Innovation in Supermarket: R&D, Intellectual Property Strategy, Insurance, Risk Management, Operations, Sustainability Plan

This article discusses the innovation in the supermarket industry, including R&D, intellectual property strategy, insurance, risk management, operations, and sustainability plan.

Running head: INNOVATION 1
Innovation
Name
Course
Date

INNOVATION 2
Innovation
Research & development (R&D)/innovation activities
Skilled IT companies or outsourcing skilled specialist who can help in the innovations in the
supermarket. For these to happen, the finances are needed to help fund the process. There is
also the need of a Chief Technology Officer. If the management is great so do the work.
Intellectual property strategy
The innovations that will be implemented should be protected due to competition. There will
be an agreement of confidentiality with the outsourced company to make sure every secret
remains in the supermarket. The license to start the supermarket is already in place which is
issued by the authorities on Victoria.
Insurance
Workers compensation: The insurance covers the workers in times of any injury in the line
of work (Wu et al. 2015). It also covers the employee wage loss in case of time used while a
worker is out of work due to injuries.
Public liability insurance: The supermarket also has the public liability insurance which
protects the supermarket in case of damage to the customers (Taylor, 2018).
Professional indemnity: There is no need of getting this cover since the supermarket will not
be offering professional services to any individual or company.
Product liability: There can be a problem with these products unknowingly; the cover can
cover any legal action taken towards the product (Peace, 2017).
Business assets: It is one of the best insurance covers to have. The cover will help to cover
assets if they are destroyed.

INNOVATION 3
Business revenue. There can be interruptions like natural calamities that can make it hard for
the business to get money. The insurance covers the loss.
Risk management
Risk Likelihood Impact Strategy
High competition Highly likely High Boosting innovations and
the design to increase
attraction and the
innovations will make
processes fast.
Legal considerations
They are the consumer and commercial law. The consumer law protects the consumer against
the faulty goods (GORDON, 2016). The commercial law regulates the hiring process,
production and the sale of goods (Huang, 2017).
Operations
Production process
In this case, there is no manufacturing. The supermarket will be receiving goods from
outsiders by the act of outsourcing. The products will, therefore, be put into the supermarket
and the customers can take any product from the shelf and later pay.
Suppliers

INNOVATION 4
The GK Fine foods will be delivering the wines and drinks together with the needed foods in
the supermarket. The Mitchells wholesalers will also be the main suppliers who will supply
the other products which are generally needed in the supermarket.
Plant & equipment
Equipment Purchase date Purchase
price
Running
cost
Computers 28/09/2018 $1600 $100
Vehicle 28/09/2018 $10000 $300
CCTV’s 28/09/2018 $500 NILL
Furniture and shelves 28/09/2018 $2000 $100
Inventory
[List your current inventory items in the table below. If you have a substantial inventory, you
may prefer to attach a full inventory list to the back of this business plan.]
Inventory item Unit price Quantity in stock Total cost
All kinds of flour $1 kg 2000kg $2000
Cosmetics $1-2 Over 200 varieties $500
Stationaries $0.5-3$ Over 200 $500
Foods and Drinks $1-10 0ver 100 varieties $2000
Technology (Software): The software’s needed is the point of sales software and a website.
The website is used to post news and get feedback and purchase online too. Point of sale is
used in the supermarket. The cost of each is $100.

INNOVATION 5
Trading hours: The trading hours are from 8:30am to 9:00pm. The peak periods are during
the holidays when people are free from work and at these times the supermarket can close
late at midnight. The peak hours expected are evening and night hours.
Communication channels: To make communication convenient, customers just need to
access the supermarket website and all the details regarding the location, telephone, mobile,
fax and email will be there.
Payment types accepted: There are various modes of payments that will be accepted by the
supermarket. They are PayPal, Credit cards and Cash.
Credit policy: Credit payment is accepted by the business. The terms are that the payment
should be paid within a month of purchase to give room for better customer service.
Warranties & refunds: The warranty of goods differ. Foods have no warranty in this case or
refund same to clothes and shoes or any wear. The warranty applies to electronics and
furniture. The warranty should be for a period of one year and a refund or maintenance is
possible.
Quality control: All products are first approved by the Bureau of standards from the
government and internal control to make sure all products are okay.
Memberships & Affiliations: The business is under individual ownership, there are no
memberships just business partners who are the suppliers.
Sustainability plan
Environmental/resource impacts
There are fewer negative impacts of the supermarket to the environment (Ellickson, 2016).
All wastes are disposed of correctly as per the law.
Community impact & engagement

INNOVATION 6
The business will greatly help the community since the people employed will be from the
community and that will be a benefit to them.
Risks/constraints
None
Strategies
The main strategies here is to make sure any waste that can be there are small amounts is
disposed of correctly.
Action plan
Sustainability milestone Target Target date
Teach and educate the customers on the importance
of good disposal
100% reduction One Year
References
Ellickson, P. B. (2016). 15 the evolution of the supermarket industry: from a&P to
Walmart1. Handbook on the Economics of Retailing and Distribution, 368.

INNOVATION 7
GORDON, F. B. (2016). NEGRO IN THE SUPERMARKET INDUSTRY. University of
PENNSYLVANIA Press.
Huang, W., Zhu, H., & Pan, Y. (2017). How relationship marketing tactics affect customer
satisfaction: Evidence of supermarket industry.
Peace, K. (2017). Statistical issues in drug research and development. Routledge.
Taylor, M. (2018). Wrestling with Giants-A Critical Account of Supermarket Power and
Competition Law in Australia and the United Kingdom. Australia Business Law
Review, 41(5), 270-291
Wu, J. H., Neal, B., Trevena, H., Crino, M., Stuart-Smith, W., Faulkner-Hogg, K., ... &
Dunford, E. (2015). Are gluten-free foods healthier than non-gluten-free foods? An
evaluation of supermarket products in Australia. British Journal of Nutrition, 114(3),
448-454.