Innovation and Commercialization: Tesco Case Study Analysis

This report delves into the critical concepts of innovation and commercialization, exploring their significance for business growth and competitive advantage. It begins by defining innovation and contrasting it with invention, highlighting its importance to a firm. The report then examines how organizational vision, culture, leadership, and teamwork contribute to shaping and fostering innovation. It provides a detailed description of the 4Ps of innovation (Product, Process, Position, and Paradigm) and explains the use of the Innovation Funnel to generate and refine innovative ideas. The report also covers frugal innovation, using the Tesco organization as a practical example. Throughout the report, the focus is on providing a comprehensive understanding of how businesses can effectively leverage innovation and commercialization to achieve success.

Innovation and
commercialization
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Table of Contents
INTRODUCTION...........................................................................................................................3
P1 Describe innovation and explain its significance to the firm in comparison with the
invention......................................................................................................................................3
P2 Describe how organizational vision, culture, leadership and teamwork helps to shape the
innovation as well as creation......................................................................................................4
P3 Describe 4Ps of innovation and also the use of Innovation funnel so that it helps to shape
innovative ideas...........................................................................................................................5
P4 Describe of frugal innovation and example within the Tesco Organization.........................7
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10
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INTRODUCTION
Innovation and Commercialization has becomes a part of the priority of an organization.
Both of them plays a crucial for the development and growth regarding a business and also
gives a competitive advantage (Westland, 2016). While on the other hand Commercialization is
considered as the process of converting knowledge ,ideas and inventions into the bigger capitals
doe communities, persons and enterprises at the large scale to gain the maximum profit that
inventing within research ,licensing, production as well as marketing regarding target market.
Every organization success lies within the promotion of innovative ideas within their products as
well as services.
The assignment will discuss on innovation and its importance. Also, it will explain how
vision, culture and team work shape innovation. Moreover, it will describe about 4 P’s of
innovation with frugal development and new product development case.
P1 Describe innovation and explain its significance to the firm in comparison with the invention.
Innovation is considered as the first event of the idea for a service or product. Thus, the
innovation means that first try to make the products or service into the existence or practice.
Innovation is the process of inventing ideas within the completed services and goods that adds
value for that consumer will play. It can also act as a catalyst that helps to Business grow and
also adapt within marketplace (Adams, and et.al., 2016).
Successive innovation is also considered as the business strategy of Tesco as it could
mean that changing the business model as well as making changes within the existence
environment so that it deliver the services or products.
Importance
To solve the problems of an Organization there is a need of the creative answers . There
are many times when firm faces' problem ta do not seem to go away. There is a need of
thinking the outside the box and find the solution so from this way the product can be formed in
more innovative way and also finds a creative solution to makes the better business.
Increase productivity- when there is a feeling of Bogged down coming out from the employees
or managers than this the time need to think creatively and productively. To work smarter there
is necessary to focus on what are crucial things and what are not ,so that they can easily cut
down from the project. After that to focus on the programs as well as workflows that able to
increase the productivity of the Tesco.
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Market the business.
To stand out the Business of Tesco from the crowd there are various innovation as well as
ideas Here in order to makes remember of the business there is a need of the innovative ideas
and also need to create a new brand can develop a business that is quirky.
Managers of the Tesco think innovate ,it is very easy to beat the competition of their oneself
there is a need of just little creativity and the Company can easily come up with the better
designs products as well as connect with their consumers. Along with this kind of creativity it
will also focus on the appropriate marketing techniques that assist to grow within the business
(Novikov, 2018)
The innovation also enables company to gain competitive advantage. by offering new
products and services to customers, organization adds value in their products. Beside this, they
are able to sustain in market for long term.
Innovation Invention
It refers to adding value to product or service It refers to creating a new product
For example – Google self driving car For example – business model of Uber.
It happens when new product is improved. It happens when something new is developed.
