Innovation and Enterprise: A Critical Analysis of Marks and Spencer's Innovation Hub

INNOVATION
AND ENTERPRISE

Table of Contents
INTRODUCTION.....................................................................................................................................3
MAIN BODY.............................................................................................................................................3
TASK..........................................................................................................................................................3
Background of the business or description of situation............................................................................3
Discussing relevant literature associated with the topic...........................................................................3
Critical analysis of product “Innovation Hub”.........................................................................................5
Recommendations...................................................................................................................................6
CONCLUSION..........................................................................................................................................6
REFERENCES..........................................................................................................................................8
Books and Journals:.................................................................................................................................8

INTRODUCTION
Innovation is one of the most significant concern to stay a longer in the competition of
companies. Innovation is a term which mean to improve, renew or replace something. It is
complex in nature to understand in the context of business (Andreassen, T. W. and Et.al., 2018).
Improving business processes and methods to maximize the productivity and efficiency along
with this it allows the business extend the number and quality of goods and services which are
existing. The main purpose of developing new idea or to modify the existing one, often to meet
changing customer demands and needs. For business, innovation can be a product, process,
concepts of business or combinations.
MAIN BODY
TASK
Background of the business or description of situation.
The report is going to prepare on the Marks and Spencer Groups (M&S) which is a major
British multinational retailer who is focusses in selling food products, home products and
clothing lines. It is a London based Company which was introduced in 1884 by Michael Marks
and Thomas Spencer. M&C later known as Marks’ Penny Bazar which was the haberdashery,
household goods, sheet-music, toy corporate by Michael Marks (Barro, S. and Davenport, T. H.,
2019). After that he decided to develop partnership with Thomas Spencer. Michael’s son Simon
renovated his business from a range of open-air stalls in many markets in northern England to a
range of covered shops, also he introduced a company named St, Michael. The company’s brand
known for years in the mind of customers. After that M&S overtook the company called Brooks
Brothers which was the oldest trader in United Kingdom; in 2001 it sold out. During that time in
the country it operates more than 300 retail division with additional number of stores including
Spain, Germany, France and so on. To continue the popularity of brand, the company decided to
innovate their products, services and processes. The company decided upon to launch a product
or service named “Innovation Hub”; by this it will pursue to capitalize on emerging trends such
as environmental causes, veganism and try to become more relevant to their customers.
Discussing relevant literature associated with the topic.
Meaning of Innovation: Innovation as a concept can be referred to a process in which a
company (Marks and Spencer) carry out to conceptualization brand new product, service,
process as well as ideas to approach the existing ones. It is a transformation of idea into reality.
Importance of Innovation:
 It helps to company grow: Technological innovation can be consider as a great tool of
economic growth of a company (Carpenter, D., 2020). The innovation aim is to create
ideas that maximizes productivity and make better output with equal input.
 It creates future jobs: Technological advancement and increased productivity creates
jobs for job seekers. By the change continues, there will be increase in demand for
experts and regular staff.