Reto Supermarket: Developing an Entrepreneurship and Innovation Plan

This project presents an entrepreneurship and innovation plan for Reto Supermarket, an online retail chain. The plan outlines the company's objectives, including the introduction of an online booking and supply chain system for retail products. It details the firm's description, product offerings, processes, and strategies, including the use of an innovation diamond to assess market, innovation, resources, and strategy indices. The plan incorporates a return risk analysis using the RENT model and evaluates the impacts of the new projected plan. It discusses the findings, concluding that the innovation plan, which includes low-cost delivery services, is designed to maximize profitability. The plan is supported by a questionnaire survey which indicates that the company's concept will gain customer recognition.

ENTREPRENEURSHIP
AND INNOVATION
PLAN

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
Objectives....................................................................................................................................3
Firm description..........................................................................................................................3
Overview.....................................................................................................................................4
Business plan concept......................................................................................................................4
Product........................................................................................................................................4
Process........................................................................................................................................4
Strategy.......................................................................................................................................4
Innovation Diamond...................................................................................................................5
Return Risk analysis........................................................................................................................5
Measurement of indices...................................................................................................................6
Market index...............................................................................................................................6
Innovation index.........................................................................................................................7
Resource index............................................................................................................................7
Strategy index.............................................................................................................................7
Evaluation of the impacts of new projected plan.............................................................................7
Discussion on findings and analysis................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9
APPENDIX....................................................................................................................................10

INTRODUCTION
Objectives
Innovation plan is identified as process that involved generation of idea and recognition
of opportunities required to undertake advantage of market opportunities to introduce new
business, product or service (Havlíček, Thalassinos and Berezkinova, 2013). In this present, this
plan has been created for the commercialization of new business concept idea in industry retail
sector. Plan has been made for introduction new online booking and supply chain of retail
products in market. Another important objectives of this plan to identify the key issues that
occurs while implementation of new or innovative business concept of online selling or delivery
of products. Appropriate distribution of products and selling concept has been defined to provide
complete understanding about the task.
Firm description
Reto supermarket is an online selling supermarket chain which provide facilities of
buying and selling products to different consumers. Company has its operations in business

outlet in UK where they sell their retail products (Al-Ohali and Shin, 2013). For increasing
sales, company has created its distribution in geographical regions of country where people like
to purchase products online. E booking and cash on delivery facilities have been provided by
company to influence customers.
Overview
This overall plan will cover description of product, process and strategies which are
implemented by Reto Supermarket chain for completion of project. A model of innovation
diamond for determination four important key areas for product innovation and technology
strategy; portfolio management; idea to launch new product development process; and right
climate and culture of innovation.
Business plan concept
Product
Innovative service online selling portal have been introduced by Reto Supermarket chain.
Company will provide different retail products of various brands at home and facilitate consumer
to buy products online through there website and mobile applications. Company is also
connected different whole seller and retailer companies and provide them opportunities to sell
products on its portal. Delivery at own stores and customer's location will be provided by
organization at lowest delivery charges. Different discount on purchase of some specific
products will also provide by organization for selling of products and services.
Process
For implementation of plan, it is essential for business enterprise to employ and carry put
an appropriate process for distribution of findings (Satell, 2017). High growth and employment
opportunities have been implemented for completion of research. Different customer has been
made to avoid different participation parameters and completion of research. Various important
research has been implemented to carry out research and accomplishment of data. This enable
customer to buy the products online and company will also provide return service if products are
not found appropriate by consumers.
Strategy
Various distribution and promotional strategies will be implemented by Reto online
supermarket chain for selling of products and completion of demand of target (Forest Owners
Association, 2012). Premium class customers will be targeted by organisation for selling of their

