Innovation and Enterprise: Mark & Spencer Innovation Report

This report delves into the realms of innovation and enterprise, using Mark & Spencer as a case study. It begins with an introduction to innovation's significance for business growth, followed by an overview of Mark & Spencer's background and current situation. The report then explores the application of various innovation theories, such as the Blue Ocean Strategy and value innovation, to develop and analyze the innovative idea of launching sugarless chocolate. It details the idea generation process, including steps like enabling, defining, inspiring, selecting, optimizing, and nurturing. A comprehensive business proposal is presented, justifying the idea, outlining marketing strategies, identifying the target audience, and estimating costs, along with a launch plan. The report highlights the benefits of this innovation, such as enhanced productivity, increased profitability, and a stronger brand image. Finally, it concludes by summarizing the key findings and emphasizing the potential of the sugarless chocolate concept to drive Mark & Spencer's success.

Innovation and
Enterprise

Contents
Introduction......................................................................................................................................2
Main body........................................................................................................................................2
Background of organisation and description of situation.......................................................2
Use theories of innovation......................................................................................................3
Idea Generation......................................................................................................................4
Business proposal...................................................................................................................5
Conclusion.......................................................................................................................................6
References........................................................................................................................................8
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Introduction
Innovation is the process of brining creativity and unique ideas, it is essential for the success
and growth of the business. it helps business to come up with new ideas and creativity in their
product, services, process in order to gain competitive advantage in the changing business
environment. for an entrepreneur it is very essential to bring continuous innovation in the
business enterprises. Innovation will lead business towards growth and success and will also help
in enhancing the overall productivity and profitability of the business. For this report Mark &
Spencer is taken as the base company. Mark & Spencer is one of the well established
international retail company dealing in clothing, home products, food items and so on. company
was founded in 1884 by Michael Mark and Thomas Spencer. This report highlights the detailed
description of the innovative idea using various theories of the innovation and also idea
generation develop an innovative idea for the business organisation. In addition to this
justification of the idea, marketing target audience also the cost and how it will be launched is
also highlighted in this report.
Main body
Entrepreneurship is the process of creating and innovating new and innovative ideas and
converting those idea into business entity. The entrepreneurship is one of the essential process of
bringing the innovative idea into the reality and the person who creates and innovate new idea
and covert those ideas into business entity is called as entrepreneur, he is someone who is bears
all the risk in order to attain the rewards. Whereas the enterprise is an business venture started in
to or earn maximum profit. It can be the micro enterprise started by single individual in order to
survive and earn minimum profit (Ahsan, 2020).
Background of organisation and description of situation
Mark & Spencer is one of the top multinational retail company operating world widely,
founded in 1884 by Michael Mark and Thomas Spencer in Leeds. Company is dealing in cloths
food and home products headquartered in UK also having around more than 960 retail stores
across the UK including around 600 only dealing in food products, company is having strong
brand image in the globe market, continuously working towards satisfying its potential
customers through offering quality product and services to them. Company is also brining
continuous changes in their operations as per the requirement in order to attract and meet the
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needs and wants of the customers effectively. Company also has strong strategy to deal with the
competition.
Mission: The mission statement of the company is to make to provide quality products
and services to the customers
Vision: The vision statement of the company is to build standard in the market and gain
competitive advantage.
Objective: The main objective of the company is to build an sustainable organisation
through enhancing the profitability and growth also perform responsibly towards meeting
accountability.
With increasing competition in the food industry and increasing concern about the health
and diet among the customers has created a huge challenge for the food industry, in order to deal
with the changing taste and preference of the consumers and to gain competitive advantage in the
market company can build new and innovative idea which could benefit them. The new and
innovative idea will help company to attract their potential customers and gain competitive in the
market effectively. The goal of the company is to satisfy their customers (Dheer, 2018).
Innovative idea: In order to deal with the changing taste and preferences and growing
concern about their health. The innovative idea that company can bring in is the launch of
sugarless chocolate, this innovative idea will help in attracting large number of customers and
enhancing their productivity and profitability this idea will be a profitable idea for the company.
and large number of customers who are concerned about their health and diet will be attracted
effectively.
