Business Opportunity Project: Waitrose Innovation Analysis

This business opportunity project analyzes Waitrose, a British supermarket chain, focusing on innovation and entrepreneurship within the context of the rapidly expanding online supermarket industry. The project begins with an introduction to business opportunities and their significance in driving innovation. It then evaluates Waitrose's current business practices, particularly in managing innovation and entrepreneurial endeavors. The project includes a visual infographic and a research diary that explores market dynamics, competitive strategies, and the importance of continuous investment in research and development. The report discusses the increasing competition in the online grocery sector and the need for Waitrose to adopt new technologies, such as cognitive networks, to enhance its online offerings and maintain its market position. Furthermore, the project proposes new product ideas and evaluates the information included in the research report, highlighting innovative ways to identify business opportunities. The report concludes with a reference list of relevant books and journals.

BUSINESS
OPPORTUNITY
PROJECT

Table of Contents
INTRODUCTION...........................................................................................................................3
PROJECT.........................................................................................................................................4
VISUAL INFOGRAPHIC......................................................................................................4
RESEARCH DIARY..............................................................................................................4
REFERENCES................................................................................................................................6

INTRODUCTION
Business refers to the organisation or firms who provides their products and services to
the people in return of a particular amount of money. The business organisations needs to
provide the innovative products and services to the customers for earning high profit and
revenue. Business opportunity refers to the situations through which a business can earn more
money or it can also be said that it is the business investment which enables the buyers to begin
their businesses. The taken firm in this assignment essay is Waitrose which is a British
supermarket based in UK. This essay report will discuss the meaning of business opportunity and
its centrality to innovation and entrepreneurship. This report will further evaluate the current
business practices in management of innovation and entrepreneurial endeavours. Also the
evaluation of propensity and readiness for innovative opportunities along with a proposal for
new product will be done in this report. In the end, evaluation of information which is included
in research report and innovative ways for recognising the opportunities will be discussed in this
report.

PROJECT
VISUAL INFOGRAPHIC
RESEARCH DIARY
As the market is expanding in a rapid manner there are different types of factors that
influence a country economy and operating organisation. Each and Every business organisations
is facing dynamic culture that brings numerous factors of threats to it. In context with this, online
supermarket store is one of the leading industries while having too many competitors available in
the market. As this industry is becoming on the fastest growing sectors there is a high risk of
substitution and new entries in a marketplace (Kasriel-Alexander, 2016). Therefore, in order to
remain in competition it is essential for a business organisation to continuously keep on investing
in its research and development as to gain maximum amount of current market knowledge and
innovative technology. This brings satisfying customers with great effectiveness. In addition
with this, periodically evaluation of rival strategies and policies are required to done as to
compete them with more effectiveness. Along with this it is important for an organisation to

adopt new and innovative tools and techniques as to serve consumers in best possible way and
earn more advancement.
Within online supermarket industry, online purchase of food products to every essential basic
necessity is taking place. Customers prefer to buy even little utilities through a medium of e
commerce. All these, effectively change and bring latest trends in marketplace. As in the sector
of online industry, competition is rising in a rapid phase business organisations are required to
adopt latest technologies in order to boost their effectiveness (Ng, 2014). This will aid in
bringing prosperity in a country economy and strengthen sustainability in a marketplace for long
run.
In context with this, Waitrose is a British supermarket chain engages in the service of offering
supermarket online shopping. Company was founded in the Year Company was founded in the
year 1904 having more than 325 stores around the world. Organisation is currently considering
opting for more innovation in its offering as to offer their products and services in more
attractive way which leads them towards more growth (Sudweeks and Romm, 2012). Along with
this company is looking forward to use cognitive network in their networking system as to
perform their operations with more effectiveness and increase their shares and position in UK in
simultaneous manner. Furthermore, entity is planning to adopt a new measure with the help of
cognitive network that will aid them to offer their online products and services in more attractive
and advanced level.

REFERENCES
Books and Journals
Kasriel-Alexander, D., 2016. Top 10 global consumer trends for 2015 (pp. 14-17). Euromonitor
International.
Ng, I.C., 2014. New business and economic models in the connected digital economy. Journal of
Revenue and Pricing Management. 13(2). pp.149-155.
Sudweeks, F. and Romm, C.T. Eds., 2012. Doing business on the Internet: opportunities and
pitfalls. Springer Science & Business Media.