Managing Innovation in Business

Managing Innovation
in Business

Executive Summary
Innovation has become an integral part of success of businesses in current business
environment. Marks and Spencer is one of the organisations who has brought several innovations
and managed them in very successful way. Among all innovations, that Marks and Spencer
brought, its innovation in clothing and textile and food business are highly successful and made
considerable impact on industry in past. Through identification of different sources and analysis
of them helps in determining that practices of innovation are still being strongly emphasised by
company. Earlier innovations were in form of products now company is focusing on practices
and processes along with digitalisation and sustainability.

Table of Contents
INTRODUCTION...........................................................................................................................4
Purpose of the report........................................................................................................................4
The organisation and industry overview......................................................................................4
Sources of innovation..................................................................................................................6
The Organisations existing Innovation Performance..................................................................7
The Industry in 2021..................................................................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Business innovation is concerned with a process in which organisation seeks to develop
new products and services. Purpose of business innovation is to cater changing new needs and
requirements of customers and in case innovation is in form of process, it involves improving
organisation practices. Management of business innovation involves identifying and developing
innovation and ensuring that innovation in organisation can achieve objectives behind the
innovation in organisation.
Purpose of the report
This report aims at conducting innovation history of the organisation and this will done
through innovation history, present level of innovation and by identifying future innovation
requirements of the organisation. In this firstly history of organisation will be discussed and
along with overview of organisation. Followed by this, existing performance of the organisation
will also be discussed including new and previous products and lastly industry in 2021 will be
discussed in report. Industry in 2021 includes identifying impact of Brexit and Covid-19 on
performance of business organisation and their actions to overcome different obstacles that they
experienced.
The organisation and industry overview
Marks and Spencer (M&S) have been contextualised for discussion in this report. M&S is
a major British multinational organisation. It was founded in 1884 by Michael Marks and
Thomas Spencer, in Leeds, UK and is headquartered at London, England, UK. M&S operates in
retail industry, retail industry is one in which firms are engaged in offering goods and services
directly to consumers (Malar, 2019). Concerned with size of retail industry in the year 2021 total
retail sales worldwide was $25.04 trillion. This outlines that retail industry is one of the biggest
industry and M&S operates in this industry. M&S specialises in selling clothes, food products
and home products and mostly products of M&S are of its own label. Currently Marks and
Spencer operates in UK and 62 other countries and it operates through 1519 stores and 44
websites of the company. In order to complete all its activities and operate organisation
successfully in global marketplace M&S employs around 78000 employees. As of 2020 M&S
4