Managing Innovation in Business

This report discusses the importance of innovation in Marks and Spencer and the future trends of the retail industry in 2020 and beyond. It explores the requirements of innovation for organizations and provides insights into developing future innovation capabilities. The report also highlights the need for effective communication and knowledge management in driving innovation.

MANAGING INNOVATION
IN BUSINESS

Executive summary
The current report is all about innovation in Marks and Spencer. M&S company in this report
tries to understand the innovation requirements in the industry of 2020. and they have to focused
on innovation acquired M&S in the industry of UK for more upcoming years and gain
competitive advantage in market. It is identified that company needs to more developed
strategically of other competitors in market.

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
Future of retail industry in 2020 and beyond...............................................................................4
Requirement of innovation to organization in 2020....................................................................6
Developing Future innovation capabilities for organization.......................................................7
CONCLUSION..............................................................................................................................11
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation management is arrangement of administration of creation development and
change management. Hence, it refers to products in business process, marketing and
organizational improvement. It also include set of equipment that allow manager of workforce
and user to company with frequent considerate of progression and objectives. These
establishment allows organization in responding external and internal opportunities and use its
inspiration to formed ideas, procedure or goods (Dittrich, Bolmsten and Eriksson, 2017). Marks
and Spencer is major multinational retailer company with many stores in different company
which includes such as clothes, home and food products along with that its own label on their
goods. M&S currently has numerous number of stores across the country and that sell only food
products, through television, advertising and also luxury foods and beverage. The company also
offers online delivery foods for their customer. The main purpose of this report is to make proper
use of new and innovative ideas have also being provided in specific market and make
innovation as most important part of every business. The innovation is being so essential in
achieving goals and objective. This report examined the future trends of industry and beyond
and organization innovation requirements. Also, study about developing future innovation
capabilities for company.
Future of retail industry in 2020 and beyond
Retail industries in 2020 and beyond will bring changes in demographics, technology
according to needs and demands of consumer’s & undergo with business analysis
benchmarks its performances and identify competitive stance of retail industry. It depicts
influencers and macro and micro factors which have tremendous effect on retail industry in 2020
and beyond. It manifests all the discussions of pertinent factors that are external and internal
environment of retail industry respectively. Strengths of an retail industry will be that it will
perform strongly across all the segments of market including supply chain internationally,
marketing strategies that are innovative, strong connect on social media platforms, positive
image and have to focus on fashionable trends. Retail industry has focus on delivering high class
consumer experience and acquires strong consumer loyalty. It will have robust logistics
management and supply chain and ethically and authentically sourced products (Bicer, Lücker

and Boyaci, 2020). High costs of non-strategic feature that includes free shipping of the retail
products which allow them to reach each and every corner worldwide and hits the margins and
maximizes the overhead expenses Retail industry will have opportunities to scalability of retail
platforms across the markets (Roggeveen and Sethuraman, 2020). Opportunities in shop able
social media post to enhance its operations and expand retail product portfolio. It will get
opportunity to add many varieties to its products, technical investments of innovations and
steadily change global fashion trends. Retail industry will get opportunity of wavering
preferences of buyers, improve income and make choices of better lifestyle. Making
advancements in technology will formulate huge opportunities of growth in the industry. Retail
industry will encounter threats of competition in both online and offline segments (Shankar and
et.al, 2020). Industry will face shift in dynamics of E-commerce markets and geopolitical
uncertainty occurred due to Brexit. It has threat of data security and effect of foreign exchange
fluctuations. Retail industry will have cyber threat and threat of data security. Political factors
that will put impact on Retail industry are impact of Brexit, trade wars. Economic factors which
will affect retail industry in 2020 and beyond are crisis in economy and vitality in the rates of
foreign exchange. Social factors that will affect retail industry are the modifications of consumer
preferences and the impact of online shopping which will gain tremendous prevalence over
shopping in shops and malls. Social factors that will affect retail industry are the modifications of
consumer preferences and the impact of online shopping which will gain tremendous prevalence
over shopping in shops and malls. Legal factors of retail industry in 2020 and beyond will be the
cyber threats and security of consumer data. Environmental factor that will impact on retail
industry is carbon emissions from the shipment of their products, packaging waste, and
depreciating consumption of energy and boost renewable energy sources. Retail industry will
face intensified rivalry from the entry of foreign players and E-commerce. Consumer’s low
switching cost maximizes rivalry that will make retail industry fragmented. Entry of a new
retailer will be quite easy and simple so retail industry player’s needs to establish appropriate
distribution channels and acquire economies of scale to compete effectively. Threat of product
substitute will be low to the retail industry because consumer will prefer purchasing of goods
from the local store instead of buying from the retail industry. Retail industries will have low
switching cost that makes the power of supplier low and can switch easily to other suppliers.

