Managing Innovation in Business CW2

Managing
Innovation in
Business CW2
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EXECUTIVE SUMMARY
Innovation is a continuous part of every organisation that is required for the purpose of
developing a route map that outlines the different types of innovation process. For surviving in
industry and the external market that is completely dynamic and changes very fast according to
the specific requirements and demands of the people who are most important stakeholders for
every organisation as they played the role of customer who are in turn responsible for whole
revenue and profitability of each and every organisation. It has become very for approaching
different sources of information and applying different frameworks to develop a detailed
understanding and overview to identify the areas where new innovation can be made and then
use them for them to enhance present share of market and at last the level of revenue.
Present report is based on the Marks and Spencer wear this organisation is planning to
launch a completely new segment of products that has been different from the existing range of
accessories footwear’s, bags and clothing that they have been dealing cancel long period of time.
But now this organisation is willing to learn something different and new and that is completely
innovative for their existing oil base of customers and for this there is usage of certain
frameworks in order to understand what lies in the future relate with the overall competitive
capabilities in this new launching segment and how effectively can the overall innovation can be
managed by Marks and Spencer.
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Table of Contents
EXECUTIVE SUMMARY.............................................................................................................3
Introduction......................................................................................................................................5
The Future of the Industry 2020 and Beyond.........................................................................5
The Organisations Innovation Requirements 2020 and Beyond............................................7
Building the Future Innovation Capabilities for the Organisation.........................................8
Conclusion.....................................................................................................................................14
REFERNCE...................................................................................................................................15
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Introduction
Innovation is a process that is related with creating something new and different from the
existing products and services offered by organizations. It can be brought by launching
something you or by making changes in existing products also. It has become very essential for
organizations to bring time the innovation in order to survive in the market for a longer duration
of time because customers have become more demanding as there are large number of
competitors available in every sector that are offering variety of products to customers and
customers have a zero switching cost (Osiyevskyy, 2016). Contribute to high demanding
customers for more Innovation and timely changes. Present report is based on the future of
industry for the Marks and Spencer. This organization has planning to innovation in terms of
new kitchen ranges. Further there is deposition of test industry in the year 2020 and beyond that.
There is a requirement to build up our vision capability for this organization. Lastly there is a
conclusion drawn based on the all discussions of important aspects related to the innovation that
is bought by Marks and Spencer and how is this related to more enhancement of growth for this
brand. Organization has to make innovations in fulfillment of their future requirement and long-
term survival.
The Future of the Industry 2020 and Beyond
Marks and Spencer has made of launching a complete new range that is different from their
existing range of products that were completely related with clothing accessories shoes etc. I
have made linking of the new products with their already launched products so that they can be
benefited from the existing brand image and loyal customer base.
Presently, it can be said that before the impact of covid-19 virus major businesses of making a
very high progress in implementation of the overall transformation program with their food
outperforming market (Phadermrod, ., Crowder, and Wills, ., 2019)There have been lots of issues
with regards to changes that are taking place regards to clothing range and kids clothing range
very slow growth in recent years for Marks and Spencer. This new innovation is very important
for this organization to start something new and innovative different from the existing range of
products so that customers can find something exciting and completely different their demands
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