Managing Innovation in Business: A Report on Tesco's Strategies

This report provides an executive overview of Tesco's innovation management, focusing on its historical approach and current strategies. It discusses Tesco's adoption of innovative technologies like RFID and self-checkouts to enhance customer satisfaction, streamline operations, and gain a co...Read More

MANAGING INNOVATION
IN BUSINESS
1

Executive summary
TESCO is the retail organization, which is based in England. TESCO is a grocery store
which sells almost everything which can be used in daily life. The retail stores and manufacturing
plants are almost everywhere, here in this world and they all started to be using the new
innovative methods. These methods help them in getting the information about the customers
needs and also helps the organization in serving the best quality of products. The main aim of the
implementation of these innovations is to maintain the availability of the product at all the times
and serve the quality of the products at the sustainable cost. The requirement of the innovation is
necessary, to gain the advantage in the market and also to increase the profit margin of the
company. TESCO is having Oracle wear house management system and replenishment system as
the innovative methods. This help the organization in fulfilling the customer's needs and
maintaining the products in the stores at all point of time. In future, TESCO is planning to have
such manufacturing plants which are totally run on the solar energy and fully automated,
equipped with the latest technology. All these are done to reach the demands of the consumers
and giving them the quality product at very low cost.
2

Table of Contents
Executive summary..........................................................................................................................2
Purpose of the report.........................................................................................................................4
The innovation history of Tesco.......................................................................................................4
The existing innovation performance and capabilities.....................................................................5
The industry in 2016.........................................................................................................................7
The Future of the Industry 2020 and Beyond...................................................................................8
Future innovation capabilities..........................................................................................................9
Innovation requirements.................................................................................................................11
Conclusion......................................................................................................................................12
REFERENCES..............................................................................................................................14
3

Purpose of the report
The management of the innovation is one of the most critical process which any business
can face. The present study is focused on Tesco's approach towards managing and handling the
various innovation techniques which will enforce the productivity of their business. Tesco as an
leading retail chain in United Kingdom and many other countries applied various innovation
strategy in each and every department which they are operating(Ngo and O'Cass, 2013). The
innovation strategy helps Tesco in their departure from traditional management principals,
practises and processes and try to be bigger and bolder in the innovation. There are several
important reason for tesco to apply the innovation techniques in their business such as the
increasing number of competitor in the sector of grocery retail chain, enhancing the use of the
technology in the area of business and so on. The present study is trying to make an effort in
understanding the need of the managing innovation in the area of the business. The structure for
the study is set out in a way where the innovation strategies adopted by tesco in the past will be
discussed and what are the new innovation techniques which tesco is applying will be addressed.
By the use of innovation tools and techniques what future can tesco make for themselves will be
argued(Cheng Yang and Sheu, 2014).
The innovation history of Tesco
The organization was establish in the year 1919 with a small level and in the year 1929
they opened there first store. The number of stores which tesco is handling in all over the world is
3700 in all across the globe. Tesco use various innovation tools for the keeping their mission
statement alive which is keep the loyal customer. Tesco was the first organization in the retail
sector which introduced self checkouts so that the customer can make benefit out of it. B y the
use of tesco's self check out services customer is able to scan their purchased order easily without
any intervention and disturbance. These tills are the useful tool in reducing the waiting time of
the customers and also the cost of staff and time give by the employees. These innovation
strategies proved very favourable for tesco to attract the customer and profit towards them(Frow,
Nenonen and Storbacka, 2015).
Tesco make so much out of the internet boom as if any customer wants to update
themselves with the products of tesco they can use the internet as tesco is providing all the
4