Consumers will be price sensitive and will have entire information regarding the product and its
cost and low switching cost can give high bargaining power to consumers.
Requirement of innovation to organization in 2020
Business strategy:-
The obvious indication presented in multinational business that in the future M&S will be
in need of some different innovative tools to develop in market. Organizations will try to enter
into the market and meanwhile they will generate more competition with new more technology
tools. It all based on interest of customer that organization will offer some innovative techniques
and results will be there due to having rapid changes in market among more others stores
(Donate, Peña, and Sanchez ,2016). The competitors rivals an modify M&S to develop not only
with innovative ideas but also have proper use of allocation and manage system for more
implementation planning. Existing organization will let go with their old developed tools and
take time to learn more how to enters in markets with some creation and ideas. Therefore, it is
important to adopt new ways in operating business and make more developed in different
countries with various tools and new ideas. As the world economy is growing slow with its rates
and assumed that will in 2020 more buying capacity of customer goods and services will be
reduced. Further, M&S have suggested company have to developed some innovative ideas with
prime cost without cutting the quality of products and make proper range of services which are
most important for their loyal customer.
In the supply of more innovation which might more important for organization as
basically they have associate with themselves in new shareholders and function them as
subsidiary organization (Frishammar and et.al., 2019). For example, including food supply
company with an online services with more well packaging and labelling that might be build
their company reputation as well as their popularity might be made their more income sources.
There are chances big multinational retailer company like Marks and Spencer has numerous
number of employee at various stores across countries. In developing more business strategies
for online foods they can build more them in market and get more customer from different
countries which can be have attraction of foods and various other products of company.
Resources:-

In specific M&S has to preserve among leading retailing company in the world as it need
to observe and indentify values in acquisition regard of company. Likewise other company has to
use its own branded and inheritance of decades for getting attraction of the customer. It being
true that process took time for developing. The M&S has learn how to use proper resources and
how to adopted future rapid changes (Goffin and Mitchell,2016). It can be expected that end year
of 2020 they might be have some innovation that will be approach in market and all organization
will create more utilize of it. In order to get more help M&S must combine its own acquaintance
to it for developing a characteristic popular technique tool of operation for their customer. More
of allocation of resource are being available for their management in building trust for target
audience and make them force and more attention in loyalty of their brand, As the company have
to also maintain their brand image along with brand value among competitors in market.
Developing Future innovation capabilities for organization
A inclusive idea about the effective system of M&S business makes it obvious one of principal
challenge in managing innovation is the secure of prospect resource of improvement. Some of
accepted contain comparable estimation that by structure tough and reliable source of inventive
guidance and groom would be safe the supply of innovation for the potential. In casing of choose
organization it is seen that partner are introduce with facts of innovation and the prospect in large
amount of profit margins. In some other organization that contain their stakeholder more into
their essential part of business. Other companies their customer and wealth investor for inventive
research purpose and development. M&S how much interest to their consultant in secure the
provider of innovative ideas for other employees (Liu and Jiang, 2016). In present times it is also
seen that organization are more getting disposed near the development of operate union. The
main reason behind the structure of trade unions as more optional the economic variation in the
business.
As stakeholder get implicated with processor of M&S they make full use of their particular
organization to produce the uppermost amount of influence for diverse institute and help in
secure highest possible level of revenue. The organization together work as group and candidates
are stimulated and given possibility of better career, as result of which the motivation to
innovative continue. In particular in existing obligation M&S is seen to have coordinate with
local as well as international companies. Being in business for decades in choose concern that

