UNIT 8 INNOVATION

This report analyzes the concept of innovation in the context of Marks & Spencer, a leading British retailer. It examines the importance of innovation, the role of vision, leadership, culture, and teamwork in shaping innovation, and the application of the 4Ps of innovation and the innovation funnel. The report also discusses frugal innovation, the commercial funnel, and the development of a business case for innovation. Finally, it evaluates different tools that organizations can use to develop, retain, and protect knowledge and intellectual property.

UNIT 8 INNOVATION

Table of Contents
INTRODUCTION ..........................................................................................................................1
LO 1.................................................................................................................................................1
P1 Explaining the innovation and determine the importance to organisation in comparison
with invention.........................................................................................................................1
P2 Explaining the company vision, leadership, culture and teamwork which helps to shape
innovation and commercialisation..........................................................................................2
LO 2.................................................................................................................................................4
P3 Explaining the 4P's of innovation and explain the use of the innovation funnel to examine
and shape innovative ideas.....................................................................................................4
P4 Explaining the development in frugal innovation and avail examples.............................5
LO 3.................................................................................................................................................6
P5 Explaining the importance of commercial funnel and the application of NPD for
commercialisation innovation................................................................................................6
P6 Building an innovation business case for an organisation including ways to access funding.
................................................................................................................................................6
LO 4.................................................................................................................................................9
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property......................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES .............................................................................................................................11

INTRODUCTION
All types of organisation have to deal with many changes which occurred in the market in
daily basis. Apart, company also needs to facing many ups and downs in the demands and the
satisfaction needs of customers. Success of the company is mainly based on the customers. This
assignment will help to analyse the process of invention or an innovation. This present study will
help to reinvent some innovation process in order to meet out the goals and objectives. Present
study will be explaining the meaning of innovation and the concept behind, it also differences
between invention and innovation. Besides, it also explains the importance of vision, culture,
leadership which helps to shaping the innovation and commercialisation process and goals.
Present study will be based on the case study of M&S.
Marks & Spencer is the best retail company in British which deals with number of
products & services. They forming challenging and productive relationship with their customers.
M&S deals with very competitive market as well. It commits their potential clients and full fill
their needs by offering branded services to them.
LO 1
P1 Explaining the innovation and determine the importance to organisation in comparison with
invention.
Innovation : it is the process of bringing new idea about a product or service into the
organisation. It is the dynamic process which focuses on the creation and implementation of new
improved products and services. In a simple term innovation is a new idea or a concept which
upgrade the product or services into advanced level. In M&S innovation manager perform a
complex task to stimulating creativity across the organisation and channelling it towards the
strategic creativity (Ke and et.al., 2016). Innovation in the business helps business to maintained
the market stability and customer focus towards their products or services.
Invention : it is the another term or a process of actualizing a new idea or thinking into
action, this is the next step of inventing new services & products. Besides, innovation deals with
new ideas existing ones and invention is the term which brings it to the market by shaping and in
objectively. Invention is the brand new challenge and goals in order to get the good success and
long lasting efforts by the manager (Liao and et.al., 2016).
Difference between innovation and invention
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Importance of innovation as compare to invention
Innovation is initial step towards creating new product or services which comes in a
distinctive approach to the company. On the other hand, invention is deals with the process of
how cans a product bring it to the customer actual.
Invention creates something new, innovation creates something that sells
Invention is something which never been made before, or the process which creates
something new that never been made before. Meanwhile, innovation is the term which use new
ides to make that invention more productive or efficiently (Tanev, Rasmussen and Zijdemans,
2015).
Creativity play most important role in the overall development process in terms of
invention and innovation process according to them it gives the best approachable result
outcomes which helps to motivate the best approachable results design. Another difference
between both of them is without innovation invention is nothing. Apart from that, it also helps to
perform the best and productive implementing goal which makes company more suitable and
influencing. Such s invention needs creativity which never been happened before (Ge and et.al.,
2017). On the other hand, innovation take a new step towards creation of new vision. It helps to
sustain the long term productivity or growth of the company.
Basis Invention Innovation
Concept Invention has been based on
the concept of original ideas
It has been based on practical
implementation by creating
with some new ideas.
Skills required New philosophies This required marketing skills,
technical as well.
Activities This term used by Research &
Development department
This spread in across the
whole organisation.
