Entrepreneurial Opportunities: Analyzing Tesco's Innovation Strategies

This report examines Tesco's entrepreneurial strategies, focusing on innovation and market analysis. It explores how Tesco identifies and capitalizes on opportunities, including the application of Drucker's 7 sources for systematic innovation. The report details the use of STEEP factors, product and process innovation, and the benefits and drawbacks of creativity and customer services. The conclusion highlights the positive impact of innovation on business growth and sales enhancement. The report provides a detailed analysis of Tesco's approach to innovation within the furnishing sector and the broader implications for entrepreneurial success. Furthermore, this report is contributed by a student to be published on the website Desklib, a platform which provides all the necessary AI-based study tools for students.

Identifying
entrepreneurial
opportunities
(Task-1)

Content
 Introduction
 Determine and evaluate different sources of entrepreneurial ideas and
innovation
 Detailed evaluation of Drucker's 7 sources of systematic innovation
 Critically evaluate the benefits and drawbacks of different approaches
and sources
 Conclusion
 References

Introduction
Innovation brings new development and enhancement in the business
and provides growth to the business. Tesco is an multinational
retailing industry that sales different products and services as
groceries, clothes, insurance, etc. They innovate there services and
induce the changes in there furnishing sector to measure the growth.

Determine and evaluate different sources of
entrepreneurial ideas and innovation
As Tesco sale a lot of product with that they sales furniture as well but
by analysing the growth in furnishing industry. Tesco also induce
the innovation in there business and induce new and stylish
furniture for the customers and with that company identify different
sources.

Drucker's 7 sources
Unexpected: It defines that
innovation cant's be exit through
planning it will taken place all of
sudden. For that manager of Tesco
plays an important role as they
analyse the market and brings the
new idea that provides new
heights to the business.

STEEP factors
It is an analysis that contains different
factors that is as described below as:
Sociological: It is a factor that includes the
values, lifestyle, attitude, development,
technology etc. Thus Tesco adapts the
changes by which they satisfy the need
of an individual.

Different types of innovation
Product and process innovation: The
change and development of product
known as product innovation
whereas, process innovation includes
the changes in the production process
by which good quality products will
be produced in lesser time.

Provide a detailed evaluation of Drucker's 7
sources of systematic innovation
Drucker's 7 sources has been used by Tesco to measure the innovation
in a systematic process as brings the advancement in the business
with the better usage of resources and less wastage. That enhance
the productivity of an organisation as company gets more benefits in
terms of profit share.

Critically evaluate the benefits and drawbacks
of different approaches and sources
Creativity: It is an internal factor that induce unique and different
ideas within the business there are some benefits and drawbacks that
is as explained below as:
Benefits Drawbacks
The major benefit is that it helps the
Tesco to remove the loop holes and
enhance the productivity of the
company.
The major drawback is that it doesn't
imparts surety in the business in
terms of success and growth.

Continue…
Product and services: It is an external source that shows the services
that is offered by the company to the customers;
Benefits Drawbacks
As business get the major benefits
as if Tesco fulfilling the
requirements of the customer that
enhance the growth of the company.
It is not mandatory that customers
like the advanced furnishing it might
that they switch to other company's
services.

Conclusion
It has been concludes that innovation and advancement brings the
positive changes in the business and also provides new
opportunities for the business to measured the growth in terms of
enhancement in sales.

References
Chen, K. and et. al., 2018. Adaptive control of data collection requests
sent to external data sources. U.S. Patent 10,007,710.
Ciambrone, D.F., 2018. Environmental life cycle analysis. CRC Press.
Gans, J.S. And et. al., 2019. Foundations of entrepreneurial strategy.
Strategic Management Journal. 40(5). pp.736-756.

Thank You