Innovation and Enterprise: Launching Sugarless Chocolate

Innovation and
Enterprise

Contents
Introduction......................................................................................................................................2
Main body........................................................................................................................................2
Background of organisation and description of situation.......................................................2
Use theories of innovation......................................................................................................3
Idea Generation......................................................................................................................4
Business proposal...................................................................................................................5
Conclusion.......................................................................................................................................6
References........................................................................................................................................8
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Introduction
Innovation is the process of brining creativity and unique ideas, it is essential for the success
and growth of the business. it helps business to come up with new ideas and creativity in their
product, services, process in order to gain competitive advantage in the changing business
environment. for an entrepreneur it is very essential to bring continuous innovation in the
business enterprises. Innovation will lead business towards growth and success and will also help
in enhancing the overall productivity and profitability of the business. For this report Mark &
Spencer is taken as the base company. Mark & Spencer is one of the well established
international retail company dealing in clothing, home products, food items and so on. company
was founded in 1884 by Michael Mark and Thomas Spencer. This report highlights the detailed
description of the innovative idea using various theories of the innovation and also idea
generation develop an innovative idea for the business organisation. In addition to this
justification of the idea, marketing target audience also the cost and how it will be launched is
also highlighted in this report.
Main body
Entrepreneurship is the process of creating and innovating new and innovative ideas and
converting those idea into business entity. The entrepreneurship is one of the essential process of
bringing the innovative idea into the reality and the person who creates and innovate new idea
and covert those ideas into business entity is called as entrepreneur, he is someone who is bears
all the risk in order to attain the rewards. Whereas the enterprise is an business venture started in
to or earn maximum profit. It can be the micro enterprise started by single individual in order to
survive and earn minimum profit (Ahsan, 2020).
Background of organisation and description of situation
Mark & Spencer is one of the top multinational retail company operating world widely,
founded in 1884 by Michael Mark and Thomas Spencer in Leeds. Company is dealing in cloths
food and home products headquartered in UK also having around more than 960 retail stores
across the UK including around 600 only dealing in food products, company is having strong
brand image in the globe market, continuously working towards satisfying its potential
customers through offering quality product and services to them. Company is also brining
continuous changes in their operations as per the requirement in order to attract and meet the
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needs and wants of the customers effectively. Company also has strong strategy to deal with the
competition.
Mission: The mission statement of the company is to make to provide quality products
and services to the customers
Vision: The vision statement of the company is to build standard in the market and gain
competitive advantage.
Objective: The main objective of the company is to build an sustainable organisation
through enhancing the profitability and growth also perform responsibly towards meeting
accountability.
With increasing competition in the food industry and increasing concern about the health
and diet among the customers has created a huge challenge for the food industry, in order to deal
with the changing taste and preference of the consumers and to gain competitive advantage in the
market company can build new and innovative idea which could benefit them. The new and
innovative idea will help company to attract their potential customers and gain competitive in the
market effectively. The goal of the company is to satisfy their customers (Dheer, 2018).
Innovative idea: In order to deal with the changing taste and preferences and growing
concern about their health. The innovative idea that company can bring in is the launch of
sugarless chocolate, this innovative idea will help in attracting large number of customers and
enhancing their productivity and profitability this idea will be a profitable idea for the company.
and large number of customers who are concerned about their health and diet will be attracted
effectively.
Use theories of innovation
In order to develop the idea various theories of innovation can be used. The theories of
innovation will help in analysing the innovative idea and the need for the idea effectively. in
context to Mark and Spencer the various theories of innovation that can be used are discussed
below:
Blue ocean strategy: The blue ocean strategy is the type of strategy which helps business
organisations to create differentiation, it helps business to leads towards differentiation and low
cost in order to capture new market and enhance their profitability and sale through creating
more demand (Fichter, and Tiemann, 2018). This strategy leads towards creating and attracting
new uncontested market space which leads to reducing the level of competition, this type of
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