Innovation and Commercialisation Analysis: Marks and Spencer Report

This report examines innovation and commercialization strategies, using Marks and Spencer as a case study. It defines innovation and commercialization, comparing innovation with invention and highlighting its importance for organizations. The report analyzes how organizational vision, leadership, culture, and teamwork shape innovation and commercialization. It explores the 4Ps of innovation (product, process, position, paradigm) and explains the use of the innovation funnel to shape innovative ideas. The report discusses the importance of innovation for business development and achieving competitive advantages in the retail sector.

Innovation and
Commercialisation

INTRODUCTION
Innovation can be define as a process of creating or developing something new in order
to enhance business activities (An, H.J. and Ahn, 2016). It is a method of converting or
translating a idea into goods and services. Innovation is something which is original as well as
never use before. Commercialization can be describe as a process that helps in bringing some
new product and services in market area. It consist product development, distribution, marketing,
sales, customer support as well as other key functions of organisation which help in attracting
customers as well as improve profit of organisation. Company chosen for this report is Marks
and Spencer. This company is dealing in retail sector as well as providing high quality clothing
products to its targeted customers. Marks and Spencer company was developed in 1884 and
founder of this organisation was Michael Marks and Thomas Spencer. Headquarter of this
organisation is located in London. United Kingdom. Product line of Marks and Spencer company
includes ready made cloths, shoes and other footwear, accessories, bags and many other
fashionable products. This report consist of concept of innovation as well as its importance for
organisation. It also includes Innovation is compared with invention. It has been evaluated the
impact of vision, teamwork, leadership and culture in order to shape innovation and
commercialisation. It includes 4P's of innovation as well as use of innovation funnel to shape
innovative ideas. Apart from this, it includes frugal innovation and its uses in context of
organisation.
MAIN BODY
TASK 1
P1 Explain innovation and determine its importance to organisations in comparison with
invention.
Innovation play a crucial function in development and improvement of enterprise as well
as helps organisation to conduct enterprise functions in more effectual style. Each or every
company have to use various strategies in order to achieve desired goals and objectives. These
strategies should be developed after analysing and evaluating all factors that will have impact on
business as well as affect its performance (Andreassen, Lervik-Olsen and Calabretta, 2015).
Marks and Spencer company needs to develop strong strategies in order to introduce new and
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innovative product in market area. This will help in attracting more and more customers towards
business and gaining competitive advantage over other rival companies.
Innovation: Innovation can be referred as a process of introducing something new or
creative in market which has been never used or seen. This is very helpful in developing product
which will be able to meet with customer needs and wants. Innovation can be describe as a
process of specific instrument to use endows resources with in a creative and unique manner in
order to build a innovative product. It is a deliberate application of information as well as
initiative and imagination with the motive of developing highly valuable product in market.
Innovation is helpful in enhancing performance as well as productivity of organisation and helps
in increasing its sales (Chun and et.al., 2015). Marks and Spencer company needs to introduce
new and innovative product in market area in order to attract more customers as well as proving
them a valuable product. New and innovative product in market area will help this company to
gain competitive advantage over other rival companies in market.
Importance of Innovation: this is considered as a very essential part for Marks and
Spencer company as it play a crucial role in growth and development of business. It ensures that
business activities are conduct in more effective manner as well as desired goals will be achieved
timely. Important of innovation in context of Marks and Spencer company is mention below.
Increase productivity: Innovating is a very helpful tool in enhancing productivity as well
as improve the performance of organisation. Marks and Spencer company can improve its work
quality and develop high quality products in more faster manner. Each and every employees will
be able to conduct business activities in more effective and efficient way and this will directly
helps in increasing organisational productivity.
Competitive advantages: Marks and Spencer company will be able to gain competitive
advantage over other rival companies. This organisation is dealing in highly competitive market
area so innovative tools and techniques as well as new product will helps this company to beat
the competition in market area as well as gain advantage.
Creative development: Innovation is essential for growth and development of business as