has been able to protected regular deliver of formation development and in arrival offer
recruitment and selection for more employees of various agencies in applying jobs in their firms.
It is also see that in numerous cases the preference for candidates are included as innovative
techniques and caring on so, hence changed its target audience are sorted to stakeholders.
Communication of knowledge and its administration
The term innovation is not simply beginning of an limited, its new innovatory ideas, rather than
system of managing a work with more proficient and non-conventional method. A close
assessment show the largely of the innovative ideas and innovation are personalized and well
impartial system of active technique (Migdadi, 2020). In order to continue stable flow of
innovative information from point to point, organization have establish programme of
understanding as an important circumstance for the expansion of being additional original. It is
significance that declare that relocate of knowledge must be shared with proper management so
that information and statistics are keep together. The coordination of the communication and
supervision involves reasonable selection process, data strapping techniques and previous but not
smallest amount successful and dependable arrangement succession.
In retailing business record of documents in other stores, balance sheet, market shares and have
some constant observation and are reorganized on regular interval. Basically records are used for
the preparation of annual audit report along with that business progress on to new financial year
audit report evaluate and balanced on terms of changes taking place in domestic as well
worldwide economy (Ratten, 2017). Generally, alteration of knowledge is very essential as
sometime it provided constancy of practice to organization that have to features speedy and
reliable variation in business to earn high fares, high probability and having more strong
competition. From different stores in sequence are being process, knowledge is imitative and is
sent to all that everyone in stores can easily make more developed to organizations.
M&S have basic information or knowledge about their customer satisfaction and who to
benefited them with their products. They can also help in various stores for new hiring of
employee in organization and make their company more in achieving goals and helps them out
for building more trends for their successful. The implementation of new techniques tools and
past knowledge has to develop n more modern form with unique style that might be offered by
Marks and Spencer for their organizations (Singh and Gaur, 2018). Here in M&S company

collection of data is based on level of relevant point at same which might be become more source
in making availability of knowledge or some competitors from market. In their many ideas are
relevant and say that every details have its own importance and that could not be over looked up
as it sometimes might be helps or support them in making their business in stores more
developed along with some more innovation ideas and creations.
Changing management conflicts and allusion of strategies
In order to developing more future aspects they have taken some logical approaches of
management for implication of strategies and conflicts in their business terms (van de Wetering,
Mikalef and Helms, 2017). Economic market and competition in trends will lead to change
importance of given time period of completion of work. These change might be brought some
changes for business in form of rivalling companies with innovation and developing their mind
in services with UK customer as well as also globally economy. In past they have some
managerial issues and to be make more availability of administration and try to provide more
safety in their products and services. They need to developed more in their stores cleanness and
safety and also try to keep high number while qualified staff in their companies. Similar after
following this strategies they can achieve as their goals or objective with setting more stores in
many developed countries.
With an objective along their strength for future the company and maintaining their innovation in
supply of products and services. M&S has taken some sample measurement in focusing on
changing issues that shopped while changing their market progress on time. Although they have
offered same pricing and more facilities to their customer, the main issue on that based on their
quality and provide them different levels of goods and services. Hence, it is said to be that
having more innovation in products that might be lead to more longer requirements of customer
and company have to face some unnecessary moments (Yun and et.al., 2020). Therefore business
strategies have to create some space in their innovative and considering some new techniques
with coordination among that maintain proper segments of arrangements.
Organization culture, leadership skills and environment
It being clear that M&S wants to stay always at top of business and have to build their future to
be secured which will provide fresh and good quality of products. That can follow up their
achieved goals and have bright future aspects, M&S company has developed more beneficial

