PDF: Managing Innovation in Business
Added on 2020-10-22
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MANAGING INNOVATION INBUSINESS
Table of ContentsEXECUTIVE SUMMARY: ...........................................................................................................3INTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3Overview of the industry........................................................................................................3The Future of the Industry 2020 and Beyond.........................................................................4The Organisations Innovation Requirements 2020 and Beyond............................................6Building the Future Innovation Capabilities for the Organisation.........................................9CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14
EXECUTIVE SUMMARYIndustry in 2020 is majorly comprises of big structure or market segment which providessupport to any industry, in an effective or productive manner, this report has cover analysis of anindustry in 2020. Along with this, report has been covered on testing the industry in UK in 2020and beyond. Also, report has covered organisation innovation requirements in 2020 and alsobuilding future retail innovation in location of the UK. Lastly, this report has put strategicanalysis on building of an innovation.INTRODUCTIONIn a current business scenario, innovation is a leading process in which any new productor services in used to be developed with proper generation of an idea or knowledge (Abdelkafiand et. al., 2013). Also, in this present era, implementation of an innovation is requiredcontinuous analysis of current trends or scenario to make it productive for future period of time.In addition to this, management of an innovation is complimentary process, in which an effectiveplanning, organising and controlling is a need to increase its long term outcomes in the case ofdevelopment of effective product or services. This report will be based on managing innovationfor a Marks & Spencer and also have major understanding of how products or services can beadapting. Along with this, purpose of this report is to analyse future of a retail industry in 2020and checking suitability in beyond time duration. Also, report will focus on building of a futureinnovation capability for a Marks & Spencer to bring the business process into a reality of abusiness empowerment for a longer period of time. Also, the structure of this report is highlycomprises of critical analysis on how future sustainability of an innovation can be survived.MAIN BODYOverview of the industryRetail industry is one of the leading industry, which deals in selling products or serviceusing outlet support and also third party to assist in easy availability and sources for products andservices. Marks & Spencer which is a leading retail selling fashion, food & groceries to thepeople at a greater point of time. This is an industry in which innovation is going on to makesworking more productive as well as ensures effective productivity for long time duration. This isa company, where people used to buy groceries, fashion and food products.
The Future of the Industry 2020 and BeyondThe future of retail is in the hands of an extreme digital. The way customer shops in pasttime and now has changed. This is why of transformation of a digital regulation to make retailshopping at more ease and convenience. Now, retail sector has been transformed into electronicsector which is recalled as e-retail or in electronic form known as e-commerce which is a processcustomer can purchase goods or services through online shopping platform to sell more goods orservices in easy period of time (Smith and et. al., 2013). Online has inflicted great damage totraditional retail shopping and transformed actual use of the smartphone to survive an existenceretail sector. Future of a retail industry is very bright, which involves higher expectancy to onlineselling as many customers are transforming their choice of purchasing into an online, withpurpose to suitability of business regulation or satisfying customer with sources of saving timeand cost. Till 2020, innovation will surely cover an entire market of a retail sector, where growthof a business such as in retail industry is wide and broad. Also, innovation will go for longerperiod of time. Till 2015, retail industry is under pressure. Many retailers are finding themselvesin uncomfortable condition or position as margins out of the selling have squeezed between as aweakening demand and also rising costs. Ups and downs of a margins is happening, because ofcontinuous fluctuation in pricing of a products or services of a Marks & Spencer retail products(Du and et. al., 2014). In previous time, Marks & Spencer has faced certain issues, on whichcritical reflection is required to be put to increased common working in a given point of time. Asalso customers are majorly looking for price benefits in order to arrive at a true or validconclusion for a longer period of time. Retail industry is one of the fastest growing industry,which are playing their role in development of customer ease to make available goods or serviceswith an usage of internet commerce & use of mobile technology to generate easy buying to givecustomers a bigger level of convenience for a longer period of time. There are various factor'ssuch as technology, human resources, prices which has been expected, that will impact’s clothsretail industry in the 2020 and beyond. In contrary, these factors are needs to be overcome bystrategic planning or planning to overcome its negative impacts.Future of a retail industry is majorly consisting of empowerment of a technology alongwith unique equipment’s that will be used to grow performance of a retail sector in given pointof time.
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