Innovation Management Report: Creating Value for Tesco PLC (UGB 269)

This report, focused on UGB 269 Innovation Management, examines the critical role of innovation and technology transfer within Tesco PLC. It begins with an introduction to innovation and its significance for creating market value, followed by a detailed overview of the research methodology employed, including interpretivism as the research philosophy and exploratory research design. The report then delves into the need for innovation, outlining how it helps businesses like Tesco PLC expand their boundaries, gain a competitive edge, meet consumer needs, and attract top talent. It further explores the concept of innovation management, emphasizing its importance in fostering cooperation and driving new ideas. The report highlights the advantages of innovation for organizations, including improved operations and increased productivity. Through a thematic analysis of secondary data, the report provides valuable insights into the practical application of innovation management, concluding with a summary of key findings and recommendations for Tesco PLC. The report provides a comprehensive analysis of innovation management, focusing on its implications for creating value within a major retail organization. The report is a valuable resource for students seeking to understand the practical application of innovation management.

UGB 269 Innovation Management
Assessment for 2019

Table of Contents
Formative Assessment.....................................................................................................................1
Innovation Management and Technology Transfer....................................................................1
Ways to Achieve the Learning Outcomes of Research...............................................................1
Summative Assessment...................................................................................................................1
INTRODUCTION...........................................................................................................................1
RESEARCH METHODOLOGY.....................................................................................................2
NEED OF INNOVATION..............................................................................................................3
INNOVATION MANAGEMENT AND ITS IMPORTANCE.......................................................5
PROCESS OF INNOVATION MANAGEMENT..........................................................................7
ADVANTAGES OF INNOVATION FOR ORGANIZATION.....................................................7
FINDINGS.......................................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

Formative Assessment
Innovation Management and Technology Transfer
Innovation management and technology transfer both are important things for business
organization. Somehow these both things are connected to the organization. Innovation
management and transfer of the technology are also related to each other. The innovation
management comes with different features and it is important for the business organization to
consider all the factor associated with the innovation management and transfer of technology.
Innovation management is required for organization to set up better conditions for people who
are working in company. In my opinion main purpose of innovation management it to improve
the capabilities of people and each department of organization. The transfer of technology is
considered as the process that includes different steps which help the organization to implement
new, innovative and creative technology in organization to gain higher productivity in the market
place.
Ways to Achieve the Learning Outcomes of Research
The purpose of this research work in to achieve different objective that are related to the
innovation for organization. To full fill this learning outcomes various methods can be used. To
find the importance of the innovation management and technological transfer can be learned by
make a specific research paper. In the research different methods will be used in order to
understand the whole innovation process that will provide better options to implement
technology and innovation in the organization. By analysing these practices in research paper
will help to achieve this topic. Different methods discussed in the research will help the
organization to learn various innovation management practices.
Summative Assessment
INTRODUCTION
Innovation is a continuous process that is used by the business organization to make
effective changes in their operations, business policies and technology to get higher performance
and productivity in the target market. Meaning of the innovation is considered as the creation of
creative and new idea that can lead to a possible effective change in the organization in order to
solve their problems and requirement related to business and operations (Saebi and Foss, 2015).
This report is about creating the value through innovation management. This theme is about the
importance of the innovation for the business in order to create better market value. This report is
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about Tesco PLC which is a multinational organization working in the retail sector. It is one of
the largest grocery and retail store in UK. Tesco PLC is operating on the global level. This report
will be providing brief of innovation and its important for creating value for Tesco PLC. The
innovation for Tesco will be analysed in the report to develop better understanding on
implementation of innovation in company. This will also be considered in the report that how a
organization can use innovation to create value in the market place.
RESEARCH METHODOLOGY
There are different consideration are considered for this research work where the brief
data and information of innovation is collected from different sources. This is important to
consider particular strategy and methodology to get better result and findings with the research
work.
Research Philosophy
A researcher conducts the market or organization research with a particular mindset. The
role of this mindset and belief is important for research. What kind of data and information will
be considered in the research is depended on the mindset and beliefs of individual researcher.
There are different type of research philosophies are their which affect the whole research work
form the beginning to the end. As per the topic and aim of these research the research philosophy
used in this research is interpretivism. In this research philosophy various type of information is
collected by the research and later on the basis of this information research provide interpretive
report to make proper conclusion.
