Strategic Innovation: M&S Analysis, Recommendations, and Strategy

This report delves into the strategic innovation of Marks & Spencer (M&S), providing a comprehensive analysis of its external and internal environments. It begins by critically examining the external factors impacting M&S, utilizing Porter's Five Forces model to assess competitive pressures, including supplier and customer bargaining power, threats from new entrants and substitutes, and rivalry among existing players. The report then discusses the macro and micro business environments, identifying key implications for M&S. An evaluation of the internal environment follows, leveraging SWOT analysis to identify strengths, weaknesses, opportunities, and threats. The report also examines M&S's vision and mission statements, exploring different innovation strategies and their impact on the company's strategic position. Furthermore, it investigates M&S's existing innovation strategies, proposes future strategies, and explores the relationship between innovation and sustainable competitive advantage, culminating in strategic recommendations for developing new competitive advantages and defining strategic innovation. The report concludes by identifying the role of key stakeholders and their implications on the business of Marks & Spencer.

Strategic innovation
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TABLE OF CONTENTS
Table of Contents..................................................................................................................................2
INTRODUCTION ...............................................................................................................................3
TASK 1.................................................................................................................................................3
1.1 Critically analysis of external environment of M&S ................................................................3
1.2 Discussing Macro and Micro business environment.................................................................4
1.3 Identifying implications of external forces on the business of company..................................4
1.4 Identification of innovation strategy and challenges associated with that strategy...................5
Task 2...................................................................................................................................................5
2.1 Evaluation of internal environment of organisation..................................................................5
2.2 Vision and mission of Marks&Spencer.....................................................................................6
2.3 Different nature of innovation strategy......................................................................................7
2.4 Implications of innovation strategy on strategic position of business.......................................7
TASK 3 ................................................................................................................................................8
3.1 Understanding existing innovation strategy of the company....................................................8
3.2 Determining future innovation strategy of firm........................................................................8
3.3 Describing innovation and sustainable competitive advantage.................................................9
3.4 Interrelationship between innovation and sustainable competitive advantage..........................9
Task 4...................................................................................................................................................9
4.1 Develop new competitive advantage for organization..............................................................9
4.2 Define strategic innovation......................................................................................................10
4.3 Explain advantages of innovation opportunities.....................................................................10
4.4 Strategic recommendations......................................................................................................10
4.5 Identify the role of key stakeholders.......................................................................................10
4.6 Implications of stakeholders on the business of Marks&Spencer...........................................11
CONCLUSION .................................................................................................................................11
REFERENCES...................................................................................................................................12
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INTRODUCTION
Strategic innovation is a multi-functional approach which brings together all the creative
assets, capabilities and disciplines of Marks and Spencer. Innovative and creative strategies help the
organization to market all its products and services to its wide range of customers. It is the
instrument which helps in enhancing the value of business by reaching vast number of customers.
Further, it helps in achieving high level of customer satisfaction. Marks and Spencer has been
selected for this project report. This project report states different aspects of business which can be
benefited as well as affected by using innovation strategy. It also emphasizes on innovation which is
important for an enterprise to beat the existing competition and build competitive advantage in the
market. Strategic innovation is confined to strategically designing of strategies and business
operations but extends focusing on the major social cause that is sustainability. As it is one of the
part of Corporate social responsibilities Marks&Spencer has unveiled the latest step towards its
goal of becoming world's most sustainable retailer who provides all natural products. The main aim
of the company today's diet conscious society and that society which is fully surrounded by the
highly dangerous diseases. The newly released plan with a goal plan of achieving their target most
probably by 2020 which consists of 100 new, revised and existing commitments to its society.
