Managing Innovation in Business Assignment - Tesco PLC

Added on - 22 Nov 2020

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ManagingInnovation inBusiness
EXECUTIVE SUMMARYThe project report is mainly emphasising on the innovation as it is important element forrunning business operations smoothly in this competitive business environment. This report isbased on Tesco PLC, which is the largest retail sector industry in UK. The following project isfurther divided into three parts. In the first part of this project report is has been discussed aboutfuture innovations to be made by competitors of Tesco by 2020 and beyond and also it showsthe effect on the overall performance of Tesco PLC. Whereas, in the second part emphasis isgiven to necessary requirements for innovation by Tesco PLC as this will lead the company togain competitive advantage and capture huge market share. The various innovative methodsadopted by company are online shopping,loyalty scheme club card, self check outs, andembedded scanner for quick orders and helps in developing sync with customers. Also, helps thecompany to retain customer's for longer time period and enhance their market share.In the third part of the report, it has been summarised about how to build futurecapabilities for Tesco PLC which involves study of numerous factors which will effect the futureinnovations of the company. Along with this it is discussed about road map for execution ofinnovative business plan. The innovations which are being planned by the managers of TescoPLC is concerned with adoption of latest information technology such as to enable them to orderthrough Amazon Dash which is referred to as one-touch shortcut technology. Also, managershave formulated strategy related to BYOD which is bring your own device. This will help gatherinformation by scanning stock labels and know about their availability. Along with this TescoPLC future plan for innovation is to reduce the impact of carbon credit because of themanufacturing process.As per this report, it is highly recommended to managers of Tesco PLC to put into actiontheir innovative business plan which will in turn help to develop future innovative capabilitiesand also monitor the changes taking place in the business organisation on the regular basis as thiswill help to know about the reasons for the success and failure of the plan.
Table of ContentsEXECUTIVE SUMMARY............................................................................................................2INTRODUCTION...........................................................................................................................4MAIN BODY..................................................................................................................................4Future of Retail industry 2020 and beyond............................................................................4Organisations innovation requirement 2020 and beyond...............................................................5Future innovative capabilities for the organisation(1500)......................................................7CONCLUSION..............................................................................................................................10REFERENCES.............................................................................................................................12
INTRODUCTIONInnovation is known as process of transforming the ideas, thoughts, insights into new andinnovative products. The purpose of this report is create and develop understanding regardinginnovation process with reference to management of business operations of Tesco PLC. Theselected organisation, Tesco PLC., is ranked as third largest grocery and merchandise retail storeat international level being established by Jack Cohen in the year 1919 and situated inWelwynGarden City, Hertfordshire, England. It is the retail store capturing around 28.1% of market sharewhereas the market share of Sansbury is 16.5% at global level. This report focuses on thediscussion regarding factors which will impact the future of retail sector by 2020 and beyond.Also, it has been analysed about innovation requirements at Tesco PLC which will help toovercome with the increased competition in the market along with this has been discussed aboutfuture innovative capabilities for both existing and future business environment of Tesco PLC.The process of innovation helps to attain strong and good position in this dynamic environmentof business(Aalbers and Dolfsma , 2015). This is very essential factor for every businessorganisation as it will foster the business growth by utilising creative thoughts for carrying outtheir business operations which will help to gain competitive advantage in the marketplace.Further this will allow the reader to known about the future position of Tesco PLC at the market.MAIN BODYFuture of Retail industry 2020 and beyondThe process of innovation is helpful in conducting business operations as it playimportant role for maintaining the sustainable growth in the future. In terms of technology andcompetition the retail industry of UK is rapidly growing and giving opportunities to thecompanies to grow and survive in the market. As there are frequent technological advancementsso in order to survive in the market it is necessary to adopt latest technologies. The retail industryhas gone through significant transformation from the past decades, and still there is continuousevolution in the retail sector industry(Allen, Adomdza and Meyer, 2015). In 2020 and later theirwill be emergence of many technologies that led to the change the way of interaction with their
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