Managing Innovation in Business- Tesco
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Added on 2020-10-22
Managing Innovation in Business- Tesco
Added on 2020-10-22
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Managing Innovationin business
EXECUTIVE SUMMARYThis proposal summarises innovation as the major key for running a successful businessoperations in competitive business environment. In this report, the chosen organisation is TescoPLC, which is the largest retail store in UK. This project is divided into three parts. In the firstpart, future innovations of Tesco's competitors by 2020 or beyond has been discussed and also itsimpact on overall performance of the chosen organisation.In the second part, requirement of innovation by Tesco PLC has been discussed, whichhelp the chosen firm in gaining competitive advantage in a dynamic business environment. Thevarious innovative approaches like artificial intelligence, robot assistance and virtual lockers hasalso been discussed with a motive to help the chosen organisation in retaining its large marketshare.In the third part of this report, future innovative capabilities of Tesco PLC has beendiscussed briefly. In this part, factors that effects future innovations of the chosen organisationand also road map for implementing innovative business plan has also been discussed. Accordingto the report, it has been recommended to Tesco PLC to implement innovative plan in order todevelop future innovative capabilities and also review the changes implemented in their businessentity on a continuous basis.
Table of ContentsEXECUTIVE SUMMARY.............................................................................................................2INTRODUCTION ..........................................................................................................................4MAIN BODY...................................................................................................................................4Future of Retail Industry........................................................................................................4Organisations innovation requirement 2020 and beyond.......................................................6Future innovative capabilities for the organisation................................................................9CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................17
INTRODUCTION Innovation refers to the process of creating new ideas, thoughts to develop effectiveproducts and efficient services in a competitive business environment. This proposal aims todevelop an understanding about the process of innovation in the context of managing businessoperations of Tesco PLC. The chosen organisation, Tesco PLC, is the largest grocery retailer ofUK with a market share of 28.1% followed by Sainsbury with 16.5% share and ranks as the thirdlargest retailer globally. It was established by Jack Cohen in 1919 with its headquarters inWelwyn Garden City, Hertfordshire, England. This report discusses factors that affect the futureof retail industry till 2020 and beyond. Apart from these factors, requirement of innovations inTesco PLC to combat increasing competition in the marketplace has also been analysed at lengthalong with future innovative capabilities of Tesco PLC in existing as well as future businessenvironment. Innovation refers to the process of creating new ideas and creative thoughts inorder to produce effective products and serving efficient services in a competitive businessenvironment. This will help a business entity in gaining a strong position in a dynamic businessenvironment. In this regard, it is crucial for a business entity to foster and use creative thoughtsin operating their business activities to gain competitive advantage (Christensen, Raynor, andMcDonald, 2015). In the end, this study will be enable the reader to identify future position ofTesco PLC in the market. MAIN BODYFuture of Retail IndustryInnovations in operating business activities plays a vital role as it helps a firm in retainingits future sustainability (Pantano, E., 2014). The retail sector includes any business or individualcommitted to selling products directly to consumers, this includes wholesalers, producers,logistics, producers (Retail Sector in UK, 2018). UK's retail sector is rapidly growing in terms oftechnology and competition. It is necessary for a business organisation to be technologicallyadvanced in order to survive in a business market. UK's Retail sector generated £395 billion worth of retail sales in 2017, housed 319,000retail businesses in 2018 and currently acts as an indicator for economy's overall performanceand customer spending strength. Organisations such as Tesco, Sainsbury, Walmart (Asda) andMorrisons are mainly operational in supermarket segment with a market share of 28%, 16%,
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