Managing Innovation: Importance and Impact on Marks and Spencer

MANAGING
INNOVATION

Executive Summary
Present report include innovation aspect along with their importance in order to bring
something new and advanced in respect to industrial sector by an organisation in order to extend
and ensure their growth. In order to conduct test report Marks and Spencer is being duly taken
that engage in the services of offering products like clothing, home product, accessories and
food. Most important motive of this entity is to provide consumer satisfaction to maximum level
by offering them attractive and high quality products according to their actual demand and need.
Further it has been identified that present report is characterized into three different parts in
which first segment involved innovation history of respective organisation that state that this
organisation undertake use of innovation over past years in a significant manner. Along with this
pestle evaluation is being undertaken to evaluate the factors that facilitate innovation in effective
manner. Second segment of this report include company overall existing performance in addition
to their capability that act as enforcing element to bring innovation. It states that entity is having
full capacity to take proper as well as effective use of innovative techniques as well along with
current prevailing trends in retail industrial segment. At last this project also includes overview
of retail industry to gain formative insight into scope for companies as well as growth of industry
to engage them in innovation.
It is being evaluated that M&S continuously take on themselves in innovation practices in
which they build up and devise the product and services accordingly to needs and demand of
consumer. It has been identified that and it has duly formulated a 5 year transformation
programme with a motive to maximize overall sales and profitability of company.
Company is being recommended to effective take utilization of Emotient in order to acquire
awareness of customer sentiments in terms with services and products that get company delivers
to their customers.

Table of Contents
Executive Summary.........................................................................................................................2
INTRODUCTION...........................................................................................................................1
Innovation History..................................................................................................................1
Company active Capabilities and innovation performance....................................................3
The Industry............................................................................................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
A process within which new product is formed by taking assistance of unique technology or
other value addition elements with an aim to maximize quality or feature of existing goods as to
make them more efficient according to needs and demand of consumers is known as innovation
(Md Zaini, Samkin and Davey, 2020). Present report is based upon Marks and Spencer,
organisation operate their services as a British retailer headquartered in London United
Kingdom. Entity provides product range of accessories, food, clothing, home product etc and
offer high quality services to their consumers. In addition to this report include formative
discussion on company performance in terms of innovation in addition to their ability is to take
innovation as future opportunity. Along with this report include overview of respective industry.
Innovation History
Illustration 1: Innovation Timeline of Marks & Spencer
(Source: Innovation Timeline of Marks & Spencer, 2019)
PESTLE
Pestle analysis is a statistical framework through which organisation can identify number
of factors along with their impact upon business operation. Mentioned below pestle analysis in
1