Managing Innovation in Business

Managing innovation
in Business

Executive Summary
Innovation is defined as a process of creating developing and implementing a new product
services or process with having an aim to maximize effectiveness, efficiency and competitive
advantage. In this with the assistance of innovation management organisation can effectively
respond towards internal as well as external opportunities and can further take advantage of
creativity in order to introduce new product, idea or process in best effective manner. In simple
terms it is a process in which Idea or invention translate into services and products in order to
further create value from them and satisfy consumers. Recent report has been conducted on
Marks and Spencer, a British retail multinational organisation conducting their business
functions in retail industrial sector with having its headquarter in London, United Kingdom.
Company offer accessories, food, clothing, home products etc to consumers. In this report
formative discussion has been made on organisation innovation history along with existing
innovation performance of entity. In addition to this report include capabilities to bring
innovation in future in context with industry overview. Along with this report also include pestle
analysis through which entity can effectively able to identify driving factors for innovative and
further identify factors that are having significant impact on organisational performance in order
to foster organisational capability of innovation. It further assists entity to undertake use of
innovative techniques and latest trends that are prevailing in retail industrial sector.
This has been identify that Marks and Spencer constantly engage in practices of innovation
in order to develop and design their services and products effectively according to consumer
requirements. In addition to this it has been identified that organisation formulated a 5 year
transformation program in order to significantly maximize their profitability.
In relation with this, Marks and Spencer is recommended to undertake use of Emotient as
to effectively acquire knowledge related to customer segment towards services and products that
company delivers.

Table of Contents
Executive Summary.........................................................................................................................2
INTRODUCTION...........................................................................................................................1
The Organisation and its Innovation History.........................................................................1
The Industry............................................................................................................................4
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Innovation termed as a procedure in which product, services or process is being developed
with the assistance of unique technology or value addition in order to effectively satisfy
customers according to the current prevailing trend in marketplace (Baldwin and Curley, 2020).
Present report is being conducted on Marks and Spencer; this company perform their business
functioning in retail sector and offer different type of product and services to customers with
having headquartered in London, United Kingdom. This report revolves around organisation
innovation history along with entity existing innovation performance. Further this report includes
entity capabilities to bring innovation in future. Lastly this report involves industry overview.
The Organisation and its Innovation History
Marks & Spencer is one of the leading international multinational brands that mainly came
into existence by Michael Marks in the year 1884. Marks were a Polish refugee started their
market stall in Leeds with having a slogan “Don’t ask the price, it’s a penny. In addition to this,
it has been evaluated that company is having 980 stores in UK provinces and 615 among them
mainly conduct their business operations in the segment of food items distribution. By exploring
organisation innovation timeline it has been identified that entity have undergone with number of
transformation over last century. This can be determined with first store of Marks and Spencer
that was open in the year 1904 in Leeds. Further in 1920 organisation adopt revolutionary policy
that effectively forecasted direct purchase through suppliers. In 1931 Marks and Spencer
launched a food unit which engaged in the process of offerings produced and canned items to
consumers. Till 1933, this entity established welfare services for their employees that provide
different type of facilities like subsidised canteens, campaign holidays, dental immunities
pension, and healthcare etc.
Marks and Spencer by continuing their innovative trend emerged out to be the first
organisation in retail industrial segment which have launched their own research library in 1934
in which new fabrics facilitated (Euchner, 2020). Further it has been identified that in 1948 with
the help of innovation Marks and Spencer came up with Food Technology Department with an
aim to develop formative relationship with producers, farmers and suppliers with an aim to work
closely with them.
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