specific information about their product line and services. Apart from the information of the
product tesco also offering the information about offers such as menu, voucher, coupons, club
card and home services etc. The tesco start the delivery process a long ago before any other retail
organization started it as tesco is giving a very easy way to order their product online, the
location of the nearest store, guide for the food which they are offering, feedback system, the
event which they organizing and many other information also(Wu, Lii and Wang, 2015). Tesco
also started their services as providing the facility for automated checkout machines for the
customers. This innovation make the task easy for the customers by reducing the time which they
was spending on the billing procedures. The evaluation of the innovation history of tesco is also
enhance the understanding that tesco time to time use various strategies for the sake of improving
and progressing of the management of the organization(Lin, McDonough, and Lin, 2013).
The feedback technique also helps Tesco to grow as it provide the information about the
area of improvement by the side of the organization. The views, suggestion, reviews for the
services and food which tesco is offering are helpful enough for tesco to that how effective they
were. The innovation management by the side of the tesco was depends of various factors which
set out the organization itself as the guiding principal for the innovation in tesco based on the
question which they ask to themselves. Does this idea is addressing the need of the customer, the
involvement of the senior level with the innovation process, every project of the innovation is
time bounded and with the already set deadline, the team is open to each other. As all these
factors are essential to figure out in the each and every innovation strategy tesco is adopting(Cui,
and Wu, 2016).
1919 – 1929- In the year 1919 Jack Cohen started selling surplus groceries from a small stall.
Where at the end of the first day he left with profit of £1 on sales of £4. In year 1924 Jack sold
first product of Tesco brand which was Tesco tea. The first store of tesco opened in the year 1929
in burnt oak, Edgware, North London.
1930 – 1939- For the purpose of building a new headquarter and warehouse Jack Cohen bought
a plot of land in the year 1934. it was the first modern food warehouse across the country. Till the
year 1937 Jack grow the business by buying the stores in the suburban area of London.
1940 – 1949- In the year 1947 Tesco holdings are floated in the stock market with 25 pence per
share price. In 1948 Jack decided to venture Tesco as self-service by delivering goods to the
store.
5

1950 – 1959- IN between the year 1955 to 1960 over 500 new stores were purchased by Tesco in
which 19 were burnards stores. In year 1958 at Maldon , Essex the first supermarket was opened
by tesco, which offering products as cheese, meats and butter and handled by the sales assistants.
1960 – 1969- IN the year 1960 Tesco started to selling goods and clothing associated to
household all across UK, In the same year Tesco acquired 212 new branches in the north
England. In 1963 Tesco introduced green shield stamps which could be exchanged for a range of
goods. In 1968 Tesco started the first superstore in Crawley, and also bought victor value chain.
1970 – 1979- In the year 1973 Tesco opened head office in Cheshunt and in the same year they
also opened there first petrol stations in several major cities across UK. In the year 1979 th
founder of Tesco Jack Cohen passed away.
1980 – 1989- In 1982 Tesco introduced computerised checkout system which will help them to
cutting the food items price by 3 to 26 %. IN the year 1985 Ian Mclaurin became the chairman of
Tesco, in the year they introduced product under the label of healthy eating range of products. At
the year 1989 Dudly moore starred in ad campaign of tesco's high quality products.
1990 – 1999- At the year 1992 Tesco introduced the computers for schools around the UK
whereas in the same year the first Tesco metro store was opened. IN 1993 Tesco value came into
existence which offering a huge range of products at a great price. Every little help strap line was
launched in the year 1993 which was a huge campaign in term of attracting the customers. In
1994 Tesco express stores were opened in London and in the same year Tesco become the first
UK retailer to offer customer a good service commitments. Tesco enter into Hungarian market in
the year 1995 and in the same same year Tesco club-card was launched which attract around 5
million customers in the first year. Tesco enters in Czech Republic in the year 1996 by the
acquisition of K-mart. IN 1997 Tesco personal finance was launched and in the same year Terry
leahy became the CEO of organization. In 1977 Tesco enters in poland by the acquisition of 31
savia stores. In the year 1999 Tesco start their business activities in South Korea by partnership
with Samsung.
2000 – 2010- In 2000 Tesco start their business activities online. 2002 Tesco enters in Malaysia
and also bought the UK's largest convenience store one stop. 2003 enters in Turkish and japanese
market, where in China Tesco start there operation in 2004. IN 2006 Tesco launched their new
business Tesco direct. In 2007 Tesco enters in US under the name of Fresh and Easy, where as in
2008 they enter in India. IN the year 2009 they paln to build a full service retail bank .
6

