Business Innovation: Practices, Knowledge, and Skills Report

This report explores the concept of innovation within a business context, emphasizing its relationship with knowledge and skills. It begins by defining innovation and its importance in achieving competitive advantage, particularly in the context of Marks and Spencer. The report examines how knowledge management and innovative practices can improve business operations. It discusses the application of innovative ideas, such as the use of smart shopping technologies. The analysis is based on research and real-world examples, with a focus on how innovation, specifically in the context of Marks and Spencer's accessories, can lead to increased revenues and profitability. The conclusion stresses the importance of continuous innovation for business survival and long-term market sustainability. References to academic sources are included to support the report's findings.

Professional
Presentation

Table of content
 Introduction
 Relationship and influence innovation, knowledge and skills
 Own innovative practice
 Judgement from research
 Range of supportive evidence
 Conclusion
 References

Introduction
Innovation is defined as a carrying out of new combinations that include
introduction of new goods, new method of production opening of
markets. It basically refers to a process by which a domain, product or a
service is renewed and brought up to date by applying new processes by
introducing new techniques or establishing successful ideas to create a
new value. It is generally defined as a creation of value in companies.

As increasingly innovation in carrying new products or
services and its implementation of key processes that are
becoming a vital source for companies to gain competitive
advantage. As research on innovation in companies is
important and necessary as there is a unique set and
combination of processes and resources that are involved that
helps in explaining innovation as a critical factor in
predicting performance of companies.
Relationship and influence innovation, knowledge
and skills

Knowledge based resources has been well documented in literature.
Knowledge management is defined to have a ability that increase
competitive advantage in companies like lowering overall cost and
developing and increasing employees. Knowledge has been described
as a context specific, and as a context of knowledge management
process.
CONTINUE…

Own innovative practice
It is necessary to carry innovation in company's operations and products
in order to carry its survival and maintain profitability of their company.
In terms of Marks and Spencer, company id having and creating
innovation in their accessories of perfumes section.

CONTINUE…
 Use of smart shoppers: Company could this innovative idea in
their business practices and as a result it will be provide an
opportunity for business to use various smart stores and smart
shoppers that will help in generating profits for company. In terms
of Marks and Spencer, company take use of various smart shops to
promote their product.

Judgments from research
From above statement it ha been analysed and evaluated that innovation
can be referred as a process of creating something new in their products
and services. In terms of Marks and Spencer, company could implement
innovation in their accessories that is launching and providing perfumes in
their stores as implementing this innovation in their business practices
will help company in providing various benefits like increasing revenues
and profitability of company

Range of supporting
evidence
From above it has been analysed that its is important to carry
innovation management for having a smooth running of business
company. By carrying innovation practices in regular time intervals it
will help company to sustain in markets for longer run. This discussion
on innovation management is based on Marks and Spencer which is
implementing innovation in accessories in their stores by launching its
perfumes

Conclusion
From above report it has been concluded that it is essential to carry
innovation practices by every business company to keep its survival
and maintaining profitability in markets. By carrying constant
innovation practice in their company. They will be able to survive in
long term in markets. There is a research and analysis which is
carried to determine relationship and influence of innovation,
knowledge and skills.

References
 Akhtar, SAkh., 2018.Psychoanalytic listening: Methods, limits,
and innovations. Routledge
 Brunton, G., Oliver, S. and Thomas, J., 2020. Innovations in
framework synthesis as a systematic review method.Research
synthesis methods,11(3), pp.316-330.
 Davis, D., Chen, G., Hauff, C. and Houben, G.J., 2018. Activating
learning at scale: A review of innovations in online learning
strategies.Computers & Education,125, pp.327-344