Managing Innovation in Business

MANAGING INNOVATION IN
BUSINESS

EXECUTIVE SUMMARY
Innovation refer to something unique such as an invention or attempt of developing as
well as introducing new things like a product and service. It brings several benefits for
companies or individuals that has adopted this concept and conducted practices in the context of
it. M&S is one of those supermarkets that has gained benefits by using innovation elements and
conducting activities to do so, which is quite beneficial for its business growth and success. It has
adopted each trend and make modifications within existing plans accordingly. Organization by
taking initiatives to be sustainable and using digital tools has gained competitive edge. With
skilled and talented workforce, firm has taken effective decisions that in return has provided
benefits to it in term of increased profitability, performance level, productivity and customer
base. By adopting requirements related to innovation, it has enhanced the customer satisfaction
and successfully retained them with purchase of quality items and services. Furthermore, from
this study it has been determined that by building innovation abilities for supermarket, it has
obtained in the future growth and success opportunities.

Table of Contents
EXECUTIVE SUMMARY.......................................................................................................................2
INTRODUCTION.....................................................................................................................................3
TASK 1.......................................................................................................................................................3
Future of industry 2021 and beyond........................................................................................................3
Organizations innovation requirements 2021 and beyond.......................................................................5
Building further innovation capabilities for Marks & Spencer................................................................6
CONCLUSION........................................................................................................................................10
REFERENCES........................................................................................................................................11

INTRODUCTION
Innovation is defined as procedure of development and application of new idea that
enhance the way things are complete and what can be gained. It has been conducted by many
organizations into procedure format to create value for customers by applying effective solutions
and methods. It is quite important for management to attempt in the context of managing
innovation within their businesses, which bring several benefits to them in term of increasing
customer base, productivity, building strong brand image in market and maximize profitability.
Innovation management refer to procedure of coming up with and launching new products or
services and establishing a venture. The current assignment will be based on Marks & Spencer,
which falls under the category of leading fashion brands in the United Kingdom. The best thing
about company is that it concentrates on making its customers happy by offering quality goods in
numerous category such as grocery, apparel, fashion, cosmetic, gifts and flowers. Its goal is to
inspire and excite each customer at every turn. The purpose of this study is to explain future of
industry, firm’s innovation needs in 2021 and beyond. It will justify building in the future
innovation abilities for chosen supermarket.
TASK 1
Future of industry 2021 and beyond
Retail industry is one of those profitable and productive sectors in the that has gained a
lot of success. It encompasses varied forms of ventures like supermarkets, chain outlets,
department stores, especially variety of outlets, mail order, franchise and online merchants. The
future of this sector due to certain factors may get affected. For example, innovations or
innovative concepts may enhance the productivity of industry even better than last few years. In
2021, organizations that has operated under this sector may experience the influence of varied
things that are discussed below;
Overview of retail industry future innovations-
There are several things that will happen in the future that may put positive impact on
sector 2021 and beyond it (7 Technological Advancements in the Retail Industry to Make You
Say Wow, 2021). For example, robotic innovation is one of those in the future concepts that
allow management to give memorable experience to their target customers by serving their