Comprehensive Report: Innovation and Commercialisation Strategy at M&S

This report provides a detailed analysis of Marks & Spencer's innovation and commercialisation strategies. It begins with an introduction to innovation and its importance, followed by an examination of the commercial funnel and the New Product Development (NPD) process. The report includes an in-depth business case study, focusing on Marks & Spencer's spray fabric product, and discusses the company's vision, mission, and sources of funding. Furthermore, the report explores various tools organizations can use to protect and retain intellectual property, such as patents, copyrights, and trademarks, with a focus on how Marks & Spencer can leverage these tools. The report concludes with a summary of the key findings and their implications for Marks & Spencer's future endeavors in the competitive retail market.

Innovation and
Commercialisation

Table of Contents
 Introduction
 Importance of the commercial funnel and NPD
 Business case
 Tools organisations can use to protect and retain intellectual property
 Conclusion

Introduction
Innovation is a process which helps in converting the idea into a best service which is valuable for their
respective customers. Despite of this, invention is a process which helps in developing the new idea or
product which does not exist in the entire market. This presentation is in the context of Marks & Spencer
and cover importance of commercial funnel and NPD, a business case and various tools of intellectual
property.

Importance of the commercial funnel and NPD
Commercial funnel is also termed as the sales funnel and it is a process which helps the companies in order
to generate more modification and involve customers in the company. There are many factors which should
be consider by the company in order to exaggerate their customers as it is important for their business to
achieve success and growth.

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Attract: It is a process which helps in maintaining the proper source which helps in attracting new
customers and investors. Here, it include many factors such as investing, reviewing and paying proper
attention to the feedback of their customers.
Convert: It is a process which helps in converting the strangers to the known customers. For instance,
customers seek offer on the clothes and for this, Marks & Spencer can provide discount in order to attract
more and more customers which helps in increasing their sales and gaining number of customers at the time
of launching new product in the market.

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Close: It include those activities which should be measured by the company. As it helps in providing the
information about the desire of the customer as they want to continue the relation with company or not.
Delight: It is a process which helps in providing the satisfaction level to the customers. By providing the
excellent services to the customers, Marks & Spencer can provide proper satisfaction level to their
respective customers.

New Product Development Process
NPD is a process which helps in identifying the
various methods as it is important in launching
the new product or service in the market. This
process is developed in order to increase the
sales of the company and building the new
customer base of their new product. The
various stages of the new product development
are described as under:

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Idea generation: In order to produce new product in the market it require an innovation which is based on
the need and requirement of their respective customers. This step focuses on the present requirement of the
generation and in the context of Marks & Spencer they produce products on the basis of the demand of the
youth and their respective customers.
Concept definition: In this step company tries to specify their new product to its respective customers.
Marks & Spencer use this step in order to showcase their new product in front of their customers. Product
differentiation can be adopted by the company and as a result they can show themselves for their unique
product.

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Market analysis: This step depicts that before launching any product in the market, company need to
analyse and identify the market and its condition. For this they need to do proper research which should be
identified in order to eliminate the risk factor. In the context of Marks & Spencer, they also need to identify
the target market for them which is depend on the demand of their customers.
Product development: This step is done after analysing the market and its condition and depends on the
research as it is helpful in order to design the product. Development of product is done on that basis by
which they can easily attract more and more customers.

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Testing Product: This step include the testing of product and it is done on the basis of sampling and taking
feedbacks of customers.
Commercialisation: It includes the exhibition and representing the product in the market. It is done after
testing, here product is launched in the market in order to increase its sales and growth of the company.

Business Case
Executive summary: Marks & Spencer is a British multinational retailer whose headquarter in the
Westminster, London. Company deals in high quality clothing, home products and food products. It is
founded in 1884 by Michael Marks and Thomas Spencer. Company currently has approximately 959 stores
in UK which include approximately 615 in the food products.
Vision and mission: For their new product, their vision is to provide hike to the industry which helps in the
accomplishing the various objectives such as provide a tough competition to their competitors, inspire the
emotions of customers and many more. Their mission is to acquire the more and more market segment
which helps in developing their brand image and reputation.

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Problem: Marks & Spencer is currently facing lot of competition in the industry despite of providing wide
range of products to its respective customers. Its offerings are of very good quality which is the fabric spray
who has good quality fabric and features as it unique in the market but still facing lot of problems because
of its cost as it is very expensive to launch in the market. In order to survive in the market, they need to
make proper plans and policies by considering various dimensions.