Innovation Assignment - Marks & Spencers
Added on 2020-10-22
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and importance to organisations in comparison with invention.....................1P2 Vision, leadership, culture and teamwork that shape innovation and commercialisation3TASK 2............................................................................................................................................4P3 4Ps of innovation and use of the innovation funnel to analyse the shape of innovative ideas................................................................................................................................................4P4 Developments in frugal innovation and examples to use in an organisational context....5TASK 3............................................................................................................................................6P5 Value of the commercial funnel and the application of new product development processfor innovation.........................................................................................................................6P6 Innovation business case for an organisation sustaining structure to access funding.......7TASK 4............................................................................................................................................8P7 Different tools that organisations use to develop, retain and protect knowledge andintellectual property................................................................................................................8CONCLUSION................................................................................................................................9
INTRODUCTIONInnovation is considered as a process of transformation, development and implementationof innovative ideas subject to an element, products or services. Commercialisation of innovationis mainly related to converting outcomes of innovation into returns. The chosen organisation forthis assignment is Marks & Spencers which is a retail sector organisation that deals in clothingproducts This report is prepared to explain the innovation and its values for organisation incomparison to invention. Contribution of organisation’s vision, leadership, culture and teamworkin order to form innovation and commercialisation is defined with organisational concept. 4Ps ofinnovation and use of the innovation funnel to examine the innovative idea subject to chosenorganisation is discussed. Importance of the commercial funnel and the application of newproduct development processing for commercialisation of innovation is also considered in thisreport. A case study based example to access the funding and evaluating the ways to access thefunding are considered in this report.TASK 1P1 Innovation and importance to organisations in comparison with inventionTransformation of ideas, thoughts and imagination into real things and components areconsidered as an innovation. Concept of innovation within organisation sustain a significantplace in order to maintain a sustainable structure of business. It is a process of modification ofproducts and services in more productive and effective way. Marks and Spencer has recently tiedup with Microsoft to improve the process of manufacturing and production. The firm is seekingopportunities to introduce artificial intelligence in retail sector. This is one of the innovativechange and process of transforming the change in M&S to get information and sustainablechange for better outcomes. Innovation helps organisation to maintain the flow of creativity andcreating innovative image among customers and market. Customers' mind-set and interestedbend towards innovative products and services is mainly centralised around making the. It isestimated that if an organisation regularly changes its formations and process of implementingnew products and services than it is considered effective for sustainable growth anddevelopment.Invention is an aspect of creating something according to needs and desires (Chesbrough,Vanhaverbeke and West, 2014). The concept of invention and innovation are considered similar1
but there is a significant difference found between them. Invention is a creation of new product,services, components and ideas that brings revolutionary changes in existing culture whereasinnovation is a process of forming the existing nature of products and services in more creativeand justified way. There is a bifurcation of nature of innovation and invention are defined as interms of Marks and spencer as follows;Basis of differencesInvention InnovationMeaning It indicates towards introducing newideas and thoughts in the form of newproducts and services which is neverexist before in. as M&S has inventedits’ garments ranges for all male,female and children.Innovation refers theapplication of concepts andideas subject to improveexisting products and servicesof M&S. ConceptConcept behind invention is dealingwith new aspects and imaginations forintroducing something new at firsttime. As M&S is paying attentiontowards inventing new paymentmethods thriough checking points andvariability.Concept of innovation iscentralised around making thechanges and enhance thevalues of products andservices. As M&S is seeking toinnovate its traditional wearrange for all the segments inwhich Indian and Chinesevariants.ConcernsIt remains centralised aroundintroducing the changes at first time.Main concern is related to adoptingnew inventions in M&S subject toinventing new technology.Composition of differentproducts and services arerequired to determine thechanges and process withcreative changes and variationsin Innovation in M&S.ScopeThis remain limited to research anddevelopment for all the streams inM&S.Innovation in M&S is anessential element and strength.Essentialness of innovation inM&S states for keep innovate2
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