Innovation and Commercialisation Assignment - Marks and Spencer
Added on 2020-10-23
15 Pages3962 Words257 Views
INNOVATIONAND COMMERCIALISATION
Table of ContentsINTRODUCTION................................................................................................................3P1 Innovation and its importance to Marks and Spencer in comparison with invention ...........4P3 The 4 P'S of innovation and innovation funnel.....................................................................6P4 development in frugal innovation and its use in mark and Spencer company-.....................7P5 importance of commercial funnel and the application of new product development (NPD) for commercialization of innovation in (M & S)..............................................................................7P6 Innovation business case for an organisation (M & S) and ways to access funding-............9P7 Different tools that (M & S) can use to develop, retain and protect knowledge and intellectualproperty-......................................................................................................................................9CONCLUSION....................................................................................................................11REFERENCES...................................................................................................................................12
INTRODUCTIONMarks and Spencer is the largest retailer company in UK. It was founded by Michael marksand Thomas Spencer in 1884. It has 1463 stores across 53 countries. This company sales groceryand foods, clothes, home and k\kitchen appliance, and many of the things. Report will discuss aboutinnovations and commercialization, their importance to Marks and Spencer in comparison withinvention, discuss about vision, culture and leadership of Marks and Spencer can shape innovationand commercialisation. Report will discuss development in frugal innovations with examples,importance of commercial funnel and new product development for commercialization. This filealso discuss different tools which Marks and Spencer can use to develop retain and protectknowledge.P1 Innovation and its importance to Marks and Spencer in comparison with invention Invention- Invention refers to the new technology or machine which create by scientist ordeveloper. It totally depends on the new products. Marks and Spencer invent new machines andtechnologies for product.Innovation- Innovation refers to the development of existing product. The product which aredeveloped on the bases of customer demand and satisfaction. Marks and Spencer innovate theexisting products to recognise need of the customers.InventioninnovationIt is overall process of engineeringand developing new product with thenew method by Marks and Spencer.It requires scientific skills.It is a single product based process.Limited to Research anddevelopment department.It is an original idea and working intheory.Introduction of creating new product iscalled Innovation which can help Marksand Spencer to achieve goals.It requires Marketing, strategic andtechnical skill.It is variety of many processes andproduct.It spread across the organisation It is practice implementation of new ideaInnovation is about new idea to create
It is all about the creation of a newproduct.It is all about the new product whichintroduced by Marks and Spencer.something.Development in the existing productwhich made by Marks and SpencerInnovation can be define as new ideas, new thoughts, imagination which creates value andfor which customer will pay for the idea, Which creates goodwill for the Marks and Spence.Difference sources of innovation are here that says that there is a hope between what is and whatshould have to.Process need involves the need of Marks and Spencer and what are the weakness of theorganisation and what should it do. That is innovation in existing products to know about itsweakness point and have to work on it and correct it.Innovations are created on the bases of demography and the level of their need becauseevery day the perception and mood is changed and it is important to innovate on the bases of it.New knowledge and technology increase day by day and in this competitive world numberof opportunities speed up day by day. Marks and Spencer have to focus on complaints and ideas ofconsumers for an innovation in product and it is also called product development stage.Importance of innovation-Make stability of Marks and Spencer in competitive market.Innovation is important to meet with need of customer.It is an opportunity to attract the best talent.Growth of businessIncrease in number of customer and shareholder. comparison between innovation and invention-Invention describes to creation of new product and innovation describes adding value ofexisting products. Invention is a new idea and working in theory and innovation working ispractical. Invention makes a single product but innovation makes number of products. Invention istotally new and innovation generate through need and wants of a consumer. Scientific skill isrequired for an invention and other side innovation required for marketing skills, research analysisof product and wants or need of consumer. Invention limited to research and development
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Innovation and Commercialisation in organisationslg...
|17
|4640
|55
Innovation Assignment - Marks & Spencerslg...
|13
|4412
|306
Importance of Innovation and Commercialisationlg...
|13
|4546
|73
Innovations and Commercializationlg...
|16
|5191
|32
UNIT 8 Innovation Assignment - case study of M&Slg...
|15
|4652
|210
Innovation and Commercialisation Culturelg...
|18
|4994
|336