Innovation Opportunities for Future Competitiveness

Entrepreneurship and
Innovation
Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1 ...........................................................................................................................................3
Discuss innovation opportunities adopted by selected company for future competitiveness. ...3
Scope of innovation opportunities ............................................................................................4
TASK 2 ...........................................................................................................................................5
Evaluation of various theoretical framework .............................................................................5
Most appropriate theoretical framework in reference to innovative opportunities ....................7
Limitation of sustainable innovation framework for organisation .............................................7
TASK 3............................................................................................................................................7
Application of theoretical tool in reference to innovative opportunities....................................7
Explain the benefits of innovation opportunities in terms of how they contribute to the
competitiveness of selected firm.................................................................................................8
Challenges to be faced by organisation due to implementation of innovation opportunities.....9
Recommendations to organisation to address challenges and maximise opportunities to
enhance competitiveness.............................................................................................................9
CONCLUSION..............................................................................................................................10
Books and journals....................................................................................................................11
Online........................................................................................................................................12

INTRODUCTION
Innovation is a concept which is used to convert creative ideas with help of innovation
strategies into new marketable products and services. In order to sustain in intense competitive
environment it is important to shift from old to new technology to retain market position. In the
ocean of plenty of ideas an organisation is willing to pursue most efficient innovation for its
increased profitability.
In this reference, Marks & Spencer is operating on a multinational level with
headquarters London, UK in retail segment. It is one of well established organisation across UK
and also it operates across the world. It has large customer base which requires it to conduct
innovation in its products and services. Therefore in this report, all relevant innovation
opportunities being adopted by organisation in recent times will be discussed by viewing future
competition. Also applicable frameworks such as 4Ps of innovation, SAFe Framework and
theory of innovation in regard to organisation's adopted opportunities. It will also include further
recommendations to senior management in regard to innovation opportunities prevailing before
organisation with identified advantages and retain position in future competitiveness.
TASK 1
Discuss innovation opportunities adopted by selected company for future competitiveness.
Innovation refers to introducing something new in the market by improving and replacing
products or services. For success of an organisation its important for it to regularly innovate new
products for customers (Lempiälä and Vanharanta, 2018). In terms of this it will assist
organisation in achieving competitive advantage in market. In relevance of Marks & Spencer,
they analysed different changing situation, taste and demand of their customers by conducting
proper research on it. Which helps organisation in offering something unique to their customers
as compare to their competitors. It will increase customers loyalty towards company products
and increase profitability of company. Currently selected company use two innovation strategies
which are discuss below:
 Digital strategy- It refers to an strategy which is used by an organisation for promoting
their products and services with the help of digital technologies such as computer,
mobile phones and other digital media. Marks & Spencer is an retail company which
deals in different kinds of food and clothing products. They timely innovate new

products and services which helps in enhancing their sales of products and revenue. At
the time of COVIDE- 19 company face a problem of low sale because customers are not
able to purchase products from physical retail store. Which cause a big loss for company.
For overcome from this situation selected company use digital innovation strategy. They
develop new digital application and software with the help of which they online sell their
products to customers. By innovating this new technology in their company they helps
customers to buy product from their home. This innovation assist company in enhancing
their sales of products which will increase their profitability and market share value. And
by providing different products to customers at their home it will increase customers
locality towards company.
 Sustainable food products strategy- It refers to those products which provides different
benefits such as environmental, social and economical over their whole life cycle, from
extraction of raw material to final disposal (Lager, 2017). Marks & Spencer innovate
new sustainable food products after analysing that its customers are more attach towards
environment. For successfully innovating sustainable product they conduct a proper
research on how to reduce plastic packaging. By using this innovation technique
goodwill of selected firm increase in the market. After COIVID-19 its important for
company to innovate those products which are also beneficial for environment and
society. According to current situation people are more concerned towards their health.
After analysing needs and preferences of their customers selected firm use product
innovation strategy. By innovating sustainable products in market company attract more
and more customers towards their products.
Scope of innovation opportunities
 Financial resources invested- In terms of selected company, firm innovate in the area of
technology and products. It require large amount of investment by company. By
innovating digital marketing platform at the time of COVIDE- 19 firm it will increase
sales of products for company. Which generate large amount of revenue for company.
 Intellectual property- It refers to the intangible assets owned by a company for
protecting its innovation from outside use or implementation (Shafique and et. al., 2019).
By innovating new products it helps company in achieve competitive advantage in
market. Intellectual property protect company innovation from outside use.