Managing Innovation in Business

Managing Innovation in Business
Writen By:
Assessors/Tutor’s Name:
Nyerho Odje Odje

Table of Contents
EXECUTIVE SUMMARY.............................................................................................................5
INTRODUCTION...........................................................................................................................5
Purpose of the report....................................................................................................................6
Innovation roadmap.....................................................................................................................6
MAIN BODY..................................................................................................................................6
Future of retail industry in 2020 and beyond.........................................................................6
Tesco innovation requirement 2020 and beyond..................................................................10
Building the future innovation Capabilities 2020 and beyond of the Tesco.......................12
CONCLUSION..............................................................................................................................15
REFERENCES................................................................................................................................1
.........................................................................................................................................................1

EXECUTIVE SUMMARY
Innovation is the introduction of implementing new concepts and ideas that include
launching the new products or carrying out some new combinations to attract a huge range of
consumers and produce new growth and profits for the company. Innovations are some small and
gradual improvements of current products, services and processes. They can be some business
models or technological inventions that are ground breaking and supports industry to transform
effectively and improve productivity. Innovations are the plans and procedures of new ideas
which are turned into action plans and are implemented and developed in businesses to obtain
success Innovations in an organization support to reduce cost and maximize competitiveness. It
also helps a company to improve value and brand recognition, maintain new relationships and
partnerships with economically developed organizations and improve profitability that increase
company’s turnover. Managing innovation is the process of balancing, maintaining specific
innovative ideas.
INTRODUCTION
In this report, Tesco has been chosen as an organization. Tesco is the leading giant
supermarket chain in the United Kingdom. It has started its business as a supermarket of grocery
in the food industry but as the business started to grow it started operating in other sectors such
as textile, insurance, finance, mobile and electronics. Tesco is producing its own product. It is
one of the one of the top retailers which hold third position and responding to changes very well.
it also started operating in the high streets of UK and the consumers availed Tesco services in
different types of stores like Tesco metro, Tesco extra, Tesco express etc. It is a joint venture
with the royal bank of Scotland and developing its business effectively according to the demands
and pioneering in various innovations. In 1990, Tesco faced a strong competition in the retail
industry and found out necessary steps to be taken. After facing these situations Tesco started
pioneer innovations that focus on information and technology system. One essential innovation
in Tesco was replenishing application system that controls inventory management system of it.
Tesco has some major auxiliary innovations such as oracle retail warehouse system of
management, club card scheme and online shopping website that is Tesco.com. Online shopping
services offered reasonable prices comparatively and maintained the quality of a product very
well.

Purpose of the report
The purpose of this report is to provide the roadmap of Tesco’s innovation. Its practices and
activities involves in innovation, its capabilities that are required for making innovations and its
strategies to attract consumers by advertising. This report provides the mission, vision and roles
that are involved in the achievement of success and process, procedures and activities that are
required for the making innovations successful. This purpose of the report is to identify, analyse
and demonstrate Tesco's innovation management process. Managing successful innovations
include increase productivity and highlight the unique qualities and value of the business. It
includes tackling and handling the activities that are required to introduce something new and
modern as per the requirements of new generations. This report provides the management of
leaders recognizing Tesco's success step by step. Organization always first critically analyse
which kind of innovations are suitable and turn into success. It provides the most important
successful innovation plan which impact highly on the future of Tesco in the industry. The
purpose of this report is to provide the requirements of Tesco for planning innovation. It analyses
the abilities and capabilities of Tesco to be implemented for performing well and lead in the
retail sector. Its purpose is to provide the required ideas which help in developing the interactions
between Tesco and its consumers and develop effectiveness to achieve competitive advantages in
the future and beyond it.
Innovation roadmap
MAIN BODY
Future of retail industry in 2020 and beyond
Retail industries in 2020 and beyond will bring changes in demographics, technology and
consumers needs and demand. The SWOT analysis tool support to benchmark business
performances and identify competitive stance of retail industry. Swot analysis depicts influencers
and macro and micro factors which have tremendous effect on retail industry in 2020 and
beyond. This tool manifests all the discussions of pertinent factors which specify the strengths,
weaknesses, opportunities and threats that predominates external and internal environment of
retail industry respectively.