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