TASK 1
1.1 Critically analysis of external environment of M&S
M&S is the UK's leading retailers of clothes, food, home products and financial services
(Kim and Shin 2016). It is famous for its success as well as profitability since its establishment with
well known brand reputation for its innovative and quality products and most important factor
affordable pricing of all the products. The external environment scanning is mainly concerned with
the forces and factors which can affect the business of the firm. It helps in analyzing the external
forces which will assist M&S in identifying its needs and expectations. The external environment
is monitored by using one of the important methods or tool known as Porter's five forces model that
is used to identify the competition in the market. It is that method which is used to analyse the
impact of external forces and competition is one of the strongest factor of external environment.
Marks&Spencer needs to analyse the impact of external environment in terms of competition by
increasing their competencies.
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 Bargaining power of suppliers(LOW)- The supplier of the firm are mostly 90% of British
(Hustad 2016). The bargaining power of supplier is quite low when it has concentrated
purchasers. It involves identification of potential power of its suppliers as the business of
Marks&Spencer is of grocery items and other clothing garments which is totally dependent
on the supplier for getting raw materials. Due to the massive turnover of the company
business want goods on the retailer shelves to attract large base of the customers.
 Bargaining power of customer(High)- The Buyer’s bargaining power is high due to
excessive competition in the market and the customers are price sensitive. When customer
has wide variety and can affect the business in return can play a significant role. The power
of buyers is slows down in 2008 and slightly goes upward in 2009 and year to year the ratio
goes upward and the present condition is an evidence of increment.
 Threat of New entrant(Low)- ASDA with its own brands name George and Matalan is
posing competition for M&S. The competitors of marks&Spencer in the same field poses
serious and dangerous risks to the company. Due to the introduction of new policies the
company will decreases the impact of new comers effect on their business.
 Threat of substitute- Customers generally pay for high quality products with lower price
which creates problem for the company. TESCO and ALDI imitate all the products and
services adopted by the company to influence more customers towards their shops.
 Rivalry among current players- M&S operates in a competitive environment which is
always covered with internal competition among other brands offering the same kinds of
products.
1.2 Discussing Macro and Micro business environment
M&S is rated as a successful multinational corporation which has created its large number
of loyal customer base. This has been made because of quality, price, good service, comfortable
shopping environment and convenient access to different outlets and products. Due to immense
competition in the market, M&S offers wide range of products by revising its market segmentation
approach periodically (Caiazza and Stanton 2016). Following are the different elements of Macro as
well as Micro business environment:
Micro environment
Customers- The king of every market whose needs and demands should be fulfilled to
achieve its desired goals and objectives.
Organization- It refers to a group of individuals playing different duties in an organisation
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and whose decisions affect the operations of the company, for example: owners, board of directors
and employees.
Suppliers- The basic requirement of raw material for products can be accomplished by the
suppliers
Market- It refers to a medium which helps in exchange of goods and services between firms
and customers.
Macro environment
Demographic environment- It involves size, income, geographical location of the market
and its people.
Technological environment- It includes latest technologies introduced in the market in order
to keep the business updated with the external dynamic environment.
1.3 Identifying implications of external forces on the business of company
There are several external factors which can greatly affect the functioning of business. These
factors impact the organization in the following ways:
Economy- The global economy is one of the biggest external factors that can disturb the
smooth functioning of M&S (Brazeal and Wadhwa 2016). Market fluctuations based on politics,
terrorist attacks, wars and currency devaluation can influence the performance to move in the
downward trend
Finance- The fluctuations in interest rates charged by the banks can affect the financial
requirement of the organization to finance its future projects. Interest rates, availability of credit and
consumer loans.
Legal environment- State, local and federal changes takes place in the laws of the country
will greatly affect different products and services. The company is required to comply with all rules
and regulations imposed by the government in terms of products and its quality. The external legal
environment of United kingdom will play a dominant role in determining the success of the
business. The changing rules and regulations imposed on the business will greatly interfere in the
company.
Trends- It includes different current and past market trends to determine the future needs
which may occur in the industry (Ramamurti 2016). This advance analysis helps an organisation to
monitor each and every action of external environment in terms of its implications on the
functioning of the business.
1.4 Identification of innovation strategy and challenges associated with that strategy
“Innovation is the result of everything an organization does to fulfil its basic purpose.”
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M&S adopts individual innovations which are surprising and reflects creativity of a business
which helps in attracting high number of customers towards the organizations:
Improved diet for dairy cattle which delivers milk with 5 % less saturated fat
Suits and other clothing garments designed for peoples which also used in recycling to
promote the social interest.
Business partnership with Oxfam has generated 8 million Pound in extra value for the
charity over three years.
Different stores developed on the concept of sustainability in terms of using natural
resources as raw materials.
New technologies and processes for waste treatment which allows the group to meet its
desired target of sending zero to landfill.
M&S has changed the overall definition of innovation strategy by giving more emphasis on all
different aspects of the business covering each and every sector (Rossi and Cricelli 2016). The
focus of the company is not restricted to the quality of products but adding new and unique features
in the product and also extending its scope to other sectors of the business.
TASK 2
2.1 Evaluation of internal environment of organisation
Internal environment of M&S consists of several elements within the organization such as
current employees, management and especially corporate culture and employee behaviour. There
are several elements which will affect the business internally The internal environment of the firm
can be analyzed by applying one of the common techniques which is known as the Swot analysis
(Flander 2014). Internal assessment is carried out to determine the strengths and weaknesses of firm
and identify opportunities and threats related to the organization.
Strength
 It is one of the UK's largest known retailers
 All its products are known for its best quality and brands
 It is viewed as setting higher standards
 It is recognised as one of the Britain's best managed companies (Hustad 2016).
 It has more than 1000 stores in across 40 countries
 Over 80,000 employees form part of the workforce globally
Weaknesses
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 Due to declining market share, the company lost their potential customers
 Unfocused section of clothing products
 Difference in quality of the product
 Uncertain customer demand
 Strong competition from retail brands due to less market share
 Its products are imitated by other competitors
Opportunities
 Expand its business in new and diversified market
 Separate mission statements and corporate values to achieve goals
 improving the wide range options in clothing range
 Increase large number of customer base
 M&S can develop their website
 Introduce new market segments
Threats
 Conflicts between shareholders and executives
 Ineffective implementation of the proposed strategy
 Top management are not in correct alignment with its own corporate culture
 TESCO providing products on discounted prices
 Political pressure of UK government will poses serious threat to M&S being a global
retailer.
2.2 Vision and mission of Marks Spencer
A vision helps an organisation working within the confined limit in order to achieve its
desired goals and the objectives. The nature of vision of a firm is totally depends on the internal as
well as external efforts of a company (Hyde 2014). There are some features which describe the
vision of a firm in relation to its work in order to achieve its desired goals and objectives:
It gives appropriate direction about future of the firm by defining various means and ways to
achieve that position.
It helps in decision making process and plan strategy for the company to gain competitive
advantage over its competitors.
It creates platform among the enterprise to gather all employees under one roof and work on
the common goal.
One of the vision of M&S is to set a benchmarking standard for all its products to stay ahead
in the competition.
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Mission- A mission statement is that statement which reflects the aim of the organisation by
defining various ways to achieve the goals and objective. The mission statement of Marks and
Spencer states that its main aim is to maintain quality, service and innovation.
2.3 Different nature of innovation strategy
An innovation strategy refers to expanding its market share or profits through product and
service innovation. There are different ideal types of innovation strategies which can provide
starting point for developing the innovation strategy for Marks and Spencer (Kapferer, J. N. 2012).
There are various kinds of innovation strategy which a company may adopt according to its
different nature and quality that are as follows:
Proactive- This type of innovation strategy tends to have strong research orientation which
helps an organisation to move ahead in the tough competition and use the technological advantages.
The companies may access knowledge from a wide range of sources and take big bets and higher
risks.
