Innovation and Enterprise

Innovation and Enterprise
(Assessment 2)
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Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................4
Innovation theories and idea generation of innovative idea........................................................4
Evaluation of chosen product along with its strength and shortcomings....................................5
Proposal of innovative product for organisation and development of implementation plan.......6
Solutions for improvements in shortcomings of product............................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
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INTRODUCTION
Innovation is defined as the procedure of transforming idea into products and service
which develop value for customers prevailing at marketplace. In addition to this, it is basically a
new idea or a method that attract people and fulfil their needs in a proper manner. In this
competitive environment, it is important for organisations to bring innovation so that they can
retain in market for longer time and fight with their rivals effectively (Cegarra-Navarro, 2019).
For the present report, Marks and Spencer is chosen as a base company. It is a British
multinational retailer that is located in London, United Kingdom. The company was founded in
the year 1884 and at present it has existence in more than 20 countries that shows Marks and
Spencer has high market performance. The company specialise in home products, selling cloth
and food products as well. The higher authorities of Marks and Spencer is decided to bring
innovation in its food product that is chocolate. By analysing the market trends and customer
concerned towards their health due to COVID-19, the company is planning to bring sugar free
and diet chocolate as an innovative product for customers. This will help company to attract
more number of customers and meet with their requirements in an effective manner. The report
will cover evaluation of selected product of innovation and its strength as well as shortcomings.
In addition to this, innovation theories & idea generation to products is discuss in order to
develop an innovative idea. Moreover, a proposal for innovative product is develop along with
the implementation plan that help in making improvements in shortcoming of products. In the
last, some of the recommendations were given to higher authorities of company for bringing
innovation.
TASK
Innovation theories and idea generation of innovative idea
Innovation is important which is needed to be carried out with proper consideration of
market, product and rationale. It is defined as process if bringing something new in market. It is
time consuming process because it requires deep level of expertise, knowledge and skills to
produce something new. In organisational sector, it is essential to be aware about market trends
so that new ideas , thoughts are generated properly. This is because market is flexible &
preferences, situations changes within interval of time. So, to maintain suitability of market
innovation is necessary to be done. In reference with Marks & Spencer, they have also focus on
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development and innovation. With changing period of time, they are also using innovation in
their firm which producing sugar free chocolates with natural ingredients (Jin, 2018). The ideas
has been chosen because of ongoing situation of pandemic of COVID 19 producing or
developing product people will be able to consumer chocolates without any fear of getting
affected their health. It is essential to use theories & principles so that product is placed in market
in most efficient manner. To carry out this, they uses innovation theories which are discussed
below-
Disruptive innovation-
It is being considered as crucial theory because it states the concept of adapting the change
with period of time & then displacing existing firms, products in market. In relevance with
Marks and Spencer, they can use this theory of innovation as it will help them to meet needs &
expectation of market/ customers. As new innovation is about producing sugar free chocolates,
applying this theory will assists them in fulfilling satisfaction because due to present situation of
COVID 19 people are becoming more concerned about their health which is change in market.
Through this theory, firm will be able to use their innovative product in correct way. This theory
help company to change their organisational structure with occurrence of new change or firm.
Open Innovation-
It states that in innovation, the idea is generated and collaborated with external factors,
paths, & professional people. According this theory, it reflects that there is deep learning across
the market & which can be used by organisation for developing their new change or innovation.
It is also an effective theory which assist in improving or carrying out new innovation properly.
For example- M & S can collaborate with Nestle with which will help them to use their
innovative product in efficient manner (Li, Wang and Su, 2019). Furthermore, it will be helpful
for them to use natural resources within their products & goods. This is most effective one to be
used because risk related to theory is also less as compared with disruptive. Therefore, OI assist
in proper decision making process of innovation.
Therefore, after examining of above matter it is seen that explained theory assist company in
carrying out their innovative products in most appropriate manner. Moreover, it is also
examined that by using them company is able to develop more new methods of doing
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