tools which are used by the Kroger which are related to the intellectual property right are mentioned below:Marion, T.J. and Fixson, S.K., 2021. The
transformation of the innovation process: How digital tools are changing work, collaboration, and organizations in new product development. Journal of Product Innovation Management, 38(1), pp.192-215. Copyrights- it is one of the kind of intellectual property right and it provide a safeguards to the organisational plan until they may convert them into the action. This property right are used to protect the original work such as policies, strategies, decision as well as the ideas to prevent any kind of duplication within the surroundings. The Kroger organisation is using this method to protects their ideas or polices from their competitors because of high competition in the industry. As this method assist the business to take advantages of their new innovative ideas which is made by the management after doing so much research or development by protecting if from any kind of stolen(Carvache-Franco and et. al., 2020). Patents- it is one of the kind of intellectual property right which basically provide the protection to new inventions or creation of an organisation. Within the relation of establishment, the patents are the legal right which are allotted by the lawful authorities for any creation or inventions in the organisational processes. It mainly provides an effective manner for getting things done by offering technical solutions(Uddin and et. al., 2019).Kroger organisation is taking advantages of this right by patenting their inventions such as voice tracking strategies of their grocery products. Trademarks-it is another kind of intellectual property right which includes signs or symbols use by the organisation to addition competitive advantages. This methods helps to protect or identify the products or services of the business. The trademarks also helps the organisational customer to identified the business through assigned symbols on their products. Trademarks is also known as service mark. In relation to Kroger organisation, the management takes the advantages of trademarks by implementing their new products line. M4. Critically evaluate the different tools which are used by the establishment to develop, retain or protect the knowledge of intellectual property widely There are various tools used by the organisation in order to provide the safeguards for their new creation or inventions. These various intellectual property right which basically govern to protect the strategies, ideas, product as well as processes of the business. In context of Kroger organisation, this organisation use tools like patents, trademarks as well as copyrights in order to retain within the competitive marketplace(Patel and et. al., 2019).
D2. Producing commercial driven business case for bringing innovation which include an action for developing the methods to protect the business surrounding The business case play an important role to introduce the innovation into an organisation such as risk, benefits, funding sources and some other helping factor. It is helpful to make decision or some strategies formulation in order to introduce an innovative idea which is made by the management of the business organisation(Indriani, 2018).The management of each organisation mainly focus on the development of strategies in order to increase the profitability or productivity within the marketplace. CONCLUSION From the above discussed project report, it has been concluded that the innovation or commercialisation is main element for each business. As it helps the organisation to maintain their sustainability within the competitive surrounding. The 4Ps sources are used for innovation which can provide a proper idea for formulating the innovative strategies or policies which helps the organisation to develop faster. The source of innovation are described by the helps of Peter Drucker's. The innovation products or ideas can be implemented by patents, copyrights as well as by trademarks.
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