Tesco: Commercialization, Innovation and Product Development Report

This report provides an overview of Tesco's innovation and commercialization efforts. It examines the importance of the commercial funnel in attracting customers and the company's focus on developing new, organic products to cater to health-conscious consumers. The report details the process of new product development, emphasizing the need for effective decision-making and customer feedback. It also explores the building of an innovation case using the commercial funnel, resource and funding considerations, and the identification of risks associated with innovation, such as product failure, wastage of resources, and financial risks. Furthermore, the report highlights the significance of Key Performance Indicators (KPIs) in monitoring new product development and concludes with a discussion on protecting the intellectual property rights of new commodities. The report emphasizes the application of ideas to satisfy customer needs and expectations, covering the company's background, the commercial funnel's importance, KPIs, and intellectual property protection.

INTRODUCTION
 Innovations and the commercialization is essential for the success and growth of
the business in different situations of the markets.
 Innovations in the Tesco refers to the development of the existing products and
process and use the new products and process.
 This file involves the background of the Tesco and their commercial potential of
the business. this report also have the development of the new products and
advantages of the commercial funnel.
 There are building the case of the innovations by using the considerations of the
funding.

IMPORTANCE OF THE COMMERIAL FUNNEL
AND THE PROCESS OF THE DEVELOPMENT
OF THE NEW PRODUCTS:
 The segments of the marketing funnel is managed and maintained by the team of the marketing
and aims to leads the target market by converting the propects.
 Commercial funnel is very essential to attract the customers towards products and services of
the Tesco Tesco takes the proper actions to increase the production of the organic products.
 The proper and effective actions are taken as per the review and the feedback of the customer.
Tesco wants to make the full satisfaction of the customer by from the innovative products and
services.
 Effective decision taken by the Tesco in the planning and development of the products and
services.

Build an innovation case utilising the commercial
funnel.
Evaluate resources and funding consideration.
 Tesco is taking initiative to bringing development in the organic ingredients and to
produce commodities health conscious customers.
 The source of funding are crucial in terms to developing the new commodity and
services.
 The enterprise needs to take the loans from bank, financial institution etc. to collect the
resources that can be done effectively.

CONT..
Identify the risk impact the successful implementation of innovation-:
In an innovation there are several types of risks that can occur. It can highly impact on
successful implementation of product. The risk are as follows :-
 product failure – It is major risk in innovation. The product may fail if innovation is
not done in proper way. The failure of product may be due to ineffective features, low
quality, etc. so, it highly impact on innovation.
 Wastage of resources – This is also a major risk in implementation of innovation. In
innovation the resources that are use may not be useful. So, this may lead to product
failure.
 Financial risk- The innovation may be impacted due to financial risk. The innovation
may be disruptive due to lack of finance. Thus, if funds are not available in sufficient
then innovation may not be successfully implemented.

Establish key performance indicators that allows to
control and monitor the execution of new product
development.
 KPI stands for Key performance indicator. It is a measurable value that used by the
enterprise to keep on track and this also helps to determine the progress on specific
objectives.
 Key Performance Indicators allows enterprise to deal and evaluate that how the
business activities of the entity are performing.
 After, undertaking the implementation process the company needs to undergo with
key performance indicators that allows to control and monitor the development that
has taken in commodity.

Evaluation on how firm can protect the intellectual
property right of new commodity.
 Hereby, it can be concluded that innovation is defined as results in which
ideas can be applied by firm in terms to satisfy the needs and expectation of
customer’s.
 The present report is based on innovation and commercialisation.
 Henceforth, report has covered activities as background of company,
significance of commercial funnel, KPI that allows to monitor and control
the execution process of new product development.
 Lastly, study has laid emphasis on to protect the intellectual property right
of new commodity.

REFRENCES
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Chen, J. Viardot, E. and Wong, P.K. eds., 2019. The Routledge Companion to Innovation
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