Innovation and Entrepreneurship in Retail Industry

Opportunity
Innovation and
Entrepreneurship

Table of Contents
Table of Contents.............................................................................................................................2
Introduction......................................................................................................................................3
Main Body.......................................................................................................................................3
Background of company.........................................................................................................3
Emerging mega trends in the market......................................................................................3
Impact of changing trends in market......................................................................................4
Identification of business opportunity....................................................................................5
Development of product or service........................................................................................6
Feasibility study......................................................................................................................7
Conclusion.......................................................................................................................................8
References........................................................................................................................................9

Introduction
Innovation plays an important role in the sustainability of an organisation in the market
over a long period of time as with the help of innovation company products and services can be
improved in accordance with changing likes and preferences of customers. Potential
opportunities in market can be grabbed by the organisation so that it can successfully survive and
continue to make profits with the help of continuous innovation (Biemans, Griffin and Moenaert,
2016). Innovation also help the companies in gaining a competitive advantage in market by
effectively dealing with customer needs which can help in attracting them so that continuous
business opportunities can be developed in market. In this report Tesco plc is taken so that the
impact of emerging trends in retail industry on the company can be studied which help in
determining the way in which company can continue to survive in the market efficiently. Also
the entrepreneurial business opportunities which arise as a result of changing trends will also be
identified in this report.
Main Body
Background of company
Tesco plc is a British multinational retail company which deals in groceries and general
merchandise and was established in 1919 having its headquarters in England, UK. The company
has its branches in 11 countries across the globe through more than 6,800 shops and about
450,000 employees. The company is 3rd largest retailer in terms of gross revenues while 9th
largest in terms of revenue (Caneque and Hart, 2017). The company is focused on delivering
high quality products and services to its customers so that high value can be created for
customers so that their loyalty can be achieved. It also focuses on innovating its products and
services so that it can continue to meet the changing requirements of customers and also in
enhancing their convenience and experience through improved services.
Emerging mega trends in the market
With the growing use of technology in all the sectors of market innovation and change has
become an essential asset for all the businesses so that they can efficiently make use of
technology and enhance the quality their products and services. In the retail sector there are
various emerging trends which must be focused upon by retail organisations so that they can
continue to sustain in the market: