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Managing Innovation in Business Assignment Solution

   

Added on  2020-10-05

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MANAGING INNOVATIONIN BUSINESS

Table of ContentsINTRODUCTION...........................................................................................................................1The future of the Industry 2020 and Beyond .............................................................................1Requirements of Innovation in 2020 & beyond..........................................................................2Capabilities of Future Innovation in organisation.......................................................................3CONCLUSION ...............................................................................................................................7....................................................................................................................................................8REFERENCES ...............................................................................................................................9

INTRODUCTIONInnovation management is the management of innovation process by the company.Management of innovation refers to implementing of innovation in the running business andevaluating its results. It focus towards dealing with the innovation in a organization of industry.There are many new ideas and innovations brought in by the innovators in organizations. The report will study about a company Sainsbury, which is a super market company. Thecompany Sainsbury is a retail company who deals with the selling of products through retailmarketing. The company is situated in united kingdom which stands at second largest position inthe chains of super markets. The report studies the management of various innovations in thecompany Sainsbury. It also consist of innovation history of company. The report focuses on the future of the company Sainsbury in year 2020 and beyond that.Also the purpose of report is to study the organisation innovation requirement in 2020 and infurther years which states the requirements of Sainsbury for new innovations to achieve itsorganization goals. Also the report studies the capabilities of company Sainsbury in innovatingthe future capabilities for the organization. This part will include the companies potential infinding the new ideas for the development of company Sainsbury.The future of the Industry 2020 and Beyond With the increased used of technology in every sector of the economy there is also adrastic change in the technological advancement in the retail sector. As there are increasingdemands by the customers mainly in retail sector. The companies came up with the best ideasand innovations in order to satisfy the growing need of customers.The first and foremost change in the retail industry by the years 2020 will be the use of digitaltechnology. Which will be helpful for the industry as well the customers. Use of digitaltechnology will minimize the level and the difficulties in providing the products to the customers(Alexander eds., 2019).By the year 2020 it is predicted that retail companies will be experts in the data mining ofthe customers. So that retail companies will better understand the purchasing behaviour of thecustomer and diverting their sales to those requirement. On the other hand social media in 2020will helps the retail organization in building communication between they retailers andcustomers. The retailers uses social media to personally inform customers about the arrival of1

new products. And also sharing their reviews on such product which can be used by the futurecustomers (Goffin and Mitchell, 2016).In the year 2020 the retails sectors will also focus on there internal policies like skilfuland educated staff. A very high level of service offered to customers, an interactive environmentin the retail stores which allows customer to inspect about the product and evaluate it bytouching and feeling actual product. There are few retail companies who are planning to have there small stores and ashowcase stores. While in the showcase stores there are showcase of the available best in classproducts. An in the small stores there are goods available at lower price (Matzler and et. al.,2015). Also the products are delivered online through the virtual delivery system. Through the coming of year 2020 there is the retail sectors business will become morequality driven and will focus on the achievement of the companies goals in the organizationcontext. For the achievement of the goals companies needs to be pervasive. The pervasiveness ofcoma-pies will be decided by its services to customers (Mergel,2016). The retail stores focuseson the providing better services to its customers and building long- term relationships with hiscustomers. Retailers will be expected to give customers the ability to pay when and where theywant to pay for the products purchased. This will increase the trust between the customers andretails and build healthy relations between the two (Nambisan and et. al., 2017). With the drastic changes in the retailing patters of the retail sector there is evolution ofmany innovative ides and innovations. These technological advancement will bring a betterimage of the retail sectors of the economy. The retail companies will be more driven to thecustomer satisfaction rather than focusing on profit. The companies will use digital marketing toexpand their business to as many customers as they can reach. Therefore companies in retailsectors will achieve there organization goals through the coming year 2020 (What Will RetailLook Like In 2020, 2016). Requirements of Innovation in 2020 & beyond Requirements of innovation helps companies to use creative & new ideas and expandtheir business. Innovation further helps firms in achieving their goals. Sainsbury is required toproduce & offer products & services which are environmental friendly. It is essential forcompany to produce goods & services which does not harm environment this further helps inattracting customers. Company needs to offer toxic free products which protect environment. 2

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