retail products. Communication channels like social media, cloud services and customers service
application have been made to provide information. Innovative strategy of connect large chain of
small retailer existing in UK will provide support in carrying out business operations. Profits will
be maximized for selling and delivery of products to customers (van der Ploeg, 2013). Discount
offers will be provided to customers on purchase of high amount of grocery and cosmetic
products. In addition to this, low cost leadership will be implemented which involves delivery of
products and services at low cost.
Innovation Diamond
As per analysing the growth and performance of various operations which have been
addressed and analysed by the professionals as per bringing the appropriate direction that will be
adequate and appropriate in meeting the goals in correct manner. As per analysing the strategies
and operational activities performed by the businesses on which 4 segmentations has been
addressed by them such as market, innovation, strategies and resources. Analysing the
performance of organisation in relation with meeting the targeted aims in the time which will
bring clear analysis on innovation which has an appreciable acceptance.
Return Risk analysis
Considering the projected plan and various risks which associated with the business which
will be administered and analysed as per making appropriate changes and determination of the

operational practices. To analyse various risks there will be use of RENT model which will be
satisfactory in bringing the proper details regarding plans.
RENT= VOLUME x RATE x LENGTH
Volume: Total volume of sales generated after innovation
Rate: Rate of profit
Length: Time spend in generating the sales
A. Your market
index -- ++
VOLUME
RATE
LENGTH
B. Your innovation
index -- ++
VOLUME
RATE
LENGTH
C. Your resources
index -- ++
VOLUME
RATE
LENGTH
D. Your strategy
index -- ++
VOLUME
RATE
LENGTH
Measurement of indices
Market index
As per analysing the marketing index of Reto supermarket which has brought the adequate
information regarding the changes incurred in the various operational practices. Innovative ide of
bringing the E-commerce in a most convenient way which will be adequate and effective as per
making appropriate determination of facts. analysing the outcomes received from the analysis

which indicates that it will be effective and helpful as per having adequate control over each
operation.
Innovation index
Considering the innovation index, Reto Supermarket will be using these techniques to
deliver the products and consumers orders on their door steps. Thus, they6 can apply from
anywhere and place order with appropriate prices levied on each product. This convenient
innovation has been appreciated as the adequate trend in the environment which will be
appropriate and manageable for them in having better revenue generation.
Resource index
There will be requirement of smooth networks, best server and operating action of the
organisation which in turn will be required to have better operational care. Technical
advancement will require appropriate Research and Development program. Thus, there will be
determination of appropriate changes and activities which will be helpful in enhancing the
growth of industry.
Strategy index
In relation with making the successive plans for developing the e-commerce market for Reto
Supermarket there will be requirements suitable strategic plans. In relation with making the
successive development of various operations there can be determination of all the activities and
better performance of organisation in meeting the targeted aims at the right time.
Evaluation of the impacts of new projected plan
It has been highly appreciated by consumers for the convenience of this plan in bringing the
products of their desired requirements at their door steps. Analysing the outcomes derived in
strategy index, market index, resource index and innovative index on which it can be said that
the firm will have appropriate growth and expansion of various activities.
Discussion on findings and analysis
Addressing the outcomes which have been analysed through such business plan which will
be adequate and beneficial in meeting the aims at the right time. The scores generated in each
survey which defines that this plan will be highly appreciable and manageable by proper
satisfaction.

CONCLUSION
From the above report, it is concluded that innovation and introduction of new business
concept is complex process that require complete market research and analysis of risk and issues
involved in implementation of plan. Innovation plan of introducing an online Supermarket chain
is also introduced with the strategy of providing low cost delivery services to large number of
consumers in industry. Company will commercialise its products in market by using its online
portal. Process of regulating business involved completion of research in effective manner.
Innovation model process clear understanding that innovative plan of establishing supermarket
chain will helps in maximizing high profitability. Questionnaire survey method which is
implemented by to carry out research provides clear understanding that company idea with gain
recognition of customer.