Use theories of innovation
In order to develop the idea various theories of innovation can be used. The theories of
innovation will help in analysing the innovative idea and the need for the idea effectively. in
context to Mark and Spencer the various theories of innovation that can be used are discussed
below:
Blue ocean strategy: The blue ocean strategy is the type of strategy which helps business
organisations to create differentiation, it helps business to leads towards differentiation and low
cost in order to capture new market and enhance their profitability and sale through creating
more demand (Fichter, and Tiemann, 2018). This strategy leads towards creating and attracting
new uncontested market space which leads to reducing the level of competition, this type of
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strategy helps business to analyse that the demand is created not fought over also there are
number of opportunity available to grow. In context to Mark & Spencer this strategy will help in
creating huge demand for the new innovation, will leads to increasing their profitability and
productivity. Company can follow this strategy in order to create and attract new demand for
their innovation and gain competitive advantage in the market (Herron, 2020).
(Blue ocean strategy)
In order to follow the blue ocean strategy effectively the company can use the above mention
points of the blue strategy keeping both blue and red ocean strategy will help Marks & Spencer
will help company to move towards growth and success. It can also use value innovation which
allows company to be differentiated and low cost effectively and providing value to the
customers as illustrated in the below diagram.
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(Value innovation)
Idea Generation
The idea generation is one of the most process of creating, developing and
communicating the ideas effectively. It helps business to deal with the problems, it is mainly
based on the creativity and innovation. It is very essential for the business to bring innovation in
their business, as innovation starts with idea. The new idea helps in development and growth of
the company. The source idea can be from anywhere, it can be through from analysis and
evaluation of internal and external factors, analysing the various opportunity available in the
market. The idea can be generated through the needs for change and gain competitive advantage
in the market. There are various steps included in the idea generation (Kim, and Shim, 2018).
The steps of idea generation are discussed below:
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(Idea Generation)
Enabling: The first step of the idea generation is the finding the right place or field of
innovation, where the idea can be used effectively. it helps in analysing the need for innovation
and need for change in order to get successful
Defining: The next step is defining once the right path for the innovation is identifies
than comes the doing required research in order to specify the identified path.
Inspiring: After defining comes the inspiring, under this individual starts looking for
thoughts and some kind of innovation that can be brought.
Selecting: Another step is the selecting, under this step individual evaluate his idea in
order to analyse and understand the effectiveness of the idea.
Optimising: once the idea is selected and its effectiveness is analysed then comes the
optimising under this the individual moves from the initial idea to the well defined concept,
under this the idea is optimised effectively.
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Selecting
Optimising
Nurturing
Inspiring
Defining
Enabling
IDEA
GENERATION

Nurturing: The last step of the idea generation is the nurturing, under this individual
implement the ideas using various strategies and tools in order to get the benefits and enhance
overall performance.
In context to Mark & Spencer the new innovative idea that can be taken into consideration
is the launch of sugarless chocolate into the market, in order to attract the customer’s base who
are concerned about their health and looking for some sort of health product. This idea will allow
company to attract large number of customer’s base and increase their market size effectively.
Following idea generation step this idea is generated, launch of this idea into the market will be
profitable for the business, with the proper implementation of strategy company can launch this
idea into the market. The idea generation will help company to move towards growth and
success (Kriz, and Welch, 2018).
Business proposal
Justification
In order to continue to grow and be successful in the market and continue to gain
competitive advantage in the market it is very essential for the business to innovate new ideas or
innovation, in case of Mark & spacer the launch of new sugarless Chocolate is right for the
business, it will help company to target the customers who are health conscious, it will help
company to increase their customers base effectively. some of the benefits that company will
gain because of this new innovation are as follow:
Enhance productivity: This new innovative idea will help company to increase their
overall productivity effectively.
Increase profitability: The launch of new idea will enable company to attract large
number of customers which leads to increasing the profitability of the company.
Increase brand image and value: Another benefits of new idea innovation for the Marks
& Spencer will be increasing their brand image and value, as company will be launching
sugarless chocolate as the needs and wants of the customers and satisfy those needs it will leads
to creating strong brand image and value among the customers.
Gaining competitiveness: The new idea generation always leads to gaining competitive
advantage in the market for the company. In case of a Mark & Spencer, launch of new idea will
help company to gain competitive advantage in the market (Liao, 2018).
