Assessment 2- Proposal

This report discusses the innovation theories and idea generation process for Marks & Spencer's proposal of introducing sugar-free and diet chocolates. It evaluates the chosen product, its strengths and shortcomings, and provides solutions for improvement. The report also outlines the implementation plan for the innovative product.

Assessment 2- proposal
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Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
Innovation theories & idea generation of innovative idea...........................................................3
Evaluation of chosen product with its strength & shortcomings.................................................5
Proposal of innovative product for organisation & development of implementation plan.........6
Solutions for improvements in shortcomings of product............................................................7
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10
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INTRODUCTION
Innovation is basically a process to convert an idea into a product as well as service that
develop customer value existing in marketplace. Along with this, it is way to attract large
number of people & satisfy their requirements in an effective manner. In the present business
scenario, there is high competition in market and bringing innovation is getting more important
for companies in order to remain competitive and sustain in market for longer time period
(Lenart, 2019). For the present report, Marks & Spencer is taken into consideration. It is a British
multinational retailer which is established in the year 1884 and its head office is situated in
London, UK. The market presence and performance of company is high as it offer products as
well as services in more than 20 countries. It offers quality food products, home products and
also specialise in clothing. The top level authorities of respective organisation is decided to bring
innovation and something attractive in its food product. For this, the company is going to add
sugar free and diet chocolates as an innovative product. The idea is gained by conducting market
research as it is analysed that due to COVID-19, people are more concerned towards their health
and bringing such healthy form of product will help company to attract large number of people
and gain higher profits as well. The present report describe evaluation chosen product along with
its strength and weaknesses. In addition to this, some innovative theories and idea generation
process will be covered. After this, a proposal is developed for innovative products with an
implementation plan which assist in dealing with the weaknesses of product. Later,
recommendations is provided to managers of respective organisation.
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TASK
Innovation theories & idea generation of innovative idea
Innovation is significant that is required to be implement with an appropriate consideration
of process, market, product scope and many more. bringing innovation is a time consuming
procedure that involve skills, knowledge and competencies of people so that they develop
something unique and innovative to offer in marker. In context to an organisation, it is important
to bring innovation as per the market trends and customer requirements (Liao, 2018). It is
because market is uncertain, flexible that is changed with the passage of time. Thus, to remain
competitive and sustain in market innovation is highly important. In relation to Marks &
Spencer, its higher authorities is also focused on brining innovation and development with a
motive to fulfil customer requirements and attain profits as well. The company will producing
sugar free and diet chocolates that involve natural ingredients. The proposed idea is chosen by
analysing the current situation of market. This product will attract more number of product as it
is good for their health and decline their cravings of eating chocolates. It is essential to make use
of innovative theories as well as principles in order to placed the product in more effective and
efficient manner at marketplace. The innovation theories is discussed below:
Disruptive innovation-
It is undertaken as an essential theory as it state concept of accepting modifications at a
particular time period and then displacing existing products, forms at marketplace. If it is talking
about Marks & Spencer, it can make use of disruptive innovation theory which will assist them
to fulfil requirements and expectations of customer or market as well (Lin, 2020). The new
innovation that is bring by respective organisation is offering of diet and sugar free chocolates
and applying of such theory will help in meeting satisfaction level as in the present time of
COVID-19, people ae more conscious towards their health and prefer to consume those products
that is good for their health. By the assistance of disruptive innovation theory, company will be
able to properly bring innovation in market. Moreover, it also assist in changing organisation
structure with the changes take place at workplace.
Open Innovation-
It is stated that the idea for innovation is developed as well as collaborated with different
paths, external factors and professional people as well. As per the open innovation theory, it
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focus on in-depth learning of market and its trends as it can be useful in order to develop new
product and innovation in an effective manner. Moreover, this theory also help in carrying out
activities associated with innovation in a proper manner. For instance, Marks and Spencer can
co-operate with Nestle that will assist to use its innovative in an efficient and effective way. It
will also help them to make use of natural resources in kits product. It is analysed that open
innovation theory is one of the effective theory because it involve less risk in comparison with
other theories that is disruptive innovation (Michels, 2018). This, open innovation help in proper
decision-making procedure of innovation.
After analysing the above theories, it is stated that both theories will assist organisation to
bring out its innovative product in a right manner. In addition to this, it is also analysed that with
the help of this, Marks and Spencer is able to form new methods for execution of innovation and
doing business at marketplace. It is important for the higher authorities of Marks and Spencer to
focus on conducting market research in order to bring innovation which fulfil requirements of
customer and meet with market trends as well.