2010 – present- In 2010 Tesco opened the Zero carbon supermarket. Philip Clarke become new
CEO in 2011. 2012 Tesco launched their online grocery service in central Europe. IN 2013
Tesco announced a charity partnership with Diabetes UK. IN 2014 joit venture with the Indian
company TATA.
The existing innovation performance and capabilities
Tesco is totally surrounded by the competition and in these case there is a strong need by
the side of the organization to adopt and implement the innovation techniques in a proper and
systematic manner. For the effective management of the innovation strategies tesco requires the
skill and the vision as the present scenario is showing the turnaround for the tesco is slow as the
return to profit of the tesco in the year 2016 is horrible. Tesco is trying to improving the
technological and other innovation strategies by using various management techniques. Currently
tesco is moving towards the single online platform for the customers and try to minimize the
redundancy from the side of the technology department(Malhotra and Majchrzak, 2014).
By looking at the present innovation performance and the capabilities of tesco it can be
understand that they are good enough in driving change in the innovation procedures across the
organization. The tesco picked few areas where they required to drive the innovation procedure
and use the maximum skills of the tech people in the organization in order to serve the customer
better and improve the operation of the organization. There are various new innovation drive by
the tesco for the betterment of the organization such as:
RFID- The technological tool RFID is considered as the one of the important tool in the
area of retail. RFID is the one of the real buzz in the area of technology. Tesco is one among the
few organization which are assembled with the technological tool such as RFID. The RFID
technique is very useful for the organization in order to making the administrative task
completely automated such as the task of stock counting and allowing the staff to more
interaction with the customer for increasing their satisfaction level. The RFID initiative is driven
by the tesco for the purpose of making the wide target to be as customer focused as much as it
can be. AS the reliable system such as RFID is is offering a single view of all the level of the
stock at all time. The tesco believes that this technology makes them armed with more knowledge
that requires by them(Kindström and Kowalkowski, 2014).
7

Connected devices- The grocers division of tesco is dedicated towards the innovation and
the procedure which include the customer facing approach. For the betterment of the organization
vision tesco is trying to creating a solution for the shoppers that meets with the requirement of the
using the multiple connected devise in the single system in short making the organization each
and every level more integrated with each other. The existing innovation performance and
capabilities of tesco leads them towards the innovation of the channel on the digital platform
IFTTT which is allows them to connect with the customers by the use of the application. The
use of the tool is in a way that if customer will change the profile of the Facebook than
automatically the twitter image of the particular customer will also change(Souto , 2015).
BYOD- The tesco is also performing various technological innovation for the
improvement of their staff role and responsibilities. Bring your own device (BYOD) is leads to
use the app on the bar code of the product and attain all the information about the level of the
stock and availability of the stock. So this particular technological innovation is helping tesco in
the improving the level of adoption.
Mobile payments- The mobile payment innovation is considered as the basic innovation
performance by tesco. The mobile payment technique is allowing the customer with the user
friendly technique where they can use the mobile as the payment device. Tesco is enhancing the
use of the mobile payment technology by allows their customer to pay for their goods and collect
the loyalty points faster. The mobile payment app is providing a dashboard where customer can
add multiple debit and credit card and use them while making their purchases. Tesco is also
understand the potential of the use of mobile devices as the development of the smart phones is
bringing various opportunities along with it. The tesco also opened discussion with the supplies
for the purpose of increasing the potential by providing the advertising capability to the tesco
mobile site(Matos and Silvestre, 2013).
The tesco is also is also holding the innovation corporate programme which provide
support to the various external start-up companies and tesco is collaborate with the small number
of entrepreneurs. There are mutual benefits as executives of the tesco learn various key trends
from the small businessmen and entrepreneurs are also get valuable advice from the experienced
managers.
8

The industry in 2016
The retail industry is one of the industry which is grow day by day. Retail industry is
more focused on brand entrance, store shrink, giants personalize and localize,global brand
embrace social issue (Tidd and Bessant, 2014). Essential retail has taken some areas to innovate
and use the skills to serve better to the customer. They had been focus towards the improvement
of the operations of the retail sector. There has been the major shift of customer into the online
customers. The customers are increasing at the internet shopping. In 2016, retailers who want to
survive has to connect their customers through internet. Sake on internet has boom and the cost
has been cut-down to increase the sales. Customers are focused on off price stores which are
providing latest trends. Young customers are entering to the market as a consumers and prefer to
buy online (Ngo and O'Cass, 20130. Many retailers did not walked with the change in the
technology and have to suffer lose. The did not able to pick the rapid change in the market
through technology. It has been a issue for the retail leaders in the future that more and more
technology are been invented and they have to manage their work according to the latest
customers preference trend. It has been marked a huge increase in the internet sell with 23%
increase in 2015. Expansion of low price international retailers have the competitors to compete
in the market. The off price stores has been increasing for the customers from where they can buy
always the product at lower rates. Customer prioritize technology has been adopted worldwide.
Stores have to attract their customers with new technology.
The UK's biggest supermarket group TESCO under the CEO Dave lewis has done the cost
cutting and reduces the price of the number of products in the store. The progress in sale has been
measured after week. John ibboston the retail consultant said that the time will be always
challenging for the retail business. The grocer division is dedicated towards the innovation of
customer facing technology (Chesbrough, 2013). The created the solution for consumers to meet
the drives towards owning and using device which is multi connected. It allow the customers to
automate shopping. They had moved towards the online shopping and expectorating the
customers to set up as e-commerce. They change the role of staff and launched the application in
the stores across UK. The application has been installed by the store managers to scan the
barcode to make their work easy. This helps to keen the record of the stock how much has been
sale and how much product is been left to sold. Through this the company came to know that
their stock is up-to the end and they have to bring the product again for the sale. In 2016 they
9

focuses on the maximization of the mobile potential. Mobile payment has been also considered
by the TESCO. Payments application has been launched. Customer has to download the
application and they can pay through that application. TESCO has been the best player in the
market and currently they are planning to spread worldwide.
Macro and competitive forces affecting the organisation
PESTLE analysis
Political: TESCO is the retailing company which is operating worldwide, therefore all the
political factors of different country will influence TESCO's performance. The political factors
will include tax rates, the legislation act and mainly the stability of the country. Currently, the
world is suffering from financial instability, there are many government who are forcing the retail
companies to create the employment opportunity. TESCO is doing that, and thus it is helping in
the increase in demand of their product.
Economic: The economical factors include the demand, cost, profit and prices. TESCO
should be aware of all the policies, whether it is related to taxation or finance. The company is
mainly dependent on UK market because UK is having the market shares around 30%. That's
TESCO have to make sure that they know all the rules and regulations of UK regarding import
and export.
Social: The current social mood of the consumers is to do one stop shopping and bulk
shopping. To keep this in mind, TESCO has increased in number of non food items, which are
for sale. They have to provide good quality of food, because the consumers are more aware of
their health and issues which are related to health. So TESCO is adapting to such social changes.
Technological: The improvement in technology has many opportunities for TESCO. The
online shopping facilities has been improved and the facility of home delivery. TESCO has
invested in many energy efficient products, and by this they are completing their aim to reduce
carbon emission.
Legal: The policies of the government are having the direct impact on the performance of
TESCO. The rule in UK is that, no organization can change the price of their products without
informing. So TESCO is facilitating these policies, so that they will gain an competitive
advantage over the competitors.
10

Environmental: TESCO is adapting the process, which are environment friendly and also
gives benefits to the society. The main objective of TESCO is to reduce the carbon emission by
50%. they are reducing the waste produced in their stores.
Porter’s 5 forces analysis
Bargaining power of customers: The market is very competitive and due to the fact that
there is the availability of the same product of other brand and the customer's bargain power is
high, TESCO have to keep the low prices of the products and very reasonable. So that they can
gain advantage and attract the majority of the consumers.
Bargaining power of suppliers: TESCO's bargaining power with its supplier's is very low
and due to this they are facing lots of problems. The competition is also high, so the suppliers is
having an advantage over the company. TESCO have to build good and healthy relationship with
the suppliers so that they can get the product on a very low price.
Threat of new entrant: this is comparatively low in the retail industry. Because the new
brand have to put some significant amount of money in the market if they want to give the
competition to the well set brand like TESCO. So in future, such threat of new entry will not be
faced by TESCO.
Threat of substitutes: Sometimes, very small stores can create the problem for the
organization. Because it is possible that they will fulfill all the demands of the consumers. But it
is very rare, because the brand image of TESCO is very high.
Competitive rivalry: TESCO have to be worried about this, because the other companies
like Asda, Sainsbury has created very high competition in the retail industry. In order to gain the
advantage, TESCO have keep the price as low as possible and quality of the product very high.
The Future of the Industry 2020 and Beyond
The retail industry world wide is on the way to the online technology. Customers and
consumers have become more use of technology for their benefits. The retail world has to adopt
the change which will be the future trend of the retail industry. Retail will embrace the
showrooms in the future (Zeyen, Beckmann and Akhavan, 2014). The physical stores will be
close down in the future. The future of the store can not been seen in the upcoming year.
Transparency in the payment and transaction will be common place. The transactions will be
11

