Managing Innovation in Business

MANAGING
INNOVATION IN
BUSINESS
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Executive Summary
Innovation is defined as introduction and implementation of new methods as well as ideas.
In this processs there are different types of functions and activities are involved in order to
uncover new ways to things. Innovation creates better opportunities for organsiation through
which they can ensure more economic growth. Present report include organization along with its
innovation history. In addition to this, company existing capabilities and innovation process. It
signifies that entity is effectively capable to undertake use of effectice techniques as well as tools
that are prevailing in retail industrial segment. At last this report include retail industry overview
in order to gain formative insight about industrial growth and entity scope.
This has been identified that Marks and Spnecer continuously engaged in innovation
practices as to effectively devlop sevices as well as products in order to fulfil satisfaction of
customers and ensure more developing growth in a best effective manner. It has been determined
that organsiation established 5 year transformation programme with an aim to increase
organsiational sales as well as profiutablity. This is recommended to entity to undertake use of
Emotient in order to acquire formative knwolege related to customer segment in context with
services as well as products that company delivered.
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Table of Content
Executive Summary.........................................................................................................................2
INTRODUCTION...........................................................................................................................4
The Organization along with its Innovation History...................................................................4
The companies existing Innovation Capabilities and Performance.............................................6
The Industry.................................................................................................................................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12
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INTRODUCTION
Innovation is 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 home products, accessories, food, clothing, 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 get innovation in
future. Lastly,report defined overview of industry.
The Organization along with its Innovation History
Marks and Spencer conducted operation as an worldwide cosmopolitan and came into
existence in the year 1884 when Michael marks aPolish 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. Marks and Spencer operates services in developed economy that provides
effective ways that facilitate organizational growth as well as expansion. It has been evaluated
that UK acts as major revenue generating source for entity as this, Nation encourage innovation
with different economic flexibilities.With respect to this, in the year 1920 Marks and Spencer
showed implementation of revolutionary policy in which there was direct purchase via suppliers.
This has been determined that by the passage of time there is a constant and dynamic
change in consumer taste, preferences and choice. According to the current scenario consumers
are mainly turned towards low-calorie and organic content food. This makes Marks and Spencer
to focus upon production of food with less calories and sugar content. Generation nowadays in
United Kingdom constantly upgrade their clothing lifestyle that makes company to regularly
engage with innovative offerings in order to ensure competitive advancements. In this relation, 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
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