organizational structure. It has been founded that Marks and Spence adopted large organizational
structure when they basically turned into helped their coordination staff in order to give them
authorities. While providing them authorities they have also mention benefits for their employee
in making their performance much better and make them more liable. The maintenance of
guideline disseminated by leaders to their staffs or workforce in managing company structure
aspects in other organizational structure which might be there competitors. From this techniques
employee have benefits along with they also try to improve their performance level and make
themselves more motivated according to work. M&S has developed their own reputation, further
enhanced standards, facilities their workforce more and make their company to observed by
many other customer with goods and services (Zhang and et.al., 2020). It might be have more
support to company in becoming very beneficial with working culture and satisfied environment
for organizations.
M&S have main focused on more development of working environment and culture that
might be considered, securing and more feasible future aspects for employee as well as company.
According to researcher they have ore leadership that could help them for more developed in
their company and make their more stores in different countries. A leadership being make
company to be successful and more flexible among employee towards work. From this research
likewise UK company have selected democratic leadership for it functioning and for employees
they have followed strategic leadership as their working economic situation lean to be more
developed.

CONCLUSION
This report concluded that it can be said business is extremely demanding as modify is stable
part of it. attractive more understandable that innovation constantly has been decide aspect for
the organization reverse in the similar division of business. Innovation give association that
additional help them to swiftness forward of others. As see in the container of M&S innovation
pleasing part in effective constitution of institute have situate a irregular table for its future and
has engaged sufficient derivative to achieve goals and objectives. M&S has realize the needs of
innovation which might be provisional, slightly than it is significant and mandatory part of
organizational achievement and aggressive advantage. Imitative are occupied to expand source
of dependable innovative mind and in command to achieve this goals professional technique are
efficient, accounts which are treat as the basis of information for business, is transfer in
successful protocol and manage in restricted behaviour. For the development of largely
competence of organization M&S resembling its competitor has concerned the partnerships to
greatly deeper height. It also come into the vision that there have been issue face by company
like altering in surroundings of market. The suggestion of innovation has also changed as
demands or supply of customer and their priority have distorted as well.
Enchanting into consideration all the aspect of innovation and its supervision in business, with an
extraordinary indication to M&S it can be that association has secret code of very clear future
that is occupied of positivity. If corporation can deal with small coming of its fundamental part
and execute inventive ideas for its outlook it determination be talented to endure in market and
be capable to obtain its performance most competitive.

REFERENCES
Books and journals
Bicer, I., Lücker, F. and Boyaci, T., 2020. Beyond retail stores: Managing product proliferation
along the supply chain.
Dittrich, Y., Bolmsten, J. and Eriksson, J., 2017. End user development and infrastructuring–
sustaining organizational innovation capabilities. In New perspectives in end-user
development (pp. 165-206). Springer, Cham.
Donate, M.J., Peña, I. and Sanchez de Pablo, J.D., 2016. HRM practices for human and social
capital development: effects on innovation capabilities. The International Journal of
Human Resource Management. 27(9). pp.928-953.
Frishammar, J. and et.al., 2019. Opportunities and challenges in the new innovation landscape:
Implications for innovation auditing and innovation management. European Management
Journal. 37(2). pp.151-164.
Goffin, K. and Mitchell, R., 2016. Innovation management: effective strategy and
implementation. Macmillan International Higher Education.
Liu, L. and Jiang, Z., 2016. Influence of technological innovation capabilities on product
competitiveness. Industrial Management & Data Systems.
Migdadi, M.M., 2020. Knowledge management processes, innovation capability and
organizational performance. International Journal of Productivity and Performance
Management.
Ratten, V., 2017. Sports innovation management. Routledge.
Roggeveen, A.L. and Sethuraman, R., 2020. Customer-Interfacing Retail Technologies in 2020
& Beyond: An Integrative Framework and Research Directions. Journal of
Retailing. 96(3). pp.299-309.
Shankar, V., and et.al., 2020. How Technology is Changing Retail. Journal of Retailing.
Singh, S.K. and Gaur, S.S., 2018. Entrepreneurship and innovation management in emerging
economies. Management Decision.
van de Wetering, R., Mikalef, P. and Helms, R., 2017. Driving organizational sustainability-
oriented innovation capabilities: a complex adaptive systems perspective. Current opinion
in environmental sustainability. 28. pp.71-79.
Yun, J.J. and et.al., 2020. The culture for open innovation dynamics.
Zhang, Y. and et.al., 2020. Critical success factors of green innovation: Technology,
organization and environment readiness. Journal of Cleaner Production, p.121701.
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