The idea of developing as well as offering sugar free & diet chocolate is gained by conduct
proper market research. It is determine that the choice and preferences of customers is moving
towards the healthy products (O’Leary, 2020). Because of the pandemic, customers are more
concerned of their health and did not prefer to eat sugar related products in fear of diabetes and
other issues as well. In context to Marks & Spencer, offering of this new product will assist in
attracting large number of people that impact on its sales as well as profitability level in a
positive manner. Moreover, it is analysed that there are number of rivals existing in market and
for this it is important for Marks and Spencer to create an effective strategy which will assist in
achieving competitive edge in market. Furthermore, innovation in chocolate assist Marks &
Spencer to gain eyes of people who belongs from 35-60 age group. This will directly leads raise
in sales, profitability and revenue level of respective organisation.
Evaluation of chosen product with its strength & shortcomings
It is determined that Marks and Spencer offer Swiss chocolates, Belgian chocolates, dark
chocolates and many more. The sales of this chocolate is reduce because of change in the needs
as well as preferences of customers which is towards the consumption of healthy products. After
analysing the market trends and customer requirements, the higher authorities of Marks and
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Spencer is decided to bring sugar free & diet chocolates which is good for health and also fulfil
the cravings of customer to eat chocolates (Picciotti, 2017). It is stated that every product has
some strength and weakness as well. In this regards, the strengths & shortcomings of sugar fee &
diet chocolate is given below:
Strength:
 The strength of sugar free and diet chocolate is it is good and effective for their health
and also assist respective organisation to attract more number of people towards new
product. Along with this, it assist in satisfying needs of customers due to which company
is able to retain its customer for longer time and also gain their loyalty in an effective
manner.
 It is analysed that chocolates are consumed by all forms of people that is children’s,
young age and old age people also. it will help company to increase its customer base
level that has direct influence on sales as well as profitability of respective organisation in
a positive manner.
 Sugar free and diet chocolates is consumed by diabetic patient as it is less calories and
fewer carbs. This help in developing a unique image of product due to which company is
able to attain competitive advantage at marketplace (Sang, 2020).
Shortcomings:
 The major weakness associated with the new product is that sugar free chocolates are not
totally carbohydrate free and fat free so an individual consume it in limited extent not
over do it.
 Along with this, it is determined that there are many rivals existing in market of the new
product is low sugar free smoothies, Ayurveda chocolates and many more. Therefore, it
is significant for Marks and Spencer to develop strategies in order to fight with
competitors and place new product efficiently and effectively at marketplace.
 It is not easy that the new product is accept by customers as some people are not consume
chocolates whether it is sugar free or not a they have mind-set that chocolates consist of
high calories, fat and carbohydrates as well.
 Another weakness of product is whether it get success or not. Because of this pandemic,
COVID-19, most of the people is not consuming and preferring to eat or drink cold
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products. This might affect negatively on sales of sugar free and diet chocolates which in
turn leads to decline in revenue level of respective organisation.
Proposal of innovative product for organisation & development of implementation plan
Stage 1: Idea Generation & Mobilization: It is referred as the initial step and herein an
innovative idea is developed by business entity. In addition to this, it is the procedure that is
performed in order to compete in the market. After the development of new idea , mobilization
stage is take place and herein developed idea is travel to different physical & logical location as
well. In context to Marks & Spencer, it bring sugar free & diet chocolate by first analysing the
market trends & customer requirements.
Stage 2: Advocacy & Screening: This stage take place after and idea is developed and involve
analysis of pros and cons associated with developed idea. Screening and advocacy required to
take place at the time of weed out of ideas and herein stakeholders have the right to reject or
accept new idea after the both negative and positive aspect (Squicciarini, 2017). Along with this,
if the procedure is more transparent then there is high chance of success as staff members feel
comfortable in order to perform and put their efforts as well. With reference to Marks & Spencer,
its higher authorities analyse the negative and positive aspect of innovation bring by them at
marketplace.
Stage 3: Experimentation: This stage consist of test of sustainability and feasibility of the
innovative idea in context to the business environment. Herein, it is significant to identify target
and potential customers. with the help of this, Marks and Spencer is able to satisfy customers in
an effective manner.
Stage 4: Commercialization: In context to this stage, organisation required to focus on their
customers as the innovative product bring by them solve their problems or not. With reference to
Marks & Spencer, managers come to this stage in order to gain insight about fulfilment of
customer requirements by the innovative product or not.