Research Design
In the conduction of the research work different type of research designs are used by the
researcher. It is basically considered the complete frame work of the research process. It provides
a particular framework that is going to be followed in the research work. Mainly there are three
types of research designs are used by the researchers. Which are descriptive, casual and
exploratory research design. For this research work exploratory research is used to find the
importance of the innovation for particular business organization. The reason of choosing these
research design is that there will a lot theoretical and practical data will be collected from
different resources and this research design will help to understand complex innovation data of
report.
Research Type
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Research type can be considered as approach that is used in the research process. The
main purpose of the research work is to analyse the theoretical and practical data that will help
the researcher to focus on analysing and solving the real time data. The particular research type
used in this research is qualitative. The qualitative research is more based on the theoretical data
which is collected in the research. This research type will provide better analysis of research data
and information. The data collected through this research type mainly non numeric data which is
collected through different secondary sources.
Data Collection
In a research work there are mainly two type of data collection techniques are used which
are primary and secondary data. For this research work secondary data is recorded and collected
in order to get better analysis of information for the topic of research. The secondary data
collection will provide brief information of innovation for the particular organization. This will
also improve the understanding of reader.
Data Analysis
The data analysis is a approach which is used to analyse the data that is collected in order
to develop better understanding of particular topic of research. There are different type of data
analysis techniques can be used for the research work. For this research work the data analysis
technique used in this research work is thematic approach where the data and information
collected for research work is analysed based on different themes which are designed to provide
productive analysis of data.
NEED OF INNOVATION
Innovation is important for all organizations that are working in different sectors. There
are many advantages of innovation for the business organization. In different ways companies
can use innovation to create value for process of innovation (Clauss, 2017). This is important to
know why the organization like Tesco PLC should use innovation in different fields. There are
different reasons of implementing innovation in the organization some of them are-
Increase the boundaries of business
Business organization have various departments which are important to develop a better
cooperative process that can improve the performance of company in the market place. There are
various standards are fixed for the business organization and these standards prevent them to
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improve their business in the international market. The role of innovation is important in this
perspective because innovation allow the organization to pull their capabilities in operational
criteria. The function and operation are limited due to the specific business policies and
technology that are used in the company (Rothaermel, 2017). Without making changes it is not
possible for the business organization to get better return from business operations. Innovation
can be considered as a process and a tool that can enable the Tesco PLC to create better
opportunity by making some effective changes in their business policy, strategy and technology
through innovation to create higher business value. By using the innovation process they can
improve their limitations and capabilities to develop higher response from the market place. It
can also help them to cross the pre defined boundaries due to some problems or limitations.
Stand Out From the Competitors
There are different business organization are in the international and national market for
Tesco PLC. These competitors are giving tough fight to Tesco in market place. This is not
possible for the business organization to improve their current market position without making
any effective changes in their business methods (Bouncken and Fredrich, 2016). The technology,
product, services and solutions provide by all organizations are similar. It is really difficult for
business organization to make a difference in order to differentiate their product and services
from other competitor to create better value for their consumers. Which is not possible with
making a change in the business processes. Innovative changes in the organization can provide
better opportunities to the company to make effective changes in company processes to create
better value product and services for the consumers. This is how innovation can help the
company to make changes in the business policy to present their organization different form the
other companies in the market place (Linder and Williander, 2017). This is how innovation can
enable the Tesco PLC to gain competitive advantage in the market place.
Meet Consumer Needs
Consumers of organization are most important for them. All the efforts put by
organization in their business procedures are depended on needs and demands of consumers.
This is important for the business organization to consider the demands and needs of consumer
to achieve their market objectives. There are different ways are possible to track the consumer
activities to get knowledge about their demand and needs (Goffin and Mitchell, 2016). The
organizations can use different innovative ideas and technologies to get high class consumer data
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which is efficient to make better business decisions. Innovation also can be used in the
technologies that is used by organization and processes that are used by the company in
manufacturing of product and designing of the services. This is by knowing the needs and
requirement of consumer organization can implement innovative changes in their technology and
product to meet needs and demands of consumers.