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P2 Explaining the company vision, leadership, culture and teamwork which helps to shape
innovation and commercialisation.
In order to take new idea or creativity company having one purpose behind that is
innovation an invention which assist to actualize this innovation and to decode these new
thinking. Commercialization is the process of aggregate to all the innovation. Majorly invention
helps in marketing process of M&S where it gives better forming results and best approachable
effective leadership power (Ge and et.al., 2017). Commercialisation is the process of aggregate
to all the innovation and invention, marketing and communication to the customers. For the
commercializing product in the market. For commercialisation a product in the market, which is
different factors affect process of innovation and commercialisation. Leadership is the method of
organizing a company according to best forming results. Organisation culture is none of them, it
encompasses all the area of future objectives and goals of an organisation. M&S vision is to
provide the best quality of product or services in the organisation. It helps to make the best form
of result outcomes which gives the better form of result outcomes (Rasmussen and Eliason,
2017).
Vision : Vision of M&S is to provide the best form of results and gives the best form of
results and best resource results. Overall, M&S it gives the long term task full which provides
the best interest level of performance task. Vision of the company gives huge impact on the
invention and innovation process. Use of technology and makes it available to 35 UK cities and
other 40 cities of outside may be the vision of this also helps to make the best satisfactory
outcomes and most appropriate goals making task (Rasmussen and Eliason, 2017).
Leadership : is the another method of organisation a company according which makes
the best form of results. Apart from that, it makes the good and long lasting materialistic form of
results and task. Organisation culture is the another aggregate values and long lasting efforts and
makes the best form of results. So that, it makes the best form of results and best target leading
goals.
Leadership is the best tool which encourages people into more influencing task. Apart
from that, leadership styles or new method of leaders helps to motivate to other people in the best
possible manner (Du and et.al., 2017). There are different approaches or styles such as
autocratic, democratic and participative method of leadership which helps to motivate people
into pre efficient manner.
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Culture : is the aggregate values, norms and attitudes of the employees and which are
preserver by the company for many years and the process of how things are doing in the
organisation.
Teamwork : Team dynamic is the another influencing factor which helps to complete a
task according to planning. For consulting the best required results in order to meet out the goals
into more appreciate manner for the M&S (Yin, Shi and Yan, 2014). It is the another factor
which I always need to make the best form of results. Team is the another so actively act full
results which affect the lower level of forming results for the success of M&S.
LO 2
P3 Explaining the 4P's of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.
Innovation Funnel : innovation funnel is the process of development new idea or
concept by converging to an existing product. Innovation is an often in the eye of the beholder,
what may be new and radical for one person, may old news for another. Innovation mix is a
model that was developed by John Bessant and Joe Tidd. Innovation mix helps company to focus
on the core areas which is very essential for them to develop a creation process.
The innovation mix includes place, promotion, public relations and product (Wang and
et.al., 2017). It helps in planning 4p's apart from that, it also helps to control the best forming
result outcomes by applying different techniques and goals. It is the kind of direction from where
you need to go in the future.
Product : Product is the foremost essential mix of innovation. Product is the core thing
which comes in mind fore mostly. New shapes and colours will help to make the good impact on
the overall performance of the company (Sekaran and Bougie, 2016). M&S requires shaping new
ingredients, colours and so on. That sounds ok, and if these new products are selling well and
effective. In term of product company can introduce new things and process to make their
product or services better in more productive manner. Customer switch from one company to
other in terms of making long term goals and best form of effective material.
Process : Process is the retail sectors is the ways or process which gives a provides to the
customer. This is an important issue to make company reputation more effective and efficiently
worked. Process is the way by which a product is provides to the customer, this is an important
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issue because if the delivery process is long then the possibility of success is reduced (Dees,
2017). M&S should hold fast delivering process in order to meet the customer criteria.
Position : Position is the next innovation mix which gives specific innovation and
commercialisation process. This p reflects the direct the target the offering and new product
goals. Moreover, position is the guide which reflects the company in order to meet out the needs
of the target performance (Dees, 2017). By specifying the goals and objectives of innovation and
commercialisation process helps company to achieve the position. M&S wanted to achieve its
position by providing best services to the consumer.
Paradigm: it is the final p of the innovation by which company faces the many
challenges of being taken innovative ideas and thinking the same process to perform the job. In
terms of going the task by facing many challenges and risk will help to promote long term goals
and new ideas.
