MKT3026: Business Opportunity Report on Market Trends

This report provides an analysis of market trends and their impact on business opportunities, focusing on the retail sector, specifically Tesco PLC. It begins by introducing innovation and mega trends shaping the global market, including artificial intelligence, sustainability, metamorphic design, cloud computing, cyber security, blockchain technology, and the Internet of Things. The report explores the opportunities these trends present for organizations, emphasizing the importance of adapting to customer needs and technological advancements. It delves into product development strategies, particularly emphasizing sustainability, customization, and online services. The report concludes by summarizing the importance of considering current market trends to improve business operations and develop better customer relationships, offering insights into how Tesco PLC can leverage these trends for growth and innovation.

Opportunity Innovation and Entrepreneurship

Contents
INTRODUCTION...........................................................................................................................3
Mega trends in Global Market.....................................................................................................3
Opportunities to Organization in Market Place...........................................................................6
Product development...................................................................................................................7
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Innovation can be considered as the process that includes the implementation of the new
ideas in the business process to reduce and avoid the challenges that are faced by the business
organization in business operation. There are different trends are shaping the international
market conditions which are need to be considered by the organization (Vom Brocke, and
Mendling, 2018). This report is regarding Tesco PLC which is one of the largest retail sector
organization in United Kingdom. Tesco PLC was established by Jack Cohan in year 1919. This
report is providing brief of current mega trends in market place that are shaping the complete
market as per the customer and business needs. Various opportunities for the organization will be
considered in report that can be used by them to meet market requirement. Development of the
product or services will be explained for the organization as per the current trends in market
place.
Mega trends in Global Market
Market trends are considered as current requirement of the customers and new technologies that
is developed by scientists that can be used by the business organization to provide better service
to the customer. This is important for the business organization to consider current market trends
in order to stay productive and profitable in market place. The local in international market is
mainly driven by the trends with in the market place. These trends can be utilised by the business
organization to develop their products effectively in order to get better result with utilising the
information that is available on current trends. Different trends are shaping the national and
international market. These trends are mainly based on providing better products and services to
the customers with best technology. Some of main trends that are changing complete industry in
market are- Artificial intelligence, Sustainability, Metamorphic Design, Cloud computing,
Virtual Reality, Cyber Security, Block Chain Technology and Internet of Things. These are
some of major trends that are shaping market and process that are used by the business
organization. For the process of new business development organization have to considered
various things that are related to the current trends in market place these trends are need to be
considered by the organization develop their products and services accordingly in order to
provide better services to customer in order to keep their satisfaction level high (Wojan, Crown
and Rupasingha, 2018). This is how by following current trends in market place in order to gain

higher productivity and run organization to fulfil long term business objective. To understand
current trends in market place it is important to evaluate them in effective manner.
Artificial Intelligence- Artificial intelligence is major trends for last few years. There are various
things are there that are driving the artificial intelligence trends in market place. These trends are
related to the business operations of the organization in both internal and external perspectives.
Main trend that is associated with the quality and accuracy of the company product and service.
By using artificial intelligence in business process organization can gain high productivity and
high quality standard with the products and services that are developed by them. this process can
be used by the organization for the mass production process. Through this process organization
can implement high control and monitoring on the production line. This will the effective to
maintain quality and productivity with mass production. AI technology provide more
personalization to both customer and organization. quick changes are possible with these
technology. Some times as per the data and information available to the company can be utilised
by the AI system to make different changes accordingly (Santos, Rezende and Basso, 2019).
With artificial intelligence technology this is more important for the business organization to get
more accurate and precise data from market place. AT system is capable to retrieve data from the
market place and internal sources of the organization to make changes in business process more
effectively. In current time most of the devices that are used in the business organization and
customer are driven by the Artificial Intelligence. Customers in current time are also interested in
the artificial intelligence this also encourages the organization to implement artificial intelligence
in the business organization. Artificial Intelligence is more advance technology that can help the
business organization to get over other organization in market place. AI can provide competitive
edge to the organization in target market. There are some other advantages of artificial
intelligence in market place that can help the business organization to improve their business in
market. Security consideration of the AI are more effective and this system is more effective
with business processes. This is how artificial intelligence is considered a one of the best
technology that is driving the future of the business organization.
Sustainability-
This trend is most important for the business organization to consider. Most of the
changes that are occur in market place are related to the sustainability. People are nor more

concerned about the sustainability and environmental protection. This thing is regarding the
safety of the environment and wold life animals. Customer are interested to buy the products that
are no harmful or less harmful to the environment and impact of these products should be lo on
the environment. This is how it is major trend for the business organization in market place. This
is important for the business organization to considered sustainability in the products and
services that are developed by them for the customer. This should be consists of low carbon
production. Along with this the products that are developed by the organization should be
applicable for the recycle and reuse. By this process organization can develop products and
services that effective for business organization and environment both.
Metamorphic Design
This idea or market trend is considered as process that’s come up with the idea of the
customization in the business process. By this process business organization can offer high rate
of customization to the customer in order to get products that match their requirement. This is
hoe company will be able to provide best suitable product to the customer as per their
requirement. This is major trend in international market where the customer are allowed to
customise their own product in order to get better result with the product that is purchased by
them from the company.
Cloud Computing
Cloud computing is one of the most famous business trend that can help the business
organization to ain higher productivity in market place in operational capability. For the small
size business organization this is not important to have ability to perform their business operation
from the mobile location. For the multinational organization this become more important for the
business organization to implement cloud computing in business organization in order to gain
higher productivity in the market place by providing capability to the customer and employees to
work from remote area (Zhang and Walton, 2017). By this process organization can reach to the
places that are far to considered for the business process. This is how productivity can be gained
by the business organization.
Cyber Security

