Managing Innovation in Business

Managing Innovation in
Business

Executive summary
Management of innovation it includes both term innovation and management that means
it includes all such activities or process that used to introduce something new. It may be a new
idea, product, marketing strategies, business process innovation that are used to gain competitive
position or advantage in the market. Burberry Group PLC is British company founded in 1856 by
Thomas Burberry and its headquarter is situated in London, England. It is a luxury fashion house
and mainly deals in trench coats, outdoor attire, fragrances, fashion accessories, cosmetics and
sunglasses. The company was established with a view to develop outdoors attire but in 1879 it
has build his own brand name gabardine that speciality is hard wearing and water resistance. It
has successful in building brand image and gain loyalty of customers in term of one of the
successful company in innovation of technology, offering valuable product. In this report
Burberry has been taken as company as its one of the successful companies in managing
innovation in business. The company has use various methodologies, information, business data
to identify various drives that are present within the business and environment. The company is
successful because of effective leadership and organization plan in order to innovate new ideas.
Knowledge of organization, inter relationship between various department also play important
role in assess innovation capabilities and blockage. The company with the effective functioning
of its research and development department is able to innovate new products and by the
effectively use of marketing strategies company is able to attract target customers. At last this
report conduct the innovation development audit for introduction of the new product or services.
The Innovation audit of Burberry Group PLC company is conducted to analysis and evaluates
history of organization innovation, its present level of innovation activities and the future
requirement of innovation by the company. The audit is conducted by the company while
considering its internal and external factors that affect in innovation of new product or in
marketing strategies. Burberry Group PLC by analysing and evaluating its strength and
weakness, various factor such as political, social economical, technological and environmental is
able to identify its opportunities and threats. Thus, it includes both wider macro and competitive
environment and downstream and upstream supply chain participants. Company by
differentiating and providing innovation, special feature's product is able to expand its market
share and charge competitive price from the customers.

TABLE OF CONTENTS
Executive summary..........................................................................................................................2
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
The organization and Innovation History....................................................................................4
Organizations existing Innovation Performance and Capabilities...............................................7
The Industry in 2016....................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation refers creative thought's which involves in various activities to bring out new
ways or methods. Innovation is basically dependent on innovate. It introduces new platform in
firm and offers opportunity to generate benefits but it can be critical for living, economic growth
and success in organization. It is important for organization because it supports organization to
penetration market faster and offers opportunity to improving market in domestic level and
international level. Innovation management is important in business because it introduces new
idea at workplace and supports to change goal in qualitative services. To understand
management there is an good example of Burberry company. It is a British luxury fashion house
company which is known as fashion company.
MAIN BODY
The organization and Innovation History
Burberry Group PLC is British luxury fashion company and headquarter establishes in
London, England. It is known for innovation and product differentiation. The organization itself
designs, create and trades number of products to customers. Thomas Burberry is the founder of
the company and it is established in 1854. It is public limited type of company which has main
aim to introduces innovative products and services around the world and keeps excited to
customers. It has 498 retail stores across the world and offers services worldwide. It comes in
73th ranks in inter brands and enlist on the London Stock Exchange. Products are accessories,
clothing, cosmetics and perfumes (Goffin and Mitchell, 2016) . The revenue of the organization
is approx £2,732.8 million and operating income is estimated approx £410.3 million. Number of
employees are 9,752who provides their services in organization. It has own website
uk.burberry.com. It is main fashion house which is focused on product differentiation such as
trench coats, outerwear, fashion accessories, fragrances, sunglasses and cosmetics. It keeps
various type of products so that each type of customer cover. It is luxury brand which is famous
globally around the world. The main mission is to maintain customer loyalty and vitality of the
brand in competition market. It also focuses innovation so that number of customer gets different
taste in products along with varieties. The vision of the organization to lead sustainable growth
and generates higher margins in predetermined time.