P4 Explaining the development in frugal innovation and avail examples.
Frugal innovation
it is the term which is most benefited and essential of a new product or services in the
context of scarce resources of a country. This factors depend upon the many forms of services
which effect environmental, like political, social factors which are the driving force of frugal
innovations (Epstein, 2018). Frugal is the helpful term which invent new sources and performing
goals in an appropriate manner. Frugal innovation helps to reduce the expenses in a dramatically
low level. This system also helpful to produce the best level of performance by applying the long
term goals.
Moreover, it brings new opportunity and long lasting performance goals in order to meet
out the best result oriented goals. Overall, it helps to select the best forming results in order to
meet out the best results for the company.
For examples M&S has produced different variety of new product chain for their
different customers across the world (Burns, 2016). Another example of frugal innovation is
Samsung renowned brands produce different smart phones for its customer of India and UK.
This is the process called frugal innovation because their customers different in terms of
demands, choices. Frugal innovation focusses on different styles of customers to make them
happy and satisfied. Moreover, it gives the long term results and process to full fill the long term
effects and target performance needs. Such as Samsung use high complex features in the
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technology for UK based customers (Grant, 2016). Besides, use frugal innovation process by
using simple techniques and easy accessibility for India based customers.
LO 3
P5 Explaining the importance of commercial funnel and the application of NPD for
commercialisation innovation.
Commercial funnel is the process which makes product productive and efficient to sell
them into sales for the better goals. Apart from that, it also helps to re control the management
task in order to meet out the best forming result outcomes. Apart from that, even though this is
an extremely basic examples of a funnel commercialisation. Funnel play a most important role in
the marketing process in order to meet out the goals and forming long term challenging
performance. Some leads will help to produce a few sales, so the bigger the funnel is at the top
the better. Having the capacity of sales funnel helpful for the business whether they operate
online or offline. It helps to bring new potential customers in an appropriate or in the best
manner. This is become the best source and long lasting method of goals to brings new
marketing opportunity and goals (Grayson and Hodges, 2017). Sales funnel is the another
process of influencing product or services in order to meet out the results and goals. Moreover, it
helps to bring new opportunity and goals. Commercialisation helps to assist or create new
understanding and new process of managing task. The main purpose of sales funnel has since
been referenced or helpful in selling and marketing field for nearly a century. M&S produces
new product or services in order to meet out the best product source. Importance of the funnel in
marketing is not to be underestimated. Funnel process helps M&S to launching its services or
products into more frequent manner (Grayson and Hodges, 2017).
Process of new product development
 Idea generation and screening
 Concept development and business analysis
 Prototype development
 Scale up commercialisation
 Launch
 Tracking and measurement
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P6 Building an innovation business case for an organisation including ways to access funding.
Business new idea : M&S planning to launch Organic Baby Food product with high
vitamins and natural ingredients.
M&S has launching a new business idea and adopt product diversification strategy in
order to attract the new potential customers. Organic baby food is the best concept or business
idea in the today's western world. Consequently, products that offer a fair share of convenience
to working mothers, and food that keeps the consumer in the market for longer. This products are
specially for babies and toddlers aged under three years.
Building business case for innovation is the process where company renovate the all
process of services and add on some new variety or features into the study. A clear business case
always needs to show up the clear discussion over the brushing over unknowns but attempting to
quantity and quality (Manzini and Lazzarotti, 2016). Building an innovative business case
company regenerate the product with some new quantities and features to attract number
potential or new customers. Under which M&S offering creativity tools to start the processes,
structuring project information on a comparable basis, clarifying often different definitions of
success.
Another step of developing business case for Organic Baby Food product is to set the
cost, benefits analysis, clarifying opportunity needs, factor analysis, assessing stakeholders
interests or clarifying uncertainties.
Another process or step to make business innovative case study of Organic Baby Food
product is to showing the best and quality characteristics to the study goals (Food Research &
Technical innovation, 2018). Apart from that, next group of customers are more helpful to attract
the potential customers. In next process of business case in which M&S analysing competition,
outlining and the tactical moves needs to be considered.
Another process is to check out the further key elements which needs to be very much
essential and long lasting material goals. Lastly to go back through the business case elements
check-list to present a format that build-ups and breaks down the case logically with the best
available inputs. Apart from that, but innovation is about from your mistakes and best form of
better sources.
