In this assignment I am going to explore how innovation and enterprise contribute to the
success of my chosen business which is Tesco. Also, I am going to analyse how successful the
use of innovation and enterprise has been for Tesco and I will justify the use of innovation and
enterprise for Tesco in relation to its changing.
TESCO
Tesco is one of the leading retailers within the UK industry and is also one of the largest food
retailers in the world. The general merchandise retailer with headquarters in Welwyn
Garden City, Hertfordshire, England, and United Kingdom. In the UK Tesco now has over
2,200 stores ranging from the large Extra hypermarket style stores to small Tesco Express
high street outlets.
P7. Explore how innovation and enterprise contribute to the success of a
business.
INNOVATION
Innovation is the development and application of ideas that improve the way things are
done or what can be achieved. Innovation may result in new products or services, new or
improved business processes, changes in the way the products are marketed or the
introduction of new technology. Innovation can help businesses to grow by improving
productivity and efficiency. Their ability to innovate will also help its business to remain
competitive and respond to changes. Being innovative can give businesses market
advantages. For example, businesses can initially charge higher prices for new products
before competitors’ products come on the market. Also, being innovative good for a firm's
reputation. If they have been first in the past - people naturally interested in future
products. Innovations in processes add value to existing products / services and businesses
with lots of innovative products can take advantage of economies of scope. However, there
are some disadvantages on innovation that business would need to be aware. For example,
innovation can be very costly and time consuming. Furthermore, businesses can run out of
money if they invest too much and don't get products to market quickly enough. End up
wasting resources by developing something that doesn't sell. Businesses not able to produce
new product on large scale at low enough cost have no guaranteed return on investment
and businesses risk ruining reputation if new product is poor quality.
ENTERPRISE
Enterprise is the willingness of an individual or organisation are: Take risks - setting up a new
business is risky. Even if the entrepreneur has carefully researched the market, there's
always a chance that customers may reject the product and that a loss will be made. Show
initiative and 'make things happen' - successful entrepreneurs have the drive, determination,
and energy to overcome hurdles and launch new businesses. Undertake new ventures - an
entrepreneur has to have the imagination to spot business opportunities that will fill gaps in
the market. By being enterprising, businesses can identify new opportunities in the market.
Organisations might use one or more of the following approaches to find a new way to
develop something. Lateral thinking or thinking outside the box - an example of this would
be breaking down the steps taken to serve coffee in a café and asking 'why' at each step to
, see if a better process can be created. Chance and Serendipity is the attitude and aptitude
for making unintended discoveries by accident habitually. This has value for Business.
Serendipity helps to create unplanned and unintended, but remarkable innovative value by
taking advantage of unanticipated, unexpected, and unsought information and make
accidental discoveries. Blue-sky thinking involves a group of people looking at an opportunity
with fresh eyes. As many ideas as possible are generated in an idea’s generation session,
where no ideas are rejected as silly. However, entrepreneurs and organisations face multiple
risks such as bankruptcy, financial risk, competitive risks, environmental risks, reputational
risks, and political and economic risks. Also, it must plan wisely in terms of budgeting and
show investors that they are considering risks by creating a realistic business plan.
Furthermore, they should also consider technology changes as a risk factor and the market
demand is unpredictable as consumer trends can change rapidly, creating problems for
organisations.
M5. Analyse how successful the use of innovation and enterprise has been for
a given business.
HOW INNOVATION AND ENTERPRISING CONTRIBUTED TO THE SUCCESS OF
TESCO
Over the years, most of its innovation and enterprise has successfully contributed to Tesco.
Tesco created new products and services with associations that want to develop a new
product or service with Tesco. You can see the success that the innovations and
entrepreneurship contributed to Tesco through the customers as they are satisfied with the
innovations and support Tesco. For example, one innovation that has been contributing to
the success to Tesco is "Tesco Pit Stop" which in association with Blackcirlces.com have
created. This innovation has been successful due to the ease of ordering online, the
convenience of being able to shop at Tesco while changing tires on the spot, great prices,
and Clubcard points can be accumulated in transactions. Additionally, innovation and
enterprising contributed to Tesco's profit. The innovations made customers purchase more
the new products or use the new services because these are useful to them and these
innovations and enterprising can be seen in operation to this day and this increases the
profit of Tesco and helps Tesco to invest more in its innovations and technology innovations.
HOW SUCCESSFUL INNOVATION AND ENTERPRISE HAS BEEN FOR TESCO
Tesco has been using innovation and enterprising over the years by creating new products,
associating with other brands, or acquiring new technology. Their innovation and enterprise
that Tesco has been made and using in the past has yielded positive and negative results.
However, there is more successful innovations and enterprise than unsuccessful which has
contributed positively to Tesco’s profit, Tesco warehouse, the service to its customer and
increase more its brand awareness. Furthermore, it successfully allowed Tesco to have a
better communication and relation with its customers, shareholders, and suppliers. For
example, one of Tesco`s one effective innovation and that has been successful along the
time is replenishment application system. This system collects the sale data from the
checkout point and this data transferred to the supply department. Their supply or
success of my chosen business which is Tesco. Also, I am going to analyse how successful the
use of innovation and enterprise has been for Tesco and I will justify the use of innovation and
enterprise for Tesco in relation to its changing.