REFERENCES
Books and Journals
Al-Ohali, M. and Shin, J.C., 2013. Knowledge-based innovation and research productivity in
Saudi Arabia. InHigher Education in Saudi Arabia (pp. 95-102). Springer, Dordrecht.
Forest Owners Association, 2012. New Zealand forestry science and innovation plan. Forest
Owners Association, Wellington.
Havlíček, K., Thalassinos, I.E. and Berezkinova, L., 2013. Innovation Management and
Controlling in SMEs. European Research Studies Journal, 16(4), pp.57-70.
Iturrioz and et.al., 2012. Disrupted functional connectivity of the pain network in
fibromyalgia.Psychosomatic medicine, 74(1), pp.55-62.
Iturrioz, C., Aragón, C. and Narvaiza, L., 2015. How to foster shared innovation within SMEs'
networks: Social capital and the role of intermediaries. European Management
Journal,33(2), pp.104-115.
Kumar, V., 2012. 101 design methods: A structured approach for driving innovation in your
organization. John
Satell, G., 2017. Mapping innovation: a playbook for navigating a disruptive age. McGraw-Hill
Education.
van der Ploeg, P., 2013. The Dalton Plan: recycling in the guise of innovation. Paedagogica
Historica, 49(3), pp.314-329.

APPENDIX
A. Your market index
Q16: With respect to bringing your innovation(s) to market: YES NO
Unsur
e
A. Do you fully understand the value you will offer to customers? 1 1
B. Have you fully explored the most appropriate pricing strategy? 1
C. Have you researched how easily customers will understand it? 2 1 1
D. Will it be easy for customers to test or trial it prior to adoption? 1 2
E. Will it be easy for customers to do post-adoption evaluations? 1
F. Is it compatible with customers’ existing technologies! systems? 2
G. Have you fully examined customer perceptions of risk and cost? 1
H. Have you fully explored the opportunities it offers customers? 1 2
I. Have you previously collaborated with customers over
innovations? 1
J. Is there a customer ready to adopt this innovation? 1 2
Total 6 7 8
B. Your innovation index
Q17: With respect to the process of developing your innovation(s): YE
S
N
O
Unsur
e
A. Do you have a formal process for new product development? 2
B. Is the generation of new innovations a major focus of your Firm? 1
C. Could you fully develop the prototype technically without outside
assistance? 1
D. Has the innovation been independently tested or evaluated? 1 2
E. Have you consulted an intellectual property lawyer or patent attorney? 1
F. Does your innovation have legally protectable patents in-place or
pending? 1
G. Do you use confidentiality agreements before shvwing your ideas to
others? 2
H. Do you have previous experience of comniercialisation of your
innovations? 1 1
I. Do you actively involve customers in developing new innovations? 2 1 2
J Do you actively involve employees in developing new innovations?
Total 8 5 5
C. Your resources index
Q18: With respect to the resources needed to develop your innovation(s): YE
S
N
O
Unsur
e
A. Do you already have the technological resources to create a prototype? 4

B. Do you have the competencies to fulIy commercialise the innovation? 1 1
C. Do you have an experienced project management team to work on the
idea? 1
D. Do you know how to find external expert assistance if required? 1
F. Are staffing resources adequate for the future development of the idea? 1
F. Are physical resources adequate for the future development of the
idea? 1 1
C. Are financial resources adequate for the future development of the
idea? 1 1
1-I. Have you explored government assistance programs (e.g. COMET,
START)?
I. Have you identified sources of venture capital financing for the
innovation? 1 1
J. Do you have a management board to provide guidance and advice? 2 2
Total 8 5 6
D. Your strategy index
Q19: With respect to the strategy needed to develop your innovation(s): YE
S
N
O
Unsur
e
A. Do you have a formal, written business plan for your innovation? 1
B. Ilaveyoufully assessed the bargaining power of your customer? 2 2
C Have you fully assessed the bargaining power of your suppliers? 1
D. Have you fully assessed the threat of alternative technologies to your
innovation? 1 2
E. Have you fully assessed the reaction of competitors to your innovation9 1 2
F. Have you explored potential cornplimentaxy partners able to assist
you? 2
G. Have you considered existing or antidpated government regulations? 2 2
H. Have you secured all necessaiy compliances and authorisations? 1
1. Have you undertaken a nsk assessment in light of potential threats? 1
J. Havc you completed a comprehensive financial model for the
innovation?
Total 7 5 8