Innovation and Commercialisation in Organizations: A Study of Marks & Spencer and Morrison

Innovation and
Commercialisation
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Content
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
PART – 1.........................................................................................................................................3
P1 Discuss the ways in which different organizations source and foster innovation, using
specific examples....................................................................................................................3
M1 Analyze the ways in which innovation is sourced and supported within different
organisation environments and cultures.................................................................................5
P2 Differentiate between different types of innovation and how they are processed within
organizations...........................................................................................................................5
M2 Analyze how different types of innovation are successfully processed within different 7
organisation settings...............................................................................................................7
D1 Critically analyses how innovation is successfully developed and embedded in different
organizational contexts...........................................................................................................8
PART – 2.........................................................................................................................................8
P3 Detailed business case for innovation for an organisation, adding risks, benefits and ways
to access funding....................................................................................................................8
M3 Produce an evidence-based business case analysis for innovation that emphasizes the
business value for potential investment................................................................................11
P4 Evaluate the different tools that organizations can use to develop, retain and protect
knowledge and intellectual property....................................................................................11
M4 Critically evaluate the different tools that organizations can use to develop, retain and
protect knowledge and intellectual property in the context of the wider business environment.
..............................................................................................................................................13
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D2 Produce a commercially driven business case for innovation, including an action plan for
development and methods for its successful protection in the context of the wider business
environment..........................................................................................................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14
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INTRODUCTION
Innovation refers to the practical implementation of ideas that results into the introduction
of new goods and services or improvisation in goods and services. Innovation takes place
through the development of more – effective products, services, technologies and art work.
Innovation is related to practical implementation of an invention. Technical innovation often
manifests itself via the engineering process when the problem being solved is of a technical or
specific nature (Wang, Phillips and Yang, 2021).
Commercialisation is the process of bringing new products or services into the market. In a
broader sense, commercialisation involves production, distribution, marketing, sales and
customer support and other key functions critical to achieving the commercial success of new
product and service in the market. Morrisons is the fourth largest supermarket chain in United
Kingdom. This firm was founded by William Morrison in year 1899. Morrison is dealing in food
and grocery products. Marks & Spencer is a leading British retailer quality dealing in great vale
food, clothing and home ware appliances. M & S was founded in year 1884, Leeds, United
Kingdom by Michael Marks and Thomas Spencer. This report consists that how innovation took
place in given firms and how firms overcome from the risks and barriers that generated through
innovation and commercialisation.
MAIN BODY
PART – 1
P1 Discuss the ways in which different organizations source and foster innovation, using specific
examples.
Marks & Spencer has announced a “Innovation hub” to develop sustainable food products.
The retailer firm has announced that the nine – strong innovation team, will seek to
capitalize on emerging trends, such as veganism and environmental causes, to become more
relevant to its customers. Research will include soya – alternative proteins for plant – based
foods and how to reduce plastic packaging for its products. M & S food totally eliminated soya
from the production of all its milk product for the commitment regarding to eliminate
deforestation. Marks & Spencer adopt this change because customers are more environment
friendly and organizational itself want to promote veganism because enterprise believes that rise
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