Innovation and Enterprise Professional Presentation Notes (GC02001)

Table of Contents.

Introduction.

Overview of Tesco.

Overview of Innovation.

Types of Innovation.

Importance of Developing Personal Innovation Skills in Organizations Like Tesco.

How to Develop Innovators Within Organisations Like Tesco.

Impact of Innovation on Tesco Business.

Impact of Innovation on Tesco Business Process.

How Can Tesco Be an Innovative Organisation?

Conclusion.

Introduction

Innovation means the new ideas, methods, and services in the business. Every business needs innovation to achieve something big in the marketplace (David, 2019). Tesco is one of them. In this report, the discussion is about overview of Tesco, an overview of innovation, types of innovation, Importance of developing personal innovation skills in organizations like Tesco, How to develop innovators within organizations like Tesco, Impact of innovation on Tesco, Impact of innovation on Tesco, and How Tesco can be an innovative organization

Overview of Tesco

Tesco is a very renowned supermarket chain in the UK. It is one of the biggest grocery and commercial stores chains in the world. It has its shop in 11 different countries over Asia and Europe. Tesco’s headquarter is in Welwyn Garden City, Hertfordshire, England, United Kingdom. In 1970, Tesco started an onerous technique which is opening shops in the entire UK (Tesco, 2020).

Overview of Innovation

Innovation means the origination, improvement and shaping of new projects, ideas, methods and works. It is basically an indication of producing something new. According to John (2017), innovation is very important for every work, especially in business. A business that needs success, needs to bring a new creation, methods and ideas in their market. It will bring improve its efficiency and its goods. Innovative helps a business to individualize them. It provides the business a corner in edgy market fasters; also it gives a good connection in various counties which is very essential for the market place.

Types of Innovation

There are many types of innovation in business. Open innovation and close innovation are basic for business. Open innovation is a business management model for innovation that enhances help with the people and companies outside in organization. Before open innovation started every business used close innovation to perform individually (Kriss, 2019). There is also another innovation in business. These are incremental, disruptive, architectural and radical. Tesco is using open innovation in their business. They promote collaboration with the outside people and organizations. It helps to increase their market values very easily and smoothly.

Importance of Developing Personal Innovation Skills in Organizations Like Tesco

Creative people have different kinds of characteristics in business. They give new ideas and increase business development. They must be highly energetic, risk-taking and open-minded. In business, personal innovation skills are much needed. Ross (2018) stated that personal innovation means a person who increases and develops his business creativity and newness in the market. Personal innovation can be creativity, critical thinking, emotional intelligence, complex problem solving, etc. these skills are essential for business management. In Tesco, personal innovation is more important because it is a very huge grocery shop and it needs new ideas every day (Tesco, PLC, 2020). If Tesco increases their personal skills more, they can connect with other countries more. They can increase their market value and become the first biggest grocery shop.

How to Develop Innovators Within Organisations Like Tesco

A person who brings new ideas, methods, and services is an innovator. Innovators are the big source of business. They help to develop the business market and lead the business to success. According to Gyler (2018), in business, innovators have various kinds of characteristics. For example, they aim a goal in business, they dream, expect the unexpected, etc. The innovators must develop their creativity in external focuses, define success in market terms, and be clear thinkers. Tesco can develop its innovators in many ways. Tesco has huge people in their business (Richard, 2018). Tesco can teach the ideas and methods of business with new people. They can improvise their innovator’s ideas and services. They can do many productive activities also.

Impact of Innovation on Tesco Business

The innovators also help to increase jobs and economic growth. It explains that the economy can grow double after some years. Innovation is very significant in business. Eden (2018) stated that innovation is the first step to developing the business. There are many kinds of advantages in business for innovation. These are improving productivity, improving brand acknowledgment and value, reducing costs, raising competitiveness, increasing the connection between countries, etc. Tesco has a great impact on innovation in their marketplace. As Tesco is one of the biggest grocery shops in the UK, they have so many plans and strategies for increasing the market value. Innovation can bring new ideas to Tesco. They can have new methods to produce their product and bring success in their market value. Besides, innovation helps to increase the relationship among many countries and increase globalization. This can impact their market productivity very highly (Tesco, PLC, 2020)

Impact of Innovation on Tesco Business Process

Deep business model innovation: New models, products, and methods are important for business but completion in the business world is very helpful and it pushed business model innovation higher. Companies that change their ideas and strategies, can compete with other companies (Tylor, 2019)

External collaboration is indispensable: In business, external collaboration is very important. A business that has more connection with eternal, can have more name and fame. Fame is very important for the business market that is why external collaboration is important.

Innovation can be ignited by business and technology integration: Technology enables innovation. It is a must for businesses to know how and where the technology provides in business (Winden, 2019)

In Tesco, innovation affects their business market a lot. For innovation, Tesco has gained lots of achievements in business. It gained fame and popularity. Tesco has now known as the biggest retailer because of the innovation in business. They find new ideas and methods for their products that is why customers choose their products (Tesco, 2020).

How Can Tesco Be an Innovative Organisation

According to Zoe (2018), an innovative organization needs some characteristics. These are allocated resources, establishing processes to convert ideas to innovations, creative ideas, new methods, measuring and communicating results, creating a strategic vision, recognizing creative behaviors, etc. Tesco is an innovative organization because they allocate resources, bring new and creative ideas, create strategic vision, train workforce in creative tools, reward innovative results. This is how Tesco is an innovative organization.

Conclusion

Lastly, it can be said that innovation is very important for every business organization. Tesco is one of the largest retailers in the UK. Tesco is an innovative organization because it has all the characteristics of innovation. For innovation, Tesco is now very famous and successful.

Innovation and Entrepreneurship

Innovation and Enterprise Professional Presentation Notes (GC02001)