Managing Business Innovation

Managing Innovation in
Business

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Adaptation and standardisation of marketing mix..................................................................3
TASK 2............................................................................................................................................4
CBBE model...........................................................................................................................4
TASK 3............................................................................................................................................5
Integrated communication mix and methods.........................................................................5
TASK 4............................................................................................................................................7
Measurement of success.........................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation refers to a practice in which helps in development of creative and new ideas for
an organisation. Through the help of this organisations bring in new products and services in
market to expand their businesses to a number of new nations. Following report is done for
Tesco which is a chain of supermarkets (Vom Brocke and Mendling, 2018). This report is
developed as an addition to the earlier report for innovations which can be brought in by Tesco
Plc. In this following report adaptation as well as standardisation of marketing mix for expansion
of company is discussed in this report. Along with this this report discusses about customer-
based brand equity model for the company’s new innovation. At the end the report also discusses
about integrated communication mix methods for company and the measurement of success for
company through its new innovation and expansion.
TASK 1
Adaptation and standardisation of marketing mix
Marketing mix includes 4 Ps of marketing which helps a company to decide on various
factors of marketing. This 4 Ps stands for products, price, place and promotion. Below mentioned
is adaptation and changes brought in marketing mix of Tesco for its venture in new company:
Product: It is dependent on products and services of an organisation which explains how
well these companies meet all the requirements and needs of customers effectively. Tesco is
carrying on extensive research in order to enter into this new market. It has been developed that
the customers in the region are looking for competitively priced high-quality goods. They also
prefer the goods which are produced in country itself. Company is bringing in more branded
products for country as the consumer there prefer these products. Company is often seen to be
adding to its product to meet the requirement of customer. Similarly, it will be adding to its
product range for entering into this new market as well.
Price: This is the element of marketing mix which helps in generating revenues for the firm.
It is often seen that companies face a number of problems while setting up price for foreign
markets rather than that of domestic market. Company came up with strategies of local pricing
for market under which customers had to pay less for a range of products to the company.
Company offers power to the local manager at stores to set up prices for this range of products as