Managing Innovation in Business Mark and Spencer ( Distinction Criteria )

INNOVATION

.......................................................................................................................................................3
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Future of the retail industry in 2022 and beyond........................................................................4
M&S innovation requirements....................................................................................................7
Building of M&S future innovation capabilities.........................................................................8
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

Executive summary
This report presents the analysis of current strategies adopted by Marks and Spencer
which is a retail giant headquartered in United Kingdom . This report analyses the future of the
retail industry in 2022 and beyond by seeing the current scenarios ,markets condition and
consumers behaviour. The requirements of the retail company for innovation and measures for
building environment for the business were also be explained. Building of future innovation
capabilities will be briefly described about how can a retail company can innovate to stay in the
market and grow in the industry. The company is using various new methods for innovation
capabilities and is focusing on artificial technology and new age technology for introducing new
change in the retail industry. It is one of the very few companies which is is offering new age
high tech technology for consumer experience. It has installed different robots in its retail stores
which help consumers in their shopping and also helping the company in their supply chain.

INTRODUCTION
Improving and replacing something refers to the innovation like a process,product,or
service. It is a process through which products and services are replaced by using new techniques
and tools. Creating some value is the main feature of the innovation. Business have various
options to improve their competitiveness by price leadership and differentiation ,for both of
them innovation is required. Organizations can go for price leadership by developing new
innovative and effective processes. Business which want to go for differentiation they innovate
new features in the products in compare to their competitors. Today start-ups launch their
business by developing new and very innovating products and services. Innovation is the
important factors for log term success and growth of the firm. It requires higher level of
creativity. Innovation needs extra efforts and willingness for taking risks than the typical
projects. All the businesses need to innovate to grow in the dynamic environment. This report is
going to mention innovation plan for MARK and SPENCERS about how come their leaders can
implement it. Future of the industry and various innovations requirements will be also discussed.
Building innovation capabilities for the company will also be studied in brief.
MAIN BODY
Future of the retail industry in 2022 and beyond
As there is change in consumers world there should be parallel change in different
industries. Because of the changes in consumer's world, they are living in a time of huge
political, social and technological changes. Marks and Spencer observed that the consumers are
looking for organisation with leadership(Simões, Lyra and Otola, 2021). The company has been
a organisation working for social change since last 133 years. The company is showing potential
to play a leading role in future by being sustainable. Through this the company is enabling the
consumers to have positive effect on well being, communities and the planet, by the initiatives,
the company is making(Bălăsescu, 2021).
The company's aim for the future is to take care of consumers needs in environment
friendly ways. The company is increasing the global food sales from synthetic to healthier
products. It is also initiating to serve their single serve packs of snacks, ice creams, etc. which
will not be containing more than 250 calories. Many stores of the company which are full line
are arranged to have spaces for charity work, community groups and local interest groups for