Managing Innovation in Business

Managing innovation in business
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Table of Contents
INTRODUCTION...........................................................................................................................3
REFERENCES................................................................................................................................4
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INTRODUCTION
Innovation is a practice of creating something new which is based on the element of
creativity. This is very important for business that they keep innovating new things in order to
fulfil varied needs of customers and market they are serving. This report will discuss about
innovation contextualizing Marks and Spencer. This is British Multinational retailer
headquartered in London, England. M&S specialize in selling clothing, home products and food
products. Marks and Spencer has involved innovation in its core business practices and offers
different type of products which are according to needs and desires to attract customers and stay
competitive in market.
Organization and its innovation history
In UK there are many retail companies which is operating. Each of them provide various types of
products and services to people. Also, they develop strategy and plan for growth and expansion.
For every organization it has become essential to innovate new products and services in order to
attract people. Marks and Spencer is a UK brand having its head office in London. They offer
various types of retail products such as clothing, home and food products. The company was
founded by Michael marks and Thomas spencer in 1866 in Leeds UK. There are various brands
of company and one bank as well as subsidiary. There are total 80,000 employee working in it.
Till 2022 over 100 stores will be closed by them as radical plan. The company has done many
innovation in it which has resulted in creating a large customer base in several markets. The
innovation history is in 1960 company used a cold chain distribution of frozen food items. It
enabled in creating new value in retail sector. Also, in 1934 they brought new fabric by setting
up own lab and Textile technology. This enabled in providing new fabric and design of clothes to
people at cheap cost. So, new and high quality products were introduced in the market. M&S
was the first retailer to launch seam free, ladder resistant stockings. And as technology advance,
they also introduced wool garments that could be machine washed and new finishes for cotton.
Furthermore, many innovation were made by them which led to their growth and development.
The company entered into online store in 2014 as developed official website from where people
can shop online. They provided similar variety of products and services to people. Besides that,
as part of innovation in sustainability a radical plan is formed in which organization will close
100 stores. This is done to promote sustainability. Apart from it, some technical innovation has
been done by Marks and Spencer in food sector. This has enabled in developing new products to
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