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Managing Innovation in Business Assignment - Mark & Spencer

   

Added on  2020-11-12

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Managing Innovation InBusiness
Managing Innovation in Business Assignment - Mark & Spencer_1
EXECUTIVE SUMMARYThis report is continuation of previous report i.e. CW 1 which describes about theinnovational history, existing innovational performance and capability of Mark & Spencer. Nowcurrent report provides a detail description of the Future innovation by 2020 and beyond. Inaddition to this it also contain an elaboration of innovational requirement and capability thatM&S required. To determine innovational requirement porter's five model has been appliedwhich provide an information that competition and bargaining power of buyer is relativelyhigher that may affect the performance of company. So, in order to deal with this it is recommended that company must focus over bringinginnovation which help in binding customers with company's services. Apart from this todetermine the future capabilities VUCA model has been applied which identify the level ofuncertainty as well as risk involve in the project. So from this analysis it is recommended thatM&S must bring innovation such as “Augmented reality as a shopping expert to customers”.This will support M&S in providing more customised services to customers that contributetoward offering a satisfactory shopping experience to them.
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Table of ContentsEXECUTIVE SUMMARY.............................................................................................................2INTRODUCTION...........................................................................................................................1Future of Industry 2020 and beyond......................................................................................1The organisations Innovation requirement 2020 and beyond................................................3Building the Future Innovation Capabilities for organisation................................................6CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11
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INTRODUCTIONInnovation refers to the process which involve number of activities that uncovers the newmethod of doing things. Innovation in business refers to bringing some innovational process orproduct to improve the quality of services for achieving competitive advantage. Mark & Spenceris a multi national brand which is headquartered in UK and belongs to retail industry. It deals inwide variety of product categories such as home accessories, furniture, grocery items, luxuryfood, clothings and gift items (Altuna and et. al., 2015). M&S provide its services through twomediums i.e. from setting up its physical stores over several geographical areas and through itsonline web page. The main purpose of this project is to analyse the innovation that Mark &Spencer can introduce which support them in achieving competitive advantage. This report is divided into three parts where first section describes about the future ofretail industry by 2020 and beyond in term of upcoming innovations. The second part of thisreport describes about the innovational requirement of M&S by conducting Porter's 5 forcemodel. At last third section involves a detail description about building up of future innovationalcapability which contains a road map for implementation of innovation.Future of Industry 2020 and beyondRetail industry refers to the group of companies which sell goods or services to end userswho purchase them for their personal use and not for business. It includes all type of firmsranging from small groceries stores to supermarket chain and large departmental stores. Retailindustry is one of the fastest growing sector which continuously move with an aim to bring newinnovation to improve the quality of services. This is one of the most competitive sector wherenumber of players run toward eating one another's market share by improving their servicesthrough bringing new innovation every day (Biemans, 2018). There are number of players thatalways work over introducing new innovation or improving the existing product to creatingvalue and keep bringing the discerning customer back. But innovation is just not that simple thing as managing innovation involve dynamiccapability where always new methods are required to deal with changes. In order to becomecompatible with changing innovation require maintaining a connection between networks,structure, technological infrastructure through people. This innovation network can be betterconnected using spaghetti principle of innovation which work toward integrating knowledge1
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