conducted through mobiles. Sensor technology will give the great awareness to their customers.
Technology will help to develop the relation with the customer for the long term. In the future
technology will be assisting the sale. Analytics will become an integral tool in physical store. It
has been prove as an powerful tools for the retailers. The beacon technology has been pushing
offer and the product suggestions.
TESCO has planed to increase of their stores and the online availability of the products at
the low price (Barley, 2015). They has the planes for the bigger expansion. Future growth must
be green growth. The future can be predict but not necessary that it will be the only future. While
growing the TESCO will establish a strong record of the biggest retailer is now matching with
some even more impressive targets for sustainable growth. They will move to the groundbreaking
use of carbon labelling by influencing the customer for the less use of carbon intensive products.
They had tackled the climate changes very well then others which helps then to to success in all
the seasons.
Future innovation capabilities
TESCO is UK's largest super market group. Last year the organization faces one of the
heavy losses in their market history. But as the time is progressing, the organization is adapting
new technology and innovation plans in their manufacturing processes. This will reduce the cost
of the product as well as the distribution of the products, at home or at abroad. This will increase
the number of customer, because the prices are on the lower side (Ngo and O'Cass, 2013).
TESCO is facing some ruthless competition from all the sides, they have decided to manoeuvre
the complete manufacturing process, which will require both skills and vision.
To apply the innovation, the main aim is to collect the information, so that they can build
their new plans around that information. The organization is using both primary and secondary
sources of collecting the data. This will help them in getting more information so that they can
develop more accurate and precise innovation. The main and the most important innovation is the
replenishment system application (Awate, Larsen and Mudambi, 2016). This system is applied in
all of their stores. This will help in collecting the data of sales from different check points, and
then transfer this data to the supply department.
The supply team will easily get to know that in how much quantity, they need the product
in the stores. This will help them in keeping the cost of the product on the lower side as well the
12

keep the availability of the product at all time. This innovation is helping the organization in
saving a huge amount of money. Because this will keep an control on the inventory. This
particular system replaces the product in the stores very quickly and always fulfills the demands
of the consumers. This system is working in all the levels of management.
This advanced system collects the data from all the stores around the world and then
sends this in their main data centre. Another innovation, TESCO is having is their Oracle wear
house management system (Du, Leten and Vanhaverbeke, 2014). This is also related to the
replenishment application system. This system helps in maintaining the chain management. The
production capacity is very smoothly maintained by this system and this will help in maintaining
the distribution also. The first time this system was used in South Korea and after the success of
this system, this is now applied in all the manufacturing factories of TESCO, which are in UK.
This system gives the best solution to the problem of distribution.
The management of the organization helps all the people in adopting different types of
system in maintaining their innovation. The innovation which is used by the organization is very
important and also effective. The team always try in getting the maximum output form these new
innovation, which is 100%. it is not easy to control and maintain these innovations. The team
always analyze and monitor the innovation (Gupta, and Gupta, 2014). TESCO's IT team always
try to keep innovating new ideas, so that they can implement those innovation and can maximize
their profit.
The future innovation system is mainly about collecting the information. So they are
developing their information technology also. There is an information system, which is
containing the information related to the company and its employees. These system team is
working with the customers, sales, employees, production, invoice, their payroll, marketing,
management and finance. The department who are managing these innovations are very well
organized. The system information is very crucial and important in managing the data and also it
will helps in making very quick decisions.
This innovation of information system is basically has three main activities. One is the
input, second is processing and the last one is output. These are the things which will be giving
the information required by the department. All these new innovation will be completely
dependent on the technology. It is not at all possible for any organization to create new
innovation without the technology (Dodgson, Gann and Phillips, 2013). All the Oracle and
13