P2 Describe how organizational vision, culture, leadership and teamwork helps to shape the
innovation as well as creation
Invention assists to actualize innovation and crating the new ideas is considered as the main aim
of the innovation. The man aim of this innovation is to commercialization of the product as well
as services. Here commercialize is consider as the process of all the integration of the
inventions, marketing, communication, innovation to the consumers. While on the other hand the
process of launching a new product within the market is known as the commercialization.
Leadership is known as the method of organizing a firm as per the goals and objectivities of the
firm. There are various kinds of leadership methods such as Autocratic, participative, democratic
as well as laissez -faire . Democratic is the best style chosen for the Tesco because there must be
active participation of the employees as they create various ideas ,creative ideas for the company
so this is good for the Tesco 's marketing vales as it produces more innovative products so the
customers are attracted towards it. Also, Sometimes company follows the Autocratic style ,when
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the quick decision are taken by the company and the top management takes the decision without
consulting the employees.
Organization culture is considered as the norms, values as well as attitudes of the staff
members of the Tesco. Values and attitudes might be shaped by the nations and also sometime it
can be seen that due to the differences in the culture ,one thing void is a nation while same thing
valid in the other nation . So the cultural differences has influenced a lot on the process of the
innovation a well as commercialization of the services and products.
Team is consider as the dynamic concept to solve the problem in an outcome for the Tesco firm
as well as complete the task as per the planning (Chew, 2016).Tesco has some Team who
perform their duty more innovatively as well as commercialize the services and products. If
these team members acts as per goals as well as objectives of the firm and also the new ideas as
well as best services to the consumers to accomplish its aims as a easily within efficient manner.
So team work assist to formulate the process of Tesco commercialization and innovation.
So, it leadership, culture and vision enable in shaping innovation. There are various
leadership styles followed which allow company to implement change. Beside this, culture of
organization brings creativity and positive environment among staff. The teams starts performing
in better way to implement innovation.
P3 Describe 4Ps of innovation and also the use of Innovation funnel so that it helps to shape
innovative ideas.
Innovation is known as the prices through which a firm like Tesco can creates the mew thinking
and ideas ,new services and products. The innovation of the 4Ps is also considered as the
innovation as the innovation mix is used thorough the Firm . The 4Ps are given below.
Product- It is the crucial item that is offered to the customers ,that is valuable to the firm and
also adds values to the firm. In the case of the Tesco if there are launch any new product as well
as provides the best services to the consumers then it can be capable to add values to the firm
by adding more competitive advantages so as the product is considered as the main items
regarding 4Ps through which commercialization and innovation is done.
Process- It is considered as an important issue ,as it is a way through which costumers give to
the consumer as if the process of the delivery is long then there is a possibility of less success as
well as if the process is also short then the possibility regarding success is also enhanced. For the
Tesco process of delivery of food is considered as the criteria of the success.
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Position- If the aims of the particular commercialization and innovation process or in other
words that through which a firm wants to accomplish the position. Tesco wants to accomplish its
position by giving best services to the consumers (Jordan, and et.al., 2016).
Paradigm- it is also known as the planned process through which a company faces the
challenges of becoming innovate ideas as well as thinking and also the process of how firm can
perform all the tasks while facing the challenges and threats at the same time. Tesco has the
plans that how to business within a changing situation as well as condition. For this Tesco faces
fake calls from the customers while providing new food to the customers.
Innovation Funnel of Tesco- It is considers as the process of developing new ideas through the
describing the steps through which an idea can be taken as best for giving best services to the
consumers. There are various types of ideas as well as thinking ,in addition to that various types
of funnel through which idea may be driven as well as processed ,and assist to maximize the
aims and objectives. First step is to collect the information in the case of innovation funnel of
Tesco .Then it deals with how this idea can be best for the needs and demands of the consumers.
After that the process comes on the screen the idea among the various ideas ,among all of them
the best idea to implementation. Then after that questions came in mind that which are the best
supportable to the firm's consequences and opportunities and after that finally implement the
ideas to realize the ideas into the practice (Aithal and Aithal, 2016).
Innovation funnel is process of generating ideas. There are many steps followed in it.