well as enchaining its business activities. It is important that Marks and Spencer company
continuously grow and develop its business operations in creative manner. So for this respective
organization necessarily to use creativity and new in its enterprise process.
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Reinforce brand image: Innovation is significant for reinforcing brand image of Marks
and Spencer company. In order to develop a positive and strong brand image in market area
respective company needs to use innovative and creative tools and product in business (Cuiand
et.al., 2015). This will help in popular market image as well as reinforcing its brand image and
positioning new and unique image in customers mind.
Comparison between innovation and invention: Innovation and invention both are every
important part of company and they play a crucial role in growth and development of
organisation. They are very different from each other and their comparison in mentioned below.
Invention Innovation
 It can be describe as a happening of an
thought for a good as well as procedure
which has been never used and
successful developed earlier.
 In this whole new product is developed.
 This is the original idea and it has never
used before. It is not developed by any
other company.
 It require scientific skills and
knowledge to invent new product.
 This refer to the execution of ideas for
developing good and services for the
very first time.
 In this specific modification are done in
product and services of the company.
 This is not a completely original
concept and it consist of practical
implementation of new idea.
 Innovation require set of marketing as
well as technical skills. It required
some strategic skills to make changes in
product.
Therefore, it is very important that Marks and Spencer company is implementing its
business action in much effectual and efficient manner. Innovation will help this company to
improve its business activities as well as gain more profits.
P2 Explain how organisational vision, leadership, culture, and teamwork can shape innovation
and commercialisation.
Organisational culture, its vision as well as culture and teamwork play a crucial role in
shaping the innovation and commercialisation of products. All of these are every important for
conducting business activities in more effective and efficient manner. In order to analyse the
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impact on vision, leadership, culture as well as teamwork for shaping innovation and
commercialisation all of these factors of Marks and Spencer company is mention below.
Organisational Vision: vision statement of Marks and Spencer company includes
developing high quality products in order to meet with needs and wants of customers. This
company wants to enhance its performance as well as gain more profits.
Leadership: Leadership is a very important part of company as well as very helpful
motivating employees to work in effective manner. Leaders role in Mark and Spencer company
is to influences employees so that they use tier full capabilities and potential to conduct business
activities. In order to use innovation in it operation as well as providing creative and unique
products to customer respective company needs to use effective form of leadership (Edquist and
et.al., 2015). This will help in increasing skills and capabilities of employees to develop better
and innovative product of Marks and Spencer company. Supportive leadership will be more
suitable for respective company in order to this organisation and this will helps in supporting to
innovation and commercialisation.
Culture: Culture refers to environment of organisation which consist of different norms,
attitude, style, structure and other factors which have influences of surrounding of company. It is
very important they Marks and Spencer company have positive environment in order to motivate
employees. Organisational culture is play a crucial role in growth and development of innovative
products. Respective company needs to have positive and friendly working environment so that
each and every employees can concentrate on their work as well as improve the productivity of
organisation.
Teamwork: it is essential that each and every member of a team work with their full
capabilities and potentials. A team must have proper coordination as they are working to achieve
goals and objective of the respective company. This company should encourage their employees
to work in effective and efficient manner in order to successful achieve common objectives of
Marks and Spencer company.
This company should provide positive as well as friendly working environment to its
employees so that they can work in effective manner. Organisational culture as well as
guidelines provided by leadership play a significant role in creating and developing new or
innovative product of the company.
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TASK 2
P3 Explain the 4Ps of innovation and explain the use of the innovation funnel to examine and
shape innovative ideas.
This model was developed by John Bessant and Joe Tidd in order to provide a powerful
tool to business. This is very helpful tool and techniques which leads to developing highly
innovative and creative product (Galanakis, 2016). With the use of these innovation mix Marks
and Spencer company will be able to develop a proper innovative and creative product. