Managing Innovation in Business

MANAGING
INNOVATION IN
BUSINESS
1

INTRODUCTION...........................................................................................................................................4
The Organisation and its Innovation History...........................................................................................4
The Organisations existing Innovation Performance and Capabilities.....................................................7
The Industry............................................................................................................................................8
CONCLUSION.............................................................................................................................................11
REFERENCES..............................................................................................................................................13
2

INTRODUCTION
Innovation can be defined as a process in which new product are established with an aim to
offer something innovative in marketplace. In this technique or any other value added feature has
been undertaken in already existing product or services in order to fulfill changing needs and
demand of customers (Helper and Henderson, 2014). Present report has been conducted on
Marks and Spencer with having company headquartered in UK. Entity operate their functioning
as a leading British retailer and offer products like accessories, food, clothing, home products
etc. In this report formative discussion has been made on organization innovation history along
with existing Innovation performance of entity in addition with its capability to bring about
innovation in future. Lastly, report includes industry overview.
The Organisation and its Innovation History
Marks and Spencer conducted operation as an international multinational and came into
force in 1884 when Michael marks a Polish refugee started a market stall in Leeds under a slogan
“Don’t ask the price, it’s a penny”. Entity has 98 stores across the provinces of UK out of which
650 stores engage in the functioning of food distribution.
While taking the aspect of innovation timeline of Marks and Spencer this has been
evaluated that entity effectively transformed a lot over the last century, its first store launched in
1904 in Leeds. In the year 1920 Marks and Spencer showed implementation of revolutionary
3

policy in which there was direct purchase via suppliers. Further it has been evaluated that in
1931 entity launched their food unit that offer canned and produced items. In addition to this, it
has been evaluated that by the end of 1933 organization established welfare services for
employees in which they offer them facility is related to pension, subsidized canteen, dental
amenities, camping holidays, healthcare facilities etc.
By taking advantage of innovation Marks and Spencer emerged out to be the first retailer
who established their own research laboratory in 1934, this laboratory engage in the processing
of revolutionary new fabrics (Goolsbee and Krueger, 2015). By the year 1948 Marks and
Spencer initiated the food technology department with an aim to build formative relationship
with suppliers, farmers and producers and work closely with them in order to bring change and
create value for the brand. Further it has been identified at Marks and Spencer in 1954 took
survey of women leg sizes and launched unique sizing procedures for stockings. Entity also
came up a Chinese and Indian food in the year 1974.
Marks and Spencer during 1999 entered in the world of e-commerce and introduce its own
online shopping platform and website to customers. In the year 2020 Marks and Spencer
introduced to Blue Harbour men’s range in marketplace that significantly increases sales volume
of entity. By taking advantage of continuous expansion Marks and Spencer during 2016 started
their sales through European Zalando over their Dutch, German, Belgian, Austrian and French
sites.
4