Managing Innovation in Business (Distinction Criteria) - BM627

BM627: Managing
Innovation in Business
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Executive Summary
The term business innovation refers to when a workforce takes considerations of new
processes, products or services that guides positive changes while operating business tasks in
contemporary business environment. For the provided report document highlights evaluation
over innovation strategies adopted in chosen company while briefing on its innovation history is
being discussed. Further in the report critical considerations to existing innovation performance
and capabilities of the respective business firm will also be taken into consideration. The
provided report will serve as an effective basis for which business workings will be analysed
while working in tough situations. Lastly, a brief analysis of industry in 2021 will be presented
that coordinates with productive terms of the business firm.
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Table of Contents
Executive Summary.........................................................................................................................2
Introduction......................................................................................................................................4
The organisation and Industry overview..........................................................................................4
Background of Marks & Spencer and innovation history...........................................................4
Existing innovation performance and capabilities at Marks & Spencer.....................................5
The industry in 2021...................................................................................................................8
Conclusion ......................................................................................................................................9
References......................................................................................................................................10
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Introduction
The term innovation have gained a vital part for companies while operating several
business tasks in contemporary business markets. The purpose of the report is to conduct an
innovation audit for the selected organisation i.e., Marks and Spencer. The provided company
was founded in 1884 by Thomas Spencer and Michael Marks as its respective founders which is
being headquartered in London, England, UK (Sirilertsuwan, Ekwall and Hjelmgren, 2018). The
given document containing innovation audit will include analysis over existing innovation
performance as well as capabilities for chosen company i.e., Marks & Spencer. Furthermore,
working of industry in 2021 will also be taken into consideration (Chakraborty and Biswas,
2020).
The organisation and Industry overview
Background of Marks & Spencer and innovation history
The respective company i.e., Marks and Spencer has it existence since 1884 that operated
as a stall in an open market in Leeds, Yorkshire. The stated company was founded by Michael
Marks and Thomas Spencer in Leeds for about 138 years ago when Jewish immigrant Michael
Marks came to the north of England. The company currently is working under supervision of
Steve Rowe as its chief executing officer or CEO. Timely researches are being performed with
respect to analyse business environment on the basis of which techniques of innovation is being
taken into consideration to grab potential opportunities available in the market (Colucci, Tuan
and Visentin, 2020).
According to Hannah Jenkinson, (2017), Marks and Spencer have a wide history of
innovation since its establishment over 130 years. Drawing on the instance respective company
was the first food retailer that appointed technical executive and chief chemist to the food
division. This helped respective company to deliver quality of food products that is still
demanded in current markets. In addition to this, in year 1934, M&S was recognised as the first
British retailer that used own research laboratory to pioneer new fabric. This innovation helped
respective company to maintain strong relationship with its suppliers through adopting advanced
textile technology laboratory (What 130 years of M&S history can teach us about innovation,
2017).
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