Managing Innovation in Business

Managing Innovation in
Business

TABLE OF CONTENTS
TABLE OF CONTENTS..............................................................................................................2
Executive Summary.........................................................................................................................3
INTRODUCTION...........................................................................................................................4
The future of the industry 2020...................................................................................................4
Organization Innovation Requirement 2020 and beyond............................................................6
Building the Future Innovation Capabilities for the Organisation..............................................7
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

Executive Summary
This report has properly based on the Marks & Spencer’s future innovation in 2020 which is
trying to deal with different weaknesses through which it is unable to gain more advantage in the
retail industry. It has given brief information about new trends in retail industry which will be
going to be adopted by different retail companies in order to improve better experience of
customers. furthermore, it has compared company’s capabilities in respect of industry
requirements. In last it has developed a innovation roadmap plan for building future innovation
capabilities for the M&S so that it can rule out in upcoming year as well.

INTRODUCTION
Marks & Spencer is the retail industry that has established strong brand image in the business
market at domestic and international level within 130 years by introducing different innovative
products to the public. CW1 report helps to give brief information about M&S and it’s
innovation which have implemented in it’s business through which enables to gain good
positioning in the supermarket chain (Tidd and Bessant, 2018). There are some existing
innovative technologies like digital technology etc. practises by M&S in 2016 to give unique
experience to the customer in shopping. Overall CW1 has provided high understanding role of
innovation in the M&S through which it has achieved advanced success in the business. This
CW2 report has more benefits in this report such as in this report has provided overview of M&S
within 130 years so it will be easy to understand needs of innovation in the company accordingly
2020 through which can build the future innovation capabilities for the M&S plc that is one of
the major benefit of the CW2. The main purpose of the report is to highlight significance of
organization’s innovation requirement in 2020 that will support it to sustain in the business
market. Furthermore, it will develop the future innovation capabilities for the M&S which will
improve it’s sustainability in the retail industry.
The future of the industry 2020
In past few decades, retail industry has been entirely changed because it has adopted
various kind of changes in order to improve customer’s shopping experience (Nardelli and
Broumels, 2018). Retail industry is only an industry that always have to face market dynamics
that always change faster than ever, in that state retailers requires to adapt new shifts in
demographics, consumer preferences and attitudes. New trends always shape the retail industry
and a successful retailer always adapts emerging trends as resulted they enable to improve
operational performance and influences sales through customer’s centric approach, emphasizes
on technology & innovation and powering insights for new product development process. There
are various future trends of retail industry in 2020 such as customer-centric approach. According
to this approach, it keeps customers in the centre of the business (Tidd and Bessant, 2018).
However, customized consumer-centrically boosts growth and progress in the business market.
In this approach, company allows customers to get product as per their requirements for example
M&S provides ready-made food services to the customer. But in this state, if M&S offers
customized food services wherein allows individuals to select ingredients and continents