Managing Innovation in The Business : Assignment

MANAGING INNOVATION IN
BUSINESS

Table of Contents
INTRODUCTION ..........................................................................................................................1
Company Overview ........................................................................................................................1
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
The term “Innovation” refers to the procedure of translating an invention or idea into a
product or service that creates value for end-user or for which consumers are willing to pay. For
businesses, this could mean employing new ideas, improving existing services or creating
dynamic products (Andriopoulos and Lewis, 2010). It act as a catalyst for business growth and
success and help firm to grow and adapt in the marketplace. The given report is based on ASDA
which is a leading British Supermarket Retailer. Main purpose of this report is to cover past,
present and future innovation capabilities and activities of given firm through conducting
innovation audit.
Company Overview
ASDA is globally renowned British supermarket retail merchant, since 1965. It is
founded by Fred and Peter Asquith. Besides its core supermarkets, the organization also deals in
providing number of other services including financial and mobile services. In 1999, it become a
subsidiary of Walmart which is an American retail giant. Today, ASDA falls in the category of
most -well and reputed brands of UK. Currently, it operates in more than 25 countries with over
642 stores all across the world.
Innovation Audit
Before we undertake the innovation journey of ASDA, it is better to know from where we
are starting. Thus, an accurate and genuine assessment of company's innovation, creativity and
agility capacity is necessary. An innovation audit take a glance at various issues to perceive what
is functioning well and what is obstructing development or innovation in the business. The
primary objective of this audit is to identify the exact strength and weakness of company's
innovation practices & processes and also to discover best possible ways to improve overall
performance. Five key aspects of innovation audit are discussed below:-
1. Innovation Strategy: It include to what extent the innovation strategy is effective, clear
and communicated (Seebode, Jeanrenaud and Bessant, 2012). But before developing
strategy, it is important to identify what key problems were overlook by company and
how it can be solved through embedding innovation.
Past ASDA has gained popularity for its innovative practices & consistently tried
1