replenishment system are the new innovations, which will be dependent on the technology.
Development of information technology has become an integral part of the organization.
The new development in information technology will help in minute to minute operations
and will also helps in making vert quick decisions. In last couple of years, this new technology
has increased the economy of the company and it helped in organizing the work very accurately.
This will be dependent on mainly three strategy, one is structure, second is technology and the
third one is the employees or the people. The structure of these innovations will have the design
of the product and the control span as well. Technology will be having the processes, methods
and various equipments which are used in making the product. The behaviour, expectation and
attitude of the people which are involved in the work also plays an important role in the success
of these innovations.
These new innovation is giving the organization huge benefits in gaining the competitive
advantages over the other firms. The main strategy of the organization is to supply the quality
product and on the lower cost. The services should also be good at a sustainable price. By the
help of this new technology, TESCO has started the online business, which will be very helpful
in increasing their product sales. This shopping site is very easy and helpful in getting people,
what they want at their door steps. TESCO always performs better than its competitors because
of the technology and innovations they are using. Sometimes, they will not have the access of
special sources, than also the common sources are utilized very well by TESCO and they can
improve the efficiency and effectiveness of their products (Frow, Nenonen and Storbacka, 2015).
This will helps in increasing their growth revenues, product growth and also profitability. This
will keep them and their shares of the company on a higher level in the stock market than their
competitors.
Innovation requirements
Innovation plays an important in the success of the company. In today's competitive
market, the organization want that there product should be of the highest quality and that too
available on the lower price range. This will attract more number of consumer to buy their
product and thus will increase the sales rates of the product and the profitability of the company.
There is no denying the fact that innovation is some what difficult for the companies who are
well establish.
14

There are some of the aspects, which will be required by the organization, if they really
want to implement new innovations in their organization. First of the aspect is to aspire the
innovation. This means that the organization have to regard the growth of the innovation, and
how it can affect the performance of the organization (Gawer and Cusumano, 2014). Second
thing is to choose the invention. There are various ideas which can be helpful but the
organization have to choose the best one among them so that they can increase their profitability
and can gain competitive advantage in the market.
Then they have to discover the market requirements means what the customer is asking
and his specific needs related to that product. Business innovations of different models helps in
changing the economy the value chain, profit system of the comp[any and the modification of
their existing models. All the innovation require some kind of base on which they can be
implemented. So the organization must be having such kind of technology which will help them
in implementing these new innovation (Malhotra and Majchrzak, 2014). By the year 2020,
TESCO should be aiming at the type of innovation, which can help them in maintaining their
position as the world leader in retailing firms. The manufacturing process must be environment
friendly so that no harm should be done to the ecological system. The energy used by the
manufacturing plant should be more based on the solar energies or the energy which can be used
by the help of natural sources. The aim of the organization by the year 2020, is that the products
of their company is used by all the people in UK.
All these new innovation can increase the output quantity of the company and TESCO is
already started making plans for the future. They want that their company stores will be in the
whole world and they all will be running on solar energy. After the end of 2013, the main focus
of TESCO is to reduce the environmental damage. The biggest threat to their company is the
change in climate, so their focus is to produce less carbon emission from their plants, and this
will help in reducing the global warming (Smith, Gonin and Besharov, 2013). The theme of
these innovation requirement should be based on three R's. They are Reduce, Reuse and Recycle.
TESCO is making such kind of products which can be reused and if not than they can be recycled
and again reuse it. By 2020, TESCO aim at becoming the company having the best quality of
products all manufacture through natural resources and the best in quality and the lowest price
range possible.
15

Implementing the required changes
By the implementation of above mentioned requirements Tesco will get various benefits.
Lewin model which was introduced by Kurt Lewin is suggesting two forces such as driving force
and resisting force.
Freezing or refreezing- It will helps Tesco in reinforcing the change, and also assure that the
change will be managed properly in the near future. Tesco employees with help of these able to
work in complying with change.
Unfreeze- By the unfreeze characteristic Tesco can move their entire business towards the
inspiration of change.
Change or transition- After the completion of the first stage people move towards new being.
Tesco need to provide support and training to their employee in order to competition of these.
Conclusion
From this report, it has been concluded that innovation plays an important role in the
success of the organization. In the past time, the organization were not putting their efforts in
marketing and new innovations. But as the time passes by, the new innovations will keeps on
developing and TESCO has utilized all of them very well. They have implemented them in their
plants so that they can reduce the harm on the environment. At the same time, the quality of the
products can be increases. Such innovative processes are used, which can be very manufacture
the product with better accuracy and in more efficient way. These techniques will help the
organization in increasing their profitability and their brand image in the market. The
performance of these innovation has put a great impact on increasing the production capacity of
TESCO. In future also, TESCO is aiming at becoming the best retailing company in the world
and with the help of these new innovations, they can achieve it by 2020.
16

