The Importance of Innovation in Business -Tesco
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Added on 2020-10-23
The Importance of Innovation in Business -Tesco
Added on 2020-10-23
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EXECUTIVE SUMMARYThis report summarises that innovation is very crucial to run a business in competitivemarket environment. The report discusses about Tesco which is a retail organisation that deals ingeneral grocery and merchandise products across the globe. Apart from this, there are certainfactors that are been discussed. The first part of assignment talks about different innovations thatcompanies like Aldi, Nike, etc. have launched. This shows that it is important for all theorganisations to constantly launch new innovations in order to survive in the market. Furthermore, the second part of the assignment talks about future innovations of Tescowhich the company is expecting to launch till 2020 such as virtual lockers, robot assistance andself scanner technology. These innovation shows the technological approach of respectiveorganisation to provide premium services to the customer and increase the profitability in future.Additionally, these innovations help in attaining large market share in coming future. Similarly,in the third part innovation capabilities of Tesco is discussed which helps in understanding thatthere is an important need of road mapping of the innovation scheme. With the help of roadmapping, Tesco can identify different aspects of launching an innovation such as legalrequirements, cost involved, etc. Thus, it can be summarised that Tesco Plc. Needs to considerall the elements while launching new innovative products which can assist in building futurecapabilities of the company.
Table of ContentsEXECUTIVE SUMMARY.............................................................................................................2INTRODUCTION ..........................................................................................................................1Future of industry 2020 and beyond................................................................................................1Organisation’s innovation requirements 2020 and beyond ............................................................2Building the Future Capabilities for the organisation 1500.............................................................4CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10
INTRODUCTION Innovation has changed the method of doing business in retail sector completely. It helpsin providing solutions for new tasks and other issues. Also, innovation is responsible forchanging the market trend by providing advanced solution to serve and influence the customerwhich helps in increasing the profit share of company. This file will be discussing about TescoPlc. Which is a retail company that offers variety of different grocery products along withdifferent subsidiaries such as Tesco Bank, Tesco Mobile, Tesco F&F clothing, etc. (Biemans,2018). Along with this, the respective report includes expected future of retail industry in 2020and beyond. Furthermore, there will be a discussion about innovation that the respectivecompany needs to make till 2020 and beyond in order to survive in the competitive environment.Similarly, this file will have a detailed description about the road mapping of Tesco where therewill be a deep study about an invention that the respective company needs to practise along withits process of approval and changes which will help in building the future capabilities of Tesco.Future of industry 2020 and beyondRetail is a very vast industry. It is consist of selling good and services to the service usersthrough different modes or channel of distribution in order to earn maximum profit. Retailindustry includes products like clothing, home groceries, and many more products. Hence, thissector is responsible for enhancing the lifestyle and providing products of basic needs to eachindividual across the globe. Moreover, retail industry is one of the major source of employmentin different economies. Retail industry has changed with time and technology. There have beenvarious advancements in products, method of production, customer service and many morefactors. Some of the companies that majorly work in retail sector are Sainsbury's, Aldi, Asda,Waitrose, Nike and many more. Aldi is one of the biggest retail company of UK which became first organisation offeredservices like contactless payment, Apple pay, etc. in 2016. This widen up the scope of sales forthe organisation and provided superior services to the customers (Laffy and Walters, 2016).Similarly, Aldi came up with a policy of not advertising in Germany where the information aboutlatest deals and updates of special price were delivered though weekly newsletter which wasname as Aldi informs. The newsletter was distributed in the stores and direct mail. This helpedthe organisation to provide personalised marketing strategy.
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