TESCO
Tesco is one of the leading retailers within the UK industry and is also one of the largest food
retailers in the world. The general merchandise retailer with headquarters in Welwyn
Garden City, Hertfordshire, England, and United Kingdom. In the UK Tesco now has over
2,200 stores ranging from the large Extra hypermarket style stores to small Tesco Express
high street outlets.
P7. Explore how innovation and enterprise contribute to the success of a
business.
INNOVATION
Innovation is the development and application of ideas that improve the way things are
done or what can be achieved. Innovation may result in new products or services, new or
improved business processes, changes in the way the products are marketed or the
introduction of new technology. Innovation can help businesses to grow by improving
productivity and efficiency. Their ability to innovate will also help its business to remain
competitive and respond to changes. Being innovative can give businesses market
advantages. For example, businesses can initially charge higher prices for new products
before competitors’ products come on the market. Also, being innovative good for a firm's
reputation. If they have been first in the past - people naturally interested in future
products. Innovations in processes add value to existing products / services and businesses
with lots of innovative products can take advantage of economies of scope. However, there
are some disadvantages on innovation that business would need to be aware. For example,
innovation can be very costly and time consuming. Furthermore, businesses can run out of
money if they invest too much and don't get products to market quickly enough. End up
wasting resources by developing something that doesn't sell. Businesses not able to produce
new product on large scale at low enough cost have no guaranteed return on investment
and businesses risk ruining reputation if new product is poor quality.
ENTERPRISE
Enterprise is the willingness of an individual or organisation are: Take risks - setting up a new
business is risky. Even if the entrepreneur has carefully researched the market, there's
always a chance that customers may reject the product and that a loss will be made. Show
initiative and 'make things happen' - successful entrepreneurs have the drive, determination,
and energy to overcome hurdles and launch new businesses. Undertake new ventures - an
entrepreneur has to have the imagination to spot business opportunities that will fill gaps in
the market. By being enterprising, businesses can identify new opportunities in the market.
Organisations might use one or more of the following approaches to find a new way to
develop something. Lateral thinking or thinking outside the box - an example of this would
be breaking down the steps taken to serve coffee in a café and asking 'why' at each step to
, see if a better process can be created. Chance and Serendipity is the attitude and aptitude
for making unintended discoveries by accident habitually. This has value for Business.
Serendipity helps to create unplanned and unintended, but remarkable innovative value by
taking advantage of unanticipated, unexpected, and unsought information and make
accidental discoveries. Blue-sky thinking involves a group of people looking at an opportunity
with fresh eyes. As many ideas as possible are generated in an idea’s generation session,
where no ideas are rejected as silly. However, entrepreneurs and organisations face multiple
risks such as bankruptcy, financial risk, competitive risks, environmental risks, reputational
risks, and political and economic risks. Also, it must plan wisely in terms of budgeting and
show investors that they are considering risks by creating a realistic business plan.
Furthermore, they should also consider technology changes as a risk factor and the market
demand is unpredictable as consumer trends can change rapidly, creating problems for
organisations.
M5. Analyse how successful the use of innovation and enterprise has been for
a given business.
HOW INNOVATION AND ENTERPRISING CONTRIBUTED TO THE SUCCESS OF
TESCO
Over the years, most of its innovation and enterprise has successfully contributed to Tesco.
Tesco created new products and services with associations that want to develop a new
product or service with Tesco. You can see the success that the innovations and
entrepreneurship contributed to Tesco through the customers as they are satisfied with the
innovations and support Tesco. For example, one innovation that has been contributing to
the success to Tesco is "Tesco Pit Stop" which in association with Blackcirlces.com have
created. This innovation has been successful due to the ease of ordering online, the
convenience of being able to shop at Tesco while changing tires on the spot, great prices,
and Clubcard points can be accumulated in transactions. Additionally, innovation and
enterprising contributed to Tesco's profit. The innovations made customers purchase more
the new products or use the new services because these are useful to them and these
innovations and enterprising can be seen in operation to this day and this increases the
profit of Tesco and helps Tesco to invest more in its innovations and technology innovations.
HOW SUCCESSFUL INNOVATION AND ENTERPRISE HAS BEEN FOR TESCO
Tesco has been using innovation and enterprising over the years by creating new products,
associating with other brands, or acquiring new technology. Their innovation and enterprise
that Tesco has been made and using in the past has yielded positive and negative results.
However, there is more successful innovations and enterprise than unsuccessful which has
contributed positively to Tesco’s profit, Tesco warehouse, the service to its customer and
increase more its brand awareness. Furthermore, it successfully allowed Tesco to have a
better communication and relation with its customers, shareholders, and suppliers. For
example, one of Tesco`s one effective innovation and that has been successful along the
time is replenishment application system. This system collects the sale data from the
checkout point and this data transferred to the supply department. Their supply or