This is most important business trends for the business organization to consider in the
business process. it is important for the organization to keep their information and data safe form
the hackers and other threat people who can steal the data of the organization to affect the
business operation of the organization in the market place. This is important for the organization
to implement better security measures in the organization information system in order to gain
better efficient and secure data base.
Block Chain Technology
Supply chain is major element of the business organization. This process can be used by
the organization to provide services to the customer in effective way. This is also important for
the organization to maintain continuity in market place. There are different technology and
processes can be used by the organization to keep their business operations free from errors in
the supply chain process. Block chain technology need to be considered by the organization in
order to keep the process free from the errors. By this process organization will be able to
maintain continuity in supply chain process (Loon and Chik, 2019). Through this process
monitoring and control over the transaction process can be implemented in effective way. This is
how organization can develop better services and process in the business process through
implement block chain technology in market place.
Internet of Things
Internet of the things is most important for the business organization to implement
technology in the business process to provide its services on the online platform. Organization
should have existence over the internet and online platform to increase the accessibility to the
company for customer. This is how organization can make better reach to the customer in
effective manner. Through this process organization can gain higher productivity in market
place.
This is how these are some mega trends in the market that are need to be considered by
the business organization in order to gain higher productivity and effectiveness in the market
place. This mega trends also can help the organization to maintain effective servicrs in market
plce to gain higher productivity in business operations (Abdelkafi and Pero, 2018). This is how
company can develop better relationship with customers.

Opportunities to Organization in Market Place
There are different opportunities to the organization in market place. Most of the time
opportunities are originated from the challenges that are faced by the customer or organization.
All the mega trends that are explained above can be considered by the organization in market
place. as per the current trends in market place this is important for the organization to develop
some product that is sustainable for the environment and consist of the AI element with
customization. This is how al the trends in the market place can be considered by the Tesco PLC
to develop better products for the customer. As Tesco PLC is one of the largest retail store in UK
so it could be really easy for the organization to develop products more effectively. Financial
capital and other technological resources can be implemented by them in order to meet the mega
market trends.
Product development
Sustainability s major element for the business organization that can help the company to
develop better conditions in order to gain higher performance standard in market place. in
current plastic after bottles are manufacture by different business organization. This is really
difficult to reduce the carbon foot print with producing this type of products in which carbon
content is too high. To minimise this issue organization need to implement various processes that
can help them to develop water bottles that can be recycled and sustainable for the environment.
This products can be developed by the organization through consideration of sustainability trend
(Bouncken, Kraus and Roig-Tierno, 2019). By offering customization to the customer
organization can fulfil their needs regarding the product. Other thing that organization can offer
to the customer is online service to process their order with complete customization. By this
process organization will be able to implement better process that can offer more mobility and
customization facility to the customers. Tesco PLC also can implement Bock chain technology in
the business process to perform home delivery of their product to improve their satisfaction
level. Automation can be used to develop high class products in large quantity (Kianto, Sáenz
and Aramburu, 2017). By this process organization will be able to provide better services to the
customers. Services of the organization can be more improved by setting up a feedback system
that can help the organization to improve their services in market place.

CONCLUSION
This report is concluding the important of the current mega trends in market place that
are need be considered by the organization in order to improve their business operation in market
place. Various trends in global market has been analysed in report for product development
process for Tesco PLC. Various opportunities for the organization has been discussed in order to
find scope for product development process. Specific product has been discussed n organization
that can be developed by the business organization.

REFERENCES
Books and Journal
Abdelkafi, N. and Pero, M., 2018. Supply chain innovation-driven business models. Business
Process Management Journal.
Bouncken, R.B., Kraus, S. and Roig-Tierno, N., 2019. Knowledge-and innovation-based
business models for future growth: digitalized business models and portfolio
considerations. Review of Managerial Science, pp.1-14.
Kianto, A., Sáenz, J. and Aramburu, N., 2017. Knowledge-based human resource management
practices, intellectual capital and innovation. Journal of Business Research. 81. pp.11-
20.
Loon, M. and Chik, R., 2019. Efficiency-centered, innovation-enabling business models of high
tech SMEs: Evidence from Hong Kong. Asia Pacific Journal of Management. 36(1).
pp.87-111.
Santos, D.F.L., Rezende, M.D.V. and Basso, L.F.C., 2019. Eco-innovation and business
performance in emerging and developed economies. Journal of Cleaner
Production. 237. p.117674.
Vom Brocke, J. and Mendling, J., 2018. Business process management cases. Digital innovation
and business transformation in practice.
Wojan, T.R., Crown, D. and Rupasingha, A., 2018. Varieties of innovation and business
survival: Does pursuit of incremental or far-ranging innovation make manufacturing
establishments more resilient?. Research Policy. 47(9). pp.1801-1810.
Zhang, J.A. and Walton, S., 2017. Eco‐innovation and business performance: the moderating
effects of environmental orientation and resource commitment in green‐oriented SME
s. R&D Management. 47(5). pp.E26-E39.