REFERENCES
Books and Journals
Barley, S. R., 2015. Philip Anderson is the INSEAD alumni fund professor of entrepreneurship
at INSEAD in Singa-pore. He is the co-author of Managing Strategic Innovation and
Change: A Collection of Readings (with Michael Tushman) published in 2004 and Inside
the Kaisha: Demystifying Japanese Business Behavior (with Noboru Yoshimura) published
in 1997. Inside the Kaisha was named 1997 Booz Allen Hamilton/Financial Times Global
business book of the year for industry analysis/busi. Handbook of Qualitative
Organizational Research: Innovative Pathways and Methods.
Cheng, C.C., Yang, C.L. and Sheu, C., 2014. The link between eco-innovation and business
performance: a Taiwanese industry context. Journal of Cleaner Production. 64. pp.81-90.
Chesbrough, H., 2013. Open business models: How to thrive in the new innovation landscape.
Harvard Business Press.
Cui, A.S. and Wu, F., 2016. Utilizing customer knowledge in innovation: antecedents and impact
of customer involvement on new product performance.Journal of the Academy of
Marketing Science. 44(4). pp.516-538.
Frow, P., Nenonen, S.. and Storbacka, K., 2015. Managing Co‐creation Design: A Strategic
Approach to Innovation. British Journal of Management. 26(3). pp.463-483.
Kindström, D. and Kowalkowski, C., 2014. Service innovation in product-centric firms: A
multidimensional business model perspective. Journal of Business & Industrial
Marketing. 29(2). pp.96-111.
Lin, H.E., McDonough, E.F., and Lin, C.Y.Y., 2013. Managing the exploitation/exploration
paradox: The role of a learning capability and innovation ambidexterity. Journal of Product
Innovation Management. 30(2). pp.262-278.
Malhotra, A. and Majchrzak, A., 2014. Managing crowds in innovation challenges. California
Management Review. 56(4). pp.103-123.
Matos, S. and Silvestre, B.S., 2013. Managing stakeholder relations when developing sustainable
business models: the case of the Brazilian energy sector. Journal of Cleaner
Production. 45. pp.61-73.
Ngo, L. V. and O'Cass, A., 2013. Innovation and business success: The mediating role of
customer participation. Journal of Business Research. 66(8) pp.1134-1142.
17

Ngo, L.V. and O'Cass, A., 2013. Innovation and business success: The mediating role of
customer participation. Journal of Business Research. 66(8). pp.1134-1142.
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.
Tidd, J. and Bessant, J., 2014. Strategic innovation management. John Wiley & Sons.
Wu, L.W., Lii, Y.S. and Wang, C.Y., 2015. Managing innovation through co-production in
interfirm partnering. Journal of Business Research. 68(11). pp.2248-2253.
Zeyen, A., Beckmann, M. and Akhavan, R., 2014. Social entrepreneurship business models:
Managing innovation for social and economic value creation. In Managementperspektiven
für die Zivilgesellschaft des 21. Jahrhunderts (pp. 107-132). Springer Fachmedien
Wiesbaden.
Ngo, L. V. and O'Cass, A., 2013. Innovation and business success: The mediating role of
customer participation. Journal of Business Research. 66(8). pp.1134-1142.
Awate, S. S., Larsen, M. M. and Mudambi, R., 2016. Managing Innovation Networks. In The
DRUID 20th Anniversary Conference 2016.
Du, J., Leten, B. and Vanhaverbeke, W., 2014. Managing open innovation projects with science-
based and market-based partners. Research Policy. 43(5). pp.828-840.
Gupta, V. and Gupta, B., 2014. Flexible strategic framework for managing innovation from
perspective of continuity and change: A study of SMEs in India. Business Process
Management Journal. 20(3). pp.502-522.
Dodgson, M., Gann, D. M. and Phillips, N. eds., 2013. The Oxford handbook of innovation
management. OUP Oxford.
Frow, P., Nenonen, S. and Storbacka, K., 2015. Managing Co‐creation Design: A Strategic
Approach to Innovation. British Journal of Management. 26(3). pp.463-483.
Gawer, A. and Cusumano, M. A., 2014. Industry platforms and ecosystem innovation. Journal of
Product Innovation Management. 31(3). pp.417-433.
Malhotra, A. and Majchrzak, A., 2014. Managing crowds in innovation challenges. California
Management Review. 56(4). pp.103-123.
Smith, W. K., Gonin, M. and Besharov, M. L., 2013. Managing social-business tensions: A
review and research agenda for social enterprise. Business Ethics Quarterly. 23(03).
pp.407-442.
18

19

1