Active- This strategy involves defending existing technologies and markets with
preparedness to respond quickly to the uncertain changes in the future. M&S may have incremental
innovation with in-house applied Research and development (Kim and Shin 2016). Firms with
innovation strategies also have broad sources of knowledge and are less exposed to risk.
Reactive- This type of strategy can be used by M&S to give more emphasis on operations to
prepare in advance to deal with uncertain future expectations.
2.4 Implications of innovation strategy on strategic position of business
The innovation strategy provides ample of opportunities to the organization by enhancing its
value in terms of its quality for different products or services. Apart from providing future
opportunities, it also has positive as well as negative impact on the strategic position of Marks and
Spencer and that are as illustrated below:
 Economic and fiscal – It helps in defining the current status of the economy by describing
revenue and expenditures pattern to decide appropriate system to monitor its efficiency.. It
uses forecasting business models and economic leading indicators to help the overall
community to understand the need of paying tax, revenues and employment generation.
 Strategic planning- The strategic planning process helps in meeting actual need of the
defined vision and mission of the firm (Kunnanatt 2011). Team members can also assist in
forming an economic developing organization system to achieve desired goals and the
objectives of the firm.
 Labour market and workforce analysis- It helps in defining labour market in determining
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several characteristics, consistencies and differences within the community's labour forces.
It also explains their current as well as future needs and wants of different labours. The main
of the company is to enhance overall value of the work.
TASK 3
3.1 Understanding existing innovation strategy of the company
Innovation plays a significant role for M&S as it gains major advantage in terms of
achieving its desired goals and objectives. As an innovative firm its start their operation since 1884
from pioneering business models to textile technology by introducing first chilled chicken to the
high street to create the first recycled wool coat. As a part of supporting innovation, the delivery
manager of the company supports the development of new innovations technique applied across
general merchandise business (Martin-Rios and Parga-Dans 2016). These include clothing and in-
house system to deliver existing new range of products to attract large number of customers. It is
the responsibility of all employee of the firm to maintain the quality of innovation in all its products
or services for long time period to remain in the competition race. Communication is essential in
supporting the exchange of ideas and sparking creativity among its employees to strive hard to
achieve higher outputs. The innovation practices are followed by the company in all its departments
ranging from smaller to high range of products to deliver best quality products. Quality in products
is mandatory to strengthen the bond among enterprise and its customers.
3.2 Determining future innovation strategy of firm
The company perfectly designed its current innovation strategy while taking care of needs of
the future generation. The current existing strategies are indirectly related with the future as it is
uncertain (Mashahadi and Ahmad 2016). One of the innovation plans of future involves
sustainability and ethical future plans which has acted as a key drivers for this strategy. The
company worked on this project to ensure that all elements of the product are made up of natural
resources to promote social interest and protect hidden as well as latent potential before its
complete depletion. In today's competitive environment, government imposes several legislations
and business ethics which every company is required to follow at every cost. M&S adopted several
ethical practices to support the government and society which in return support the enterprise by
providing different resources, equipments and even help the organisation in tough and complex
situations.
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3.3 Describing innovation and sustainable competitive advantage
The innovation strategy refers to the role of innovation and sets the future direction to
implement the strategy in its correct place (Mathur 2011). The role of innovation is significant and
integral for M&S to achieve the growth targets and earn better revenue growth. There are several
theories which explain the actual role of innovation in the company as its main focus is on
pragmatic conditions that may arise in the business. The implications of innovation strategy may be
favourable as well as unfavourable depends on the capability of the institutions and its overall point
of view.
Sustainable competitive advantage- It refers to that advantage which occurs when the
organisation acquires or develops an attribute or combination of attributes that showcases its
competitors. These characteristics can includes access to several natural resources or access to
highly trained and skilled human resources. It is a skill which can be applied by the business owners
while dealing with the competitors.
3.4 Interrelationship between innovation and sustainable competitive advantage
Innovation and sustainable competitive advantage are interrelated as innovation leads to
create ample of competitive advantage (Mueller and Naffziger 2015). Companies are under
obligation to innovate its products or services to keep updated itself with the latest technology in the
dynamic external environment. Organisation wants to create a business strategy in front to show the
significance of the business. The ultimate goal of any company is to achieve a competitive
advantage over its competitors by using different tools and techniques. The innovation works as a
magic wand for the organization to gain competitive advantage by creating wide range of products
or services.
TASK 4
4.1 Develop new competitive advantage for organization
Competitive advantage is one of the concepts of business which helps in describing various
attributes which allows the organisation to outperform as compare to its current competitors
(Needle 2010). The companies may use its own strength as a weapon against its competitors such as
skilled personnel, new location of business and several other things. Following are the different
ways in which M&S can develop competitive advantage for its business which are as follows:
Better positioning- Every company looks for better customer base by changing its overall
perspectives towards the products.
Flexible plans-In this dynamic environment; plans should be flexible to make any changes in
the near future.
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Competitive advantage is a weapon for Marks&Spencer as it can use all its core competencies
to gain advantage over its competitors in terms of providing latests pr4oducts using updated
technology which reflects the efforts made by an enterprise.
4.2 Define strategic innovation
Strategic innovation is a multi-functional approach which brings together all the creative
assets, different capabilities and disciplines of an organisation (Njeru and Wambui 2014). It is
essential to work together in a team by focusing on operational areas of the business. The primary
aim of this technique is to remove the unwanted steps in the overall business process to improve the
delivery processing time period. It helps in producing outstanding ideas which can assist the
organisation to drive towards new business growth on the road of these ideas. Its main purpose is to
deliver quality oriented service to its customers.
4.3 Explain advantages of innovation opportunities
Innovation is the development of customer value by providing efficient solutions which
helps in meeting new, undefined and existing needs of the market (Parnell 2010). These solutions
may include effective products, processes, services, technologies or ideas that are more easily
available to markets, government and society to cater the needs of all different parties. Following
are the different benefits of innovation:
 It helps in increasing the overall business efficiency in all its products or services.
 It provides appropriate platform to gain global exposure by marketing its products or
services at the global level.
 It enhances the value of the business.
4.4 Strategic recommendations
Strategic innovation plays a significant role in M&S which is largest retailer in United
Kingdom (Piercy and Morgan 2015). The expanded business of the company helps them in creating
large number of customers and maintains long lasting relationship with its potential as well as
regular customers. Innovation is a technique and current business demand which needs to be taken
into consideration to attract business clients. The company is required to emphasize on productivity
of its own business by providing new and unique products to its customers. The employee should
be creative and innovate to achieve better future outcomes.
Marks&Spencer can adopt one of the innovative and creative approach of 'click and
collect'. It is a system which provides relief to the customer and other related persons. In this a
customer can buy the product on the website and can take the delivery by itself. It is an innovative
technique marks&Spencer can use in order to automate all their business functions with one click.
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The rationale behind using this method is to provide real-time experience of getting the product
when the customers are in need of its. Generally all e-commerce websites deliver the product not on
time which decreases the utility of that product.
Marks&Spencer offers one creative features for all its customers that is Altering feature
which states that whoever customers will purchase clothing apparels from the company will get an
additional service of altering their clothes without any additional costs. The rationale behind behind
providing this type of feature within a cost in order to gain higher level of customer satisfaction and
covers large number of customers. The customers of this firm ranges from lower class to higher
class so all its products designed according to the needs and expectations of all members of the
society. The products and services are for all types of customers in order to promote equality among
the social environment. Altering is required after purchasing so Marks&Spencer provides this
facility to attract large number customers as they did not waste even a single penny after purchasing
clothes from the enterprise. This service is available for both online audiences who purchase
through online e-commerce websites and people who personally buy their product at the shop.
Another feature of used by this firm is virtual trial room concept in this a customer can click
their picture and upload on the site and try any type of dress or clothes on the net which helps them
to select the clothes according to their tastes and preferences. It is that option which is available for
males and female. This option is available only on e-commerce websites or mobile application of
Marks and Spencer. This feature attracted different customers come on online to take the advantage
of this feature which increases the revenue of company from using this websites.
Other feature Marks&Spencer can provide is a service to facilitate a customer by providing
designer clothes according to their tastes and preferences. The customer can provide their needs and
expectations regarding colour, size, pattern, cloth material, type of dress that can be posted on the
website and they get appropriate services according to their tastes and preferences. The Additional
feature of this that it provides this service to middle class people in a affordable pricing system.
4.5 Identify the role of key stakeholders
Stakeholders are the persons which can affect the business of the company in direct as well
as indirect manner (Ramamurti 2016). The stakeholders may include shareholders, creditors,
investors and other persons which have the capability to disturb the smooth functioning of the firm.
Following are the different contribution of various stakeholders in the business which are stated
below:
Decision making- These stakeholders’ forms a basis to make a good decision based on
performance of its business in comparison with its external pressure. It describes several key
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considerations factor which assist a business in taking advantage in making several business
decisions.
Stakeholders play a significant role in a company in terms of determining the future of the company
which can be positive as well as negative impact. Following are the role of different stakeholders in
the company:
Employees- The targets decided by the top management of the company according to their
employees base as these are those people who are responsible for carrying different tasks that are
specified in the company's strategic plan.
Customers- The existence of company is possible due to the extensive support of all the customers.
The role of customers is to maintain the success and survival of the company6 in the complex and
risky environment.
4.6 Implications of stakeholders on the business of M&S
Stakeholders play major role in overall business in defining its impact on the customers
which can be strong as well as weak (Rossi and Cricelli 2016). Following are the impact of
stakeholders on the business in different areas is:
Financial effect- Every business requires finance which is not easily available. The
organization needs to approach different sources of finance and select appropriate medium as per
their availability. Shareholders have been tempered a bit to create a greater balance with social
responsibilities.
Social impact- The internet and mobile technology have great impact to affect the social
groups as well as different consumers. (Stevens 2013). The company needs to take care about all
the needs of the communities and different social groups.
The strategic recommendation provided to the company will greatly affect the different
stakeholders who has interest in the company directly or indirectly. The Click and collect approach
will affect the following persons:
Management- This strategic and innovative idea of the business owner is to gain customer
satisfaction and reduces the cost of the product or services.
Employees- This approach will lessens the work load of all the employees in delivering the
product from one place to another.
Customers- Most important factors of every market is the customers who get several of
benefits while getting the product exactly when they are in need. The customers are get option to
take the product from any showroom or outlet they want to take in order to provide flexibility.
The strategic recommendation provided such as Altering services, designing of clothes and
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virtual trial room for customers positively affect the nature of different stakeholders. The main
benefit of these recommendations is that it increases the number of customers, generated higher
revenue and efficiently use of technology in all its business operations.
CONCLUSION
From the above study it can be concluded that strategic innovation is life line of M&S. It
plays an important role in identifying several threats on business which may affect the company and
also defining various solutions to the problems. The internal and external environment of the firm
helps in determining the core competencies of the company which can be used against its
competitors and other dangerous factors which have strongly affect the current business image.
The strategic recommendations provided to the Marks&Spencer is an innovative and creative ideas
which helps company to increase their business globally by attracting large number of customers.
The company is also using technology to target all those technology lovers and fashion lovers who
want all trendy and fashionable clothes. It is even effective for all those person who want
fashionable clothes but cannot afford de4signer clothes due to its highest costs. These services are
provided to all those customers to attract them towards the business and maintain the long term
relationship with all of them. This innovative services will connect them with the companies for
long period of time.
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