Stage 5: Diffusion as well as Implementation: It is referred to the process of gaining final
acceptance of innovation. On the other hand, implementation is basically setting up of structures,
maintenance and resources required to develop innovative product. It is the final step of
innovation procedure that take place after completion of above stages in an effective manner.
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The above procedure of innovation is used by managers of Marks & Spencer for
bringing new product in the market. The company is bringing sugar free and diet chocolate and
the idea is developed after conducting market research (Vézina, Selma and Malo, 2019). In order
to attain success and higher growth, it is significant for managers and employees to follow all the
stages of innovation process in an effective and proper manner.
Solutions for improvements in shortcomings of product
It is significant for the managers of Marks & Spencer to focus on the shortcomings of
product and improve it in an effective manner. It will assist organisation to make product success
and improve its market performance in an appropriate way. The solutions are mentioned below:
 For making improvements, it is recommended to Marks and Spencer to develop offerings
of chocolates in small packaging that involve specification about the ingredients, quantity
as it help customer to consume it in a limited manner.
 Along with this, it is significant for respective organisation to make use of cost
differentiation strategy as it assist in offering products at an affordable pricing that attract
large number of customer and increase sales and profitability as well (Xie, 2018).
 Moreover, it is crucial for company to make use of digital media or social media
application in order to promote its new product and reach large number of customer in
short time period. It help in enhancing customer base level that impact positively in
profits and revenue level of company..
 In order to overcome with the shortcomings, organisation can conduct advertising or
marketing campaign that assist in developing positive mind set of people towards the
brand so that they can consume chocolates without any hesitation and tension as well.
 Furthermore, the company is needed to conduct market research so that it can gain
knowledge about customer requirements and customer expectations as it help in making
alterations at the initial step that raise the chance of product success at marketplace.
All such strategies will assist Marks and Spencer to overcome with the
shortcomings of product that help in making new product success in the market (Zhou,
2020). Along with this, all this factors work during the innovation procedure so it is
important for respective organisation to undertake and focus on such factors before
developing and offering new product at marketplace.
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CONCLUSION
From the above discussion, it is stated that innovation plays a significant role as it help
company to sustain in market for longer time and fight with their rivals prevailing at
marketplace. Along with this, it also help an organisation to set its unique image in market and
strengthen its market performance and share as well. There are different theories of innovation
which is used by business entities in order to develop and bring innovation in a proper manner
and these are open innovation theory, diffusion innovation theory and many more. Moreover, it
is important for a company to first conduct market research in order to know market trends and
customer requirements as it raise the chance of product acceptance and also increase the
productivity and profitability of company.
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REFERENCES
Books & Journal
Lenart, G., and et. al., 2019. SMEs business model innovation: does enterprise size matter?.
Liao, Z., 2018. Environmental policy instruments, environmental innovation and the reputation
of enterprises. Journal of Cleaner Production, 171, pp.1111-1117.
Lin, R., and et. al., 2020. Improving high-tech enterprise innovation in big data environment: a
combinative view of internal and external governance. International Journal of
Information Management, 50, pp.575-585.
Michels, N., and et. al., 2018. From fluctuation and fragility to innovation and sustainability: The
role of a member network in UK enterprise education. Industry and Higher
Education, 32(6), pp.438-450.
O’Leary, D. E., 2020. Driving innovation using enterprise crowdsourcing. Journal of
Information Technology Teaching Cases, 10(1), pp.2-10.
Picciotti, A., 2017. Towards sustainability: The innovation paths of social enterprise. Annals of
Public and Cooperative Economics, 88(2), pp.233-256.
Sang, B., 2020. Innovation of enterprise technology alliance based on BP neural network. Neural
Computing and Applications, pp.1-14.
Squicciarini, M., 2017. Entrepreneurship, innovation and enterprise dynamics. Small Business
Economics, 48(2), pp.273-278.
Vézina, M., Selma, M.B. and Malo, M.C., 2019. Exploring the social innovation process in a
large market based social enterprise. Management Decision.
Xie, Y.,and et. al. 2018. Leadership style and innovation atmosphere in enterprises: An
empirical study. Technological Forecasting and Social Change, 135, pp.257-265.
Zhou, Z., and et. al., 2020. IMAF: A Visual Innovation Methodology Based on ArchiMate
Framework. International Journal of Enterprise Information Systems (IJEIS), 16(1),
pp.31-52.
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