Attract Best Talent in Organization
Talent management is on one of the most important thing for the organization. There are
different techniques are used by the organization to manage talent in company. To develop better
and effective product and services in organization it is important for the Tesco PLC to implement
innovation in their business (Souto, 2015). The innovation in business practices can help the
organization to manage new and creative talent. By using innovative practices in the organization
they will be able to attract more people to join company. This will help them to get different type
of ideas which can help them to generate better result in company performance. Innovative
technology like digital technology and internet can help the Tesco PLC to collect more talent
from the international market. By using this process organization can shift their performance to
the next level.
INNOVATION MANAGEMENT AND ITS IMPORTANCE
Innovation management is a tool or a process that is used by the organization to allow the
managers and employees of company to cooperate in developing better understanding process
and goals (West and Bogers, 2017). Innovation management process is used by the business
organization to give proper response to the external and internal opportunities and use the
creativity and tendency of innovation can allow them to introduce new ideas, product and
services in organization.
There are different ideas and technologies can be used in the Tesco PLC to implement
innovation in the organization. These ideas can provide better opportunities to organization in
order to improve their market value in mind of consumers.
Involve every one in the process of innovation
Innovation is a complex process that is used by the business organization to improve their
operation to gain higher productivity in the market place. This is not possible for the organization
to take decision on their own to implement any innovative change in company. There are
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different people are associated with the organization as per their mutual interests. This is
essential for the business organization to involve the people who are connected to them directlt
and indirectly. A better conversation with the people of organization can help them to take
effective decision for their business (Inkinen, Kianto and Vanhala, 2015). By making
conversation on this level can allow them to make effective change in the performance of
company in the market place.
Involve Employees in the Process of Innovation
It is natural tendency of the employees to show resistance for the change in the process
and method of organization. This resistance of the people or employees is because of uncertainty
and fear of unemployment. This resistance to change can force the organization to avoid
innovation practice in the organization (John and Taylor, 2016). This situation can be avoided by
implementing different effective and creative practices that help them to involve employees of
organization to the innovation. This is how by pulling them in within the process of
implementing innovation in the company operations and business policies. This is how
organization can avoid issues that are related to the employees.
Make People Aware of Innovation
Most of time employees are not aware of the complete plan of innovation that is designed
by the senior leader of company. The employees are mostly unaware of these actions. This is one
of the biggest issue for the organization. There are different issues lead by this problem.
Employees do not know information about the innovation plans of company this unawareness of
people make them confuse about the policies of the organization (Sparrow, 2016). To avoid this
problem it is important for the organization to keep their employees aware of the innovation plan
to get their support in the process. If the employees are aware of innovation plan and they are
understanding the plan of company then it will be really productive for Tesco PLC to implement
and run the innovation plan in the organization.
Transparency
Transparency is one of the best feature of the innovation management tool that is used by
the organization to keep their employees and other people who are associated with organization.
By using this practice company can keep aware their employees about the changes that they are
implementing in the organization. This process of the innovation management can help them to
successfully implement innovation in the organization.
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Reward and Recognition
There are different other process are there which are effective to prepare the employees
for the innovation. Rewarding and recognition is motivational plan and practice that is used by
the business organization to encourage their employees to make participation in innovation plan
that is implemented and selected by the organization (Cortimiglia, Ghezzi and Frank, 2016). This
on of the activity of the business organization to get support from the employees to make proper
involvement in the process of organizational innovation.
This is how different processes and methods are used by the organization like Tesco PLC
to manage the innovation in the organization.
PROCESS OF INNOVATION MANAGEMENT
There is a specific process is used by the business organization to manage innovation
within the organization. There are Different steps are included in the innovation management
plan. These particular steps of innovation management are- setting the plan for thee innovation
planning, motivation and alignment of the employees, coordinating and control the activities in
organization, allocation of resources, building and nurturing relationships, identifying and
developing talent in organization and understanding demand inside and outside the organization
(Parker and Van Alstyne, 2017). By following this particular process people of organization can
manage innovation for better market place performance.
ADVANTAGES OF INNOVATION FOR ORGANIZATION
There are different advantages of innovation management in the organization. The
innovation management process used by organization consists of different steps which can help
them to achieve their market goals with high efficiency. The main advantages of innovation
management are-
Increment in the Net Income
This is really important for organization to keep the operation on the path of the success
and continuous development. There are different policies and methods including innovation
management are used by the organization to achieve the goals of company that are associated
with the performance and profit of company (Weisburd and Braga, 2019). The effective policies
and practices used by Tesco PLC for innovation management can help them to improve the over
all revenue of organization.
