UNIT 8 Innovation Assignment - case study of M&S

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
1