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Mouth of funnel – Here, all ideas are collected and then solutions are identified. with help of it
innovation is implemented. This give clarity in what type of innovation is best suitable. Tesco
eliminate those ideas that are not relevant.
Narrowing funnel- The ideas selected are evaluated on goals. Here, different criteria are used
such as challenges, value added, cost, risk, and many more. The company than develop new
products on basis of that idea.
Narrowed part – It is last stage where ideas are executed and products in launched in the
market.
P4 Describe of frugal innovation and example within the Tesco Organization.
Frugal innovation is considered as the process of invent of services ideas within the context
of resources which becomes scarce. It also depends on various factors such as social factors,
environmental, political that are considered as the driving force . These are the factors that are
helpful to shape an innovation process. Also, it considers as the product producing through
reducing expenses within a low level (Svensson, 2015). As sometimes it is polarized as well as
modified ideologically, this kind of research shows that business can gain the 'win-win''
situation through eliminating the poverty from the firm and from the society.
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New market opportunities- It is important from a company to conduct market innovation so that
by which they can make development in the products and services effectively. In Tesco, this firm
has to need of making expansion in it customer base and maximizing the number of target
audiences.
Resources- It refers to the need and requirement of important resources which are needed
to make innovation in the products and services of a company (Kuratko and Hoskinson, 2016).
In Tesco, the management of this company required several resources like production
equipment’s, different kind of goods and services.
Frugal innovation- Within this phase, the administration of the company provide information
about new product in the market with the purpose of gaining competitive benefits. In Tesco, the
company utilize different strategies of frugal innovation because it is effective to create
awareness about its new products. Within frugal innovation the comparison can be make on the
basis of two segments, they are as following:
Problem- Accordant to it, during the time of providing information about the product and
services of the company, there are several kinds of issues and conflicts which can be suffered by
a company bat market place. In Tesco, the organization also face some issues related to fund
time, resources, target audiences and others (Wonglimpiyarat, 2016).
Affiliated to products- It refers to those conflicts which are related to marketing and
awareness of the products. It is essential for Tesco that they should make appropriate interaction
with their target audiences so that the customers have proper knowledge about products and
determinative to purchase it.
Here, an example of Apple can be taken where they have developed I pod, I phone, etc.
through frugal innovation. This has allowed them to gain competitive advantage over other
firms. The company has effectively attained their mission and vision. With innovation they are
able to increase sales and revenue. It has resulted in growth of organization all over the world.
CONCLUSION
On the basis of the given information it can be concluded that there is need of innovation for
the effective working and operation of the business to have an effect of the company for long
time. There is necessity of gaining competitive advantage from the market and increasing sales
and productivity. Tesco should make innovations in its product. By providing various features in
products they can add value to it. Also, it will lead to rise in sales, satisfaction of the selected
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population and profitability of the company. Innovative products of the company can be
prevented from copying by the competitors by the intellectual property rights to avoid any loss.
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REFERENCES
Books and Journals
Adams, R., and et.al., 2016. Accelerating Clean Energy Commercialization. A Strategic
Partnership Approach (No. NREL/TP-6A60-65374). National Renewable Energy Lab.
(NREL), Golden, CO (United States).
Aithal, P.S. and Aithal, S., 2016. A New Model for Commercialization of Nanotechnology
Products and Services. International Journal of Computational Research and
Development, 1(1), pp.84-93.
Chew, E.K., 2016. iSIM: An integrated design method for commercializing service
innovation. Information Systems Frontiers, 18(3), pp.457-478.
Jordan, N.R. and et.al., 2016. Sustainable commercialization of new crops for the agricultural
bioeconomy. Elem Sci Anth, 4.
Novikov, S.V., 2018. Russian support for innovation and export growth. Russian Engineering
Research, 38(4), pp.305-308.
Svensson, R., 2015. Measuring innovation using patent data (No. 1067). IFN Working Paper.
Westland, J.C., 2016. Global innovation management. Macmillan International Higher
Education.
Wonglimpiyarat, J., 2016. The innovation incubator, university business incubator and
technology transfer strategy: The case of Thailand. Technology in Society, 46, pp.18-27.
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