Decreased Turnover
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There is a lot investment is used by the organization in operations to generate high profit.
This high revenue can be decreased by implementing innovation management practices in
organization. The innovation management in organization will help them to successfully
implement changes in process and business operations. This positive changes in the business
operation will improve the efficiency of their operations and help them to reduce the over all
investment in the organization functionality (Tidd and Bessant, 2018). This reduced turnover will
help them to increase the marginal difference between the profit and investment. By this process
they can improve their actual profit.
Gaining Operational Efficiency
Innovation management process enable the organization to improve the operational
efficiency in the operation of the company. This high operational efficiency will allow them to
reduce the chances of failure in organization and this is how the innovation management process
can help the organization to gain high profitability.
FINDINGS
There are different processes and operations are used by the business organization to get
higher productivity in the organizational performance in the market place. There are different
outcomes of innovation management are evaluated in the report which are need to be considering
the process of managing the innovation in the organization. This is a complex activity od
organization that includes different perspectives that can help the Tesco PLC to develop each
area of business in the effective way (Bain and Kleinknecht, 2016). There are different
departments in Tesco PLC which are important for their operation in the market place.
Innovation is a process that is suitable option for organization to develop and increase the
productivity of each department. There are different possible changes are possible in the
organization which will be effective to allow people of particular department to gain high
performance efficiency in order to improve the performance of the department. In each
department organization can implement different type of innovation practice. For example
technical, operational, procedural and functional changes with in the organization can help the
organization to improve the efficiency of each department.
CONCLUSION
This report is concluding the importance of the innovation management for the retail
sector organization Tesco PLC. There are different things that are related to the business
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management has been studied in the report to understand the importance of innovation
management in the organization. All the perspectives of the innovation management and its
advantages has been analysed in the research to implement better innovation management in the
respective company.
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REFERENCES
Books and Journals
Bain, D. and Kleinknecht, A. eds., 2016. New concepts in innovation output measurement.
Springer.
Bouncken, R.B. and Fredrich, V., 2016. Good fences make good neighbors? Directions and
safeguards in alliances on business model innovation. Journal of Business Research.
69(11). pp.5196-5202.
Clauss, T., 2017. Measuring business model innovation: conceptualization, scale development,
and proof of performance. R&D Management. 47(3). pp.385-403.
Cortimiglia, M.N., Ghezzi, A. and Frank, A.G., 2016. Business model innovation and strategy
making nexus: evidence from a cross‐industry mixed‐methods study. R&D
Management. 46(3). pp.414-432.
Goffin, K. and Mitchell, R., 2016. Innovation management: effective strategy and
implementation. Macmillan International Higher Education.
Inkinen, H.T., Kianto, A. and Vanhala, M., 2015. Knowledge management practices and
innovation performance in Finland. Baltic Journal of Management. 10(4). pp.432-455.
John, R. and Taylor, B., 2016. Human resource management.
Linder, M. and Williander, M., 2017. Circular business model innovation: inherent uncertainties.
Business strategy and the environment. 26(2). pp.182-196.
Parker, G. and Van Alstyne, M., 2017. Innovation, openness, and platform control. Management
Science. 64(7). pp.3015-3032.
Rothaermel, F.T., 2017. Strategic management. New York, NY: McGraw-Hill Education.
Saebi, T. and Foss, N.J., 2015. Business models for open innovation: Matching heterogeneous
open innovation strategies with business model dimensions. European Management
Journal. 33(3). pp.201-213.
Souto, J.E., 2015. Business model innovation and business concept innovation as the context of
incremental innovation and radical innovation. Tourism Management. 51. pp.142-155.
Sparrow, P., 2016. Strategic HRM, innovation and HR delivery for human resource
management, innovation and performance. In Human resource management, innovation
and performance (pp. 15-31). Palgrave Macmillan, London.
Tidd, J. and Bessant, J.R., 2018. Managing innovation: integrating technological, market and
organizational change. John Wiley & Sons.
Weisburd, D. and Braga, A.A. eds., 2019. Police innovation: Contrasting perspectives.
Cambridge University Press.
West, J. and Bogers, M., 2017. Open innovation: current status and research
opportunities. Innovation. 19(1). pp.43-50.
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