Coles Supermarket | Individual written innovation plan | Assignment Help
Executive summary
As an innovative, technological company, Coles supermarkets owned by the Coles group. becomes a befitting role model when analyzing predictive-innovative models in a business domain. With its retail evolution plan, where it aims to supply through its current and potential customers’ increase in the usage of its products, via the mode of a retail innovation making it easier to navigate products. Having a core focus on its buyers has always been a huge priority for the company. As an innovation intense company, with the ability to disrupt the market by changing with the global trends, it can be predicted that the impact of Coles supermarkets’ such mission will indeed be a very wide one, impacting a wide consumer base and generating huge gross profit margins and investable net profit margins. As a leader in customer value development, the Coles group establishes the most impactful means by which it utilizes its already strong resource, innovation, market and strategy indexes. By analyzing the indexes, the effective strategy that the company holds, which can also be appropriately employed through its resources is noted. Being a leading Australian retailer, Coles group is capable of bringing forth impactful technological innovation with effective commercialization. Being a research and development based company, yields it the additional benefit of making strong rent and risk analysis before embarking upon and decision, making its model one capable of inducting great change and success in the next 5-10 years with a score above 5 in all domains as per the Diamond Innovation Index. Lastly, its mission to ease customer experience in the way that they no longer have to roam around the supermarket, unlike other supermarkets is likely to yield a massive paradigm shift, as it tackles the time wastage problem through its service solely on its own, being one of the very few companies on the market to undertake this decision. This idea to is a highly unique idea, innovative to its company itself.
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Introduction
Coles group is a leading example in the technology domain, with its company characteristics shaping global trends, and its revenues being generated in multitudes via its fulfillment of buyers requirements. In lieu of the Retail Evolution plan, which has although already been initiated in its retail, research, company, factory and all operational units, the aim of creating a Retail evolution service for for its customers complementary to their supermarket experience purchase will analysis be drawn regarding the adaptability, implementation and effectiveness of the proposed innovation plan.
Outline of the new project (product or process). What is it?
The focus of Coles supermarkets Retail Evolution plan is make the experience for the buyer easier, as the buyer always comes first. (, 2019). By embarking upon project Coles supermarkets aims to target an increase in renewable energy usage, through its technical products such as the Iphone following as per Coles supermarkets’ claim. Currently, it utilizes solar panels and biofuels at its headquarters to grant it it the renewable energy it needs to operate all its units and premises, whilst illustrating also the fact that it can publicly supply such energy as mentions Coles supermarkets. It also mentions that by 2020, it will be able to aquire 4 gigawatts of clean energy in its supply chain meaning, one-third of our current manufacturing footprint. Additionally, it states that by its very utilization of good products safe for the environment, it has embarked upon the mission of customer satisfaction via their paying for not only the product but also the mission of climate change reduction via the tagline “Good for the Environment, good for you”.
The new product development and commercialization process to be adopted for the technological innovation
In light of the new product/service that Coles supermarkets aims to target, which is not only enhanced technological products that it creates for the consumers (Australia, 2019), but also an additional benefit of improving their lifestyle by giving them the ultimate benefit of no time wasting in navigation, but rather the ability to be directed to their products immediately, it illustrates through its business model, a mechanism which employs the new retail development model, using the lean canvas model.
Illustrated below, both models showcase how Coles supermarkets’ commercialization process is assisted by virtue of its astute business model selection in yielding the results. Coles supermarkets is mainly based on the Lean canvas model. The dominant one triumphing over the other, most applicable is obviously the Lean canvas model helps grant insight into Coles supermarkets’ vision and the reason behind its success.
As per this lean model, the most important thing is the appropriate kind of designing of the product, because the product is what leads to a “commercially viable architecture for the revenues” (Slides on Rebound and Mazzarol, 2017). Another challenge, mentioned as per the slides on Rebound and Mazzarol is that of keeping the business model viable, which is although a challenging task, can be tackled with the appropriate research and development initiatives. Coles supermarkets keeps innovating and invests its highest amount of returns back into the business so that it can serve as one of the leaders in the supermarket business. The Lean Canvas business model is an innovative one by its very virtue, which allows the company to maintain an open canvas for brainstorming, visualizing and testing new ideas. Additionally, by putting buyers needs first and causing a reduction in the retail navigation time, which is what most customers have an issue with does the company enhance its entire portfolio in comparison to its other counterparts such as Woolsworths (Avon, 2019).
How prepared is the firm for this technological innovation
The preparedness of the firm is to be assessed through the four indicators, which make the innovation worthwhile for the company, whilst also assessing its ability regarding how well the company will perform. They are names: the Resource Index, the Market Index, the Strategy Index and the Innovation Index.
