Essay
after the presentation , merit and distinction
- Module
- Unit 1 - Exploring Business
- Institution
- PEARSON (PEARSON)
i got my merit and distinction with this after doing my group presentation studying morrisons
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Tahmid ChoudhuryUnit 1 - Assignment 3
How important is innovation and enterprise to today’s businesses?
In this report I have been asked how a selected business had adapted to its
new innovations and how important it was for them. The business I had
chosen is Morrisons and me and my group have presented the innovations
that the business had adapted to and where its got them today.
Analyse how successful the use of innovation and enterprise has been for a
given business ( M5 )
If Morrisons wasnt to adapt into new innovations the business wouldn't be
able to make it that far as a business , maybe the business would've had to
shut down forever due to not staying updated.
Morrisons innovating into new ideas for the business has allowed them to gain
reputation and from that reputation it has allowed them to get customers as for
business they need customers to make revenue.
Morrisons have got some serious competition as being a supermarket it would
be challenging for them to make sure that they always winning against them.
The business has always been up to date with the recent trends as other
markets like Tescos and Asda are really tight with them including which of the
markets attract their customers.
If you was to look at the market share , I believe Morissons biggest
competitors are ASDA , Tesco and Sainsbury these supermarkets are always
tight with each other that sooner or later the rotation of having the leading
spot in the market share will always change because the markets are always
trying to adapt into new innovations and try to make themselves the big
supermarket.
From October 2020 , Morrisons is top UK supermarket and this because of the
trends and innovations the stay up to. Markets like these staying up with
trends and innovations allows them to be up there whereas supermarkets like
Aldi and Lidl dont compare to them as customers already prefer their usual
and common supermarkets. Also some of these supermarkets differentiate
from each other by having a cheaper price on goods that are really needed in
household or it could be services that customers need via online that they
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