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In order to collect the best resourceful funds to implement the innovative business plan
M&S can adopts any of the following funding source for raising funds (Manzini and Lazzarotti,
2016).
Funding sources
Bootstrapping : it is the idea or experimental state of situation where company can use
their own financial resources such as money from saving account or careful use of personal
credit cards. Company can take this function or sources to collect their funds and capital for new
investment.
Friends and family
This is the another source of raising funds through company can easily purchase all
required material. Small scale businesses have this option to take help from any of their family or
friends
Crowdfunding
It is the process or method of investing money or capital on the other businesses to gain
effective return on investment (Sekaran and Bougie, 2016). Crowdfunding is the technique in
which company collects funds from investing by others. It allows to small investors with fewer
restrictions.
Angel investors : it is the another source of raising fund, angel group can be found in
most communities and on the internet with a description of their purpose and objectives. After,
doing their due diligence, these groups will help to determine the best source of funds providing
(Dees, 2017). This method can be adopted for launching Organic Baby Food product.
Rate of return
Rate of return is the process or tool to analyse the actual profit measuring by the company
after launching the new product or service growth in order to meet out the best outcome results.
Rate of return of this product is good and effective for the company.
M&S invest
ROI = Return – Expenses * 100/Expenses
Investment or total of expenses = £400
Return £600
600-400*100/400= £500 profit.
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On the basis of evaluation company get higher profit or rate of return growth by investing
on the food services. This new product line growth is more helpful to keep the new enlarging
market growth.
LO 4
P7 Evaluate the different tools that organisations can use to develop, retain and protect
knowledge and intellectual property
This is to discourse upon the safekeeping of organisation’s knowledge based intellectual
property (IP) where company’s like M&S often creates their own set of ideas. It is mainly in
context to the intangible assets of the company involving their trademarks, copyright, patents and
designs, etc. These are the intangible assets of the enterprise that are required to be protected in
terms of handling the growth of information technology in a contending business environment
that has also made IP a significant knowledge asset (Rasmussen and Eliason, 2017). However,
for this, the company is required to arrange an IPM to reinforce the competitive benefits in the
marketplace. A suitable administration of IP is expected to benefit the organisations like M&S
by acknowledging their values and risks in the market. It is specially with technology-oriented
businesses who are required to operate within knowledge intensive industry. M&S being a well-
known retail sector is also operating in a highly contending environment and for which, they are
required to be concerned about protecting their knowledge-based IP. For which, there exists
certain number of tools that includes- Patents, trademarks and copyrights- These refers to the most common tools where the
patent is specifically used for the protection of any inventive creation of M&S with a
minimum term of 20 years or so from the day of filling up a complete description.
Trademarks on another hand is meant to secure any distinctive mark of the firm like any
such signs or words that includes personal letters, names, logos and numerals, etc.
Copyright is specially used for protecting any creative work done in terms of securing
any artistic work or literary, models, computer software and photographs, etc. It is valid
for the author’s entire life and also sustains a minimum of 50 years, after author’s death. Work for hire agreement- This is yet another prominent tools which is used to protect the
knowledge-based IP of M&S (Tanev, Rasmussen and Zijdemans, 2015). It is with a
special consideration of safeguarding the intellectual rights of companies like M&S.
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Herein, the owners are responsible to bring individuals to develop creative products
without revealing their work and avoid giving them credit for the same.
 Non-disclosure and Non-compete agreement- It states that all specified concepts and
notions, meant to be protected have been generated by M&S itself. Both of these tools
depict a written agreement that is especially signed- off by the employees who are
involved in the making of any designs, etc., to be protected. In this, the workers are
required to sign a bond which guarantees no disclosure of any such creations to any 3rd
party. In case of exploitation, serious actions can be taken against the one who signed- off
the guarantee paper.
CONCLUSION
The above report has summarized the notion of innovation with a special context of M&S.
Being a renowned retail enterprise, it is required to operate within highly competitive market
which demands quick acceptance towards change. This report has thereby specified the
importance of innovation to work for the attainment of contending benefits by together
discoursing upon the benefits of frugal innovation.
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Online
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through :<https://corporate.marksandspencer.com/plan-a/food-and-household/food-
research-and-technical-innovation>.
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