Summary
Summary DISTINCTION Unit 1 - Exploring Business - Assignment 3 TESCO
- Module
- Unit 1 - Exploring Business
- Institution
- PEARSON (PEARSON)
This assignment is distinction graded coursework on Tesco. It includes P7, M5 and D4.
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Unit 1 – Exploring Businesses – Assignment 3Introduction -
The business I will be discussing throughout this assignment will be Tesco which is a for profit
organisation. A for-profit organisation which one that runs with the intention of making money.
P7 – Explore how innovation and enterprise contribute to
the success of the business.
Introduction -
Tesco is a British multinational grocery and general merchandise retailer. It is one of the largest
retailers in the world, with operations in 12 countries and over 6,500 stores worldwide. Tesco
was founded in 1919 by Jack Cohen as a market stall in London and has since grown to become
a major player in the retail industry. The company's core business is in grocery retailing, but it
also operates in other areas such as clothing, electronics, and financial services. Tesco is known
for its Clubcard loyalty program, which rewards customers for their purchases, and for its online
grocery ordering and delivery service. Overall, Tesco is a well-known brand that has become a
household name in many countries around the world.
Innovation and enterprise are two key factors that have contributed to the success of Tesco,
one of the largest retailers in the world. Over the years, Tesco has developed a reputation as an
innovative and forward-thinking company, using technology and data analytics to better
understand its customers and improve its operations. At the same time, Tesco has
demonstrated a strong entrepreneurial spirit, developing new products and services that have
helped it to stay ahead of the competition. In this report, I will explore how innovation and
enterprise have contributed to the success of Tesco and examine some of the key strategies
that the company has used to stay competitive in the ever-changing retail industry.
Innovation -
Innovation is the process of creating new ideas, products, or services that provide value to
customers. It involves identifying new opportunities, developing creative solutions, and
implementing them in a way that improves people's lives. Innovation can take many forms,
from developing new technologies to creating new business models. It often involves taking
risks and challenging the status quo in order to create something new and better. Innovation is
important for businesses because it allows them to stay competitive, meet the changing needs
of customers, and create new markets. Overall, innovation is a key driver of economic growth
and social progress.
There are many examples of businesses that use enterprise and innovation to create successful
ventures and products. Here are a few examples:
, Tesla - Tesla is a company that has used innovation to create electric vehicles that are both
environmentally friendly and high-performance. By developing new battery technologies and
advanced software, Tesla has been able to create a new market for electric cars and has
become a leader in the automotive industry.
Netflix - Netflix is a company that has used innovation to disrupt the traditional television and
movie industry. By developing a streaming platform that allows users to watch their favorite
shows and movies on-demand, Netflix has been able to create a new market for online
entertainment.
Amazon - Amazon is a company that has been innovative in many areas, including logistics,
cloud computing, and artificial intelligence. Its use of data analytics and machine learning has
helped it to become one of the most successful companies in the world.
Apple - Apple is a company that has been at the forefront of innovation in the tech industry for
many years. Some of its most notable innovations include the iPhone, which revolutionized the
smartphone industry, and the iPad, which created a new market for tablet computers. By
developing new technologies and user experiences, Apple has been able to create a loyal
customer base and become one of the most valuable companies in the world.
Google - Google is a company that has been known for its innovation since its founding. Some
of its most notable innovations include its search engine, which uses complex algorithms to
deliver accurate search results, and its suite of productivity tools, which are designed to help
people work more efficiently.
Airbnb - Airbnb is a company that has been innovative in the travel industry, creating a new
market for short-term vacation rentals. Its platform has made it easier for travellers to find
unique and affordable accommodations around the world.
Overall, these companies demonstrate how innovation can be used to create new products and
services, disrupt traditional markets, and meet the changing needs of consumers.
Enterprise -
Enterprise is the process of starting and growing a business venture. It involves identifying new
opportunities, developing a business plan, and taking the necessary steps to turn an idea into a
successful business. Entrepreneurs are individuals who are willing to take risks, innovate, and
create new products or services that meet the needs of customers. Enterprise is an important
driver of economic growth, job creation, and social progress, and plays a key role in shaping the
future of industries and societies. In the context of Tesco, enterprise has been a key factor in
the company's success, as it has enabled the company to develop new products and services,
expand into new markets, and stay ahead of the competition.
Examples of famous entrepreneurs:
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