Managing Innovation In Business

Managing Innovation In Business

Contents
Executive Summary.........................................................................................................................3
Introduction.....................................................................................................................................5
The Future of Industry 2020 and Beyond........................................................................................5
The Organisation Innovation Requirements 2020...........................................................................6
Building the Future Innovation Capabilities of the Organisation...................................................8
Conclusion.....................................................................................................................................10
REFERENCES..............................................................................................................................11

Executive Summary
This report provides an analysis and evaluation of action plan for the development and
implementation of innovation capabilities in Tesco. The company is one of the Third largest
grocery retailer having various outlets in Countries. The main objective of Tesco is to serve their
customers by providing them best quality of products at affordable prices. They keep focusing
on making their customer happy so that loyalty of individuals remains towards the Brand. The
Company has expanded their business from Groceries to Electrical goods, Telephone
equipment’s, banking, and insurance services. Tesco have their own website through which
customers can avail the services and get information related to products or Outlets. The
Company adopts one stop shopping which means customer can buy the products from one single
place.
In this report the appropriate methodologies are used to identify innovation in business.
Innovation generally means thinking beyond and creating a path to execute that idea into reality.
The Company innovate new products to be profitable and renowned in Market. The employees
in the organisation must have innovative thinking rather than ordinary thinking as it helps to beat
the competitors by coming up with amazing ideas related to products or services.
This analysis is based on how organisation can plan and prepare for innovation. In this
report it is also been discussed the importance of organisational knowledge, knowledge transfer
and cross functional cooperation to analyse the innovation capabilities and blockages. The report
also consists the identification of new product in Tesco and activities required for successful
development. At last, an organisational development audit will be conducted for introducing new
products or services.

Introduction
Innovation means thinking something new and implementing that ideas into reality by
introducing new things. It is a creative idea that has been transformed into practical way.
Innovation is called as management of product, process and concept that helps in gathering
information related to new things or new products for enhancing the growth of organisation. It is
also known as an implementation of new ideas for achieving better results and outcomes in
Business. With the help of new ideas business can increase their market share and attract more
customers towards the Company. Innovation not only means to develop new products or services
it also means to make changes in existing product which helps in increasing profit and
productivity of Firm (Ottosson, 2019). The purpose of innovation is to make business unique in
Competitive Market. A company needs to think innovative to survive in Marketplace, this helps
to be distinguished from other Competitors. Businesses use innovative ideas in launching new
products for making their organisation stand out from Crowd. In this report the chosen Company
is Tesco, it is a British Multinational Company of retailer in England, United Kingdom. Tesco
sell their products at reasonable price which attracts more customers to grab the offers on
products. The areas in which Tesco deals are Clothing, Toys, petrol, Electronics, Telecoms,
Furniture and Internet Services. This project is based on the Future of Tesco in 2020, the
requirements of innovation in Company and Future innovation capabilities in Organisation.
The Future of Industry 2020 and Beyond
Tesco is one of the popular and prominent Retail Chain in the World. The target audience of
company is Middle and premium class people. The company own private label brand which
helps in giving high brand equity in Marketplace. Tesco is also listed in London Stock Exchange
due to its Financial Strength. Tesco had faced many issues and problems related to horse-meat
scandal, poor customer experience and bad accounting. For gaining the trust of customers they
bring technologies for taking back the momentum in Market (Markovic et. al., 2021).
The company Introduced new technology RFID barcode through which products get
automatically counted or removed when product is entered or leaved the store due to purchase by
Customers. Tesco had also launched BYOD Integration through which employees can keep the
record of stock and their availability by scanning barcode of products. This technology also
helps workers to deal with customers issues and request in more significant and efficient way