Managing Innovation in Business

Managing Innovation in
Business

Executive Summary
Innovation is defined a creation, development and implementation of new method, idea,
device or something new. Main motive behind this is to attain more growth, development and
sustainability in respective marketplace area. This report discusses the importance of innovation
along with its impact upon organisation development and growth. Report involves discussions
upon Marks and Spencer which is conducting its operations in retail industrial sector and offer
different types of products and services to customers with high quality. It has been evaluated that
company believes that innovation is most important factor through which many advantages can
be gained in terms of long term sustainability, higher profitability, maximised effectiveness and
more. This makes company to implement different types of innovative practices in order to serve
customers in a well define and effective manner. According to the analysis it has been
determined that in order to assure success it is essential for an organisation to implement
innovation within their organisational workplace practices in order to maximise its profitability
in a well define and effective manner. In addition to this it has been underlined that innovation
allows entity to gain more competitiveness as compared to other rivals. This report is being
segregated in three parts, first part of this report includes Marks and Spencer innovation history
in which explanations is being given related to the use of innovation within company from past
many years. In addition to this, report also include PESTLE analysis through which organisation
can evaluate its strength, weaknesses, threats and opportunities. While on the other hand, second
part of report involves formative discussions upon existing performance of entity along with its
capability which is acting as key factor to bring innovation. Lastly, present report states overview
of retail industry in the year 2016.
It is being determined that Marks and Spencer management effectively engages in the
practices of innovation that facilitates them to design and develop attractive and unique services
and products to customer. In addition to this, it has been underlined that M&S management
developed a 5 year transformation programme in order to enhance organisational success at great
extent. Furthermore, Marks and Spencer is being duly recommended to take advantage of
Emotient as to have effective and accurate awareness of sentiments of consumers in terms with
the behavioural pattern towards the delivered services.

Table of Contents
INTRODUCTION...........................................................................................................................1
The Organisation and its Innovation History .............................................................................1
The organisations existing Innovation Performance and Capabilities........................................3
The Industry................................................................................................................................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Innovation is termed as a procedure of innovation in which introduction of new methods,
goods and creation, development and implementation of new product is being done with an aim
to improve effectiveness, efficiency and gain competitive advancement (Zhang and et. al.,
2020). In this process technology plays major role through which needs as well as demands of
customers can be fulfilled. This report has been made on Marks and Spencer, which is
performing its business operations as leading British retailing organisation while having
headquarter in London, United Kingdom. Company offers wide range of clothing, accessories,
home products, food etc. and many other services to customers through online channels and
advanced stores. In this report formative discussions has been conducted on innovation
performance of company along with its capabilities to enforce innovation.
The Organisation and its Innovation History
Illustration 1: Innovation Timeline of Marks & Spencer
( Source: Innovation Timeline of Marks and Spencer, 2019)
PESTLE Analysis
PESTLE analysis is defined as a strategical frame work that allows an organisation to determine
its strength, weaknesses, threats and opportunities. This will further facilitate them towards
framing strategies for overcoming weaknesses and gain growth opportunities. PESTLE analysis
1