Marketing
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Marketing is the process of making consumer aware of the product and services using
various promotional activities like advertising, direct selling, social media marketing or digital
marketing and so on. With the help of these marketing tools business organisation can make
consumer aware of their new innovative ideas, this helps in attracting large customers base and
increasing market size effectively. With the help of marketing tool business organisation can
communicate with their potential customers and make them aware of the brand. In context to the
Mark & Spencer, company can use social media marketing and advertising in order to make
consumer aware of their new innovative idea, as with increasing use of social media platform
among the customers it will be one of the most essential marketing tool for the company, making
consumer aware of the new innovative idea through promotional techniques will help company
to increase their customer base and enhancing their profitability (Mitra, 2019).
Target audience
The targeting is the process of dividing large market into smaller segments so that
business organisation can effectively focus on them; it helps business to focus on the particular
target market or customers more effectively. In case of Mark & Spencer, for the launch of their
new innovative idea the company is planning to target the group who are more health conscious
and looking for health and organic food. The sugarless chocolate by the company is mainly
targeting the group who are health conscious (Pan and Chu, 2021).
Costs and how it will be launched
The cost of the new idea will be based on the value based pricing research, company is
planning to use the value based pricing research in order to create value in the product and
services, the cost of this idea will be managed by the company effectively. after doing all this the
idea will be launched into the market. In order to launch it the company needs to spot the
opportunity for the innovation effectively then accordingly prioritize those opportunity , before
launching the innovation will be tested. The innovation will be launched using effective strategy
and promotional tools in order to attract the customers. Company will use effective strategy in
order to launch the product (Raczyńska, 2020).
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Conclusion
From the above discussion it can be concluded that innovation plays an essential role in the
success and growth of the business, and brining innovation in the product, services and the
process helps business in gaining competitive advantage in the marketplace. Entrepreneur
continuously try to brining creativity and innovation in their product and services in order to
grow and enhance their productivity. Innovative idea are very essential for a business
organisation in their growth as highlighted in this report also various theories of innovation so as
to implement the innovative idea effectively and idea generation an innovative idea is also
highlighted in this report. Also the justification of the idea chosen for the business organisation
and how it will be marketed to the targeted audience and the cost and how it will be launched in
the marketplace is also explained in this report effectively.
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References
Books and Journals
Ahsan, M., 2020. Entrepreneurship and ethics in the sharing economy: A critical
perspective. Journal of Business Ethics, 161(1), pp.19-33.
Dheer, R.J., 2018. Entrepreneurship by immigrants: A review of existing literature and directions
for future research. International Entrepreneurship and Management Journal, 14(3),
pp.555-614.
Fichter, K. and Tiemann, I., 2018. Factors influencing university support for sustainable
entrepreneurship: Insights from explorative case studies. Journal of Cleaner
Production, 175, pp.512-524.
Herron, L., 2020. Do Skills Predict Profits: A Study of Successful Entrepreneurship. Routledge.
Kim, N. and Shim, C., 2018. Social capital, knowledge sharing and innovation of small-and
medium-sized enterprises in a tourism cluster. International journal of contemporary
hospitality management.
Kriz, A. and Welch, C., 2018. Innovation and internationalisation processes of firms with new-
to-the-world technologies. Journal of International Business Studies, 49(4), pp.496-522.
Liao, Z., 2018. Environmental policy instruments, environmental innovation and the reputation
of enterprises. Journal of Cleaner Production, 171, pp.1111-1117.
Mitra, J., 2019. Entrepreneurship, innovation and regional development: an introduction.
Routledge.
Pan, X., Guo, S. and Chu, J., 2021. P2P supply chain financing, R&D investment and companies'
innovation efficiency. Journal of Enterprise Information Management.
Raczyńska, M., 2020. Analysis of enterprise innovation management in Poland. Innovation and
entrepreneurship. Theory and Practice, p.89.
Urabe, K., 2018. Innovation and the Japanese management system. In Innovation and
management (pp. 3-26). de Gruyter.
Wang, C. and Cardon, P.W., 2019. The networked enterprise and legitimacy judgments: why
digital platforms need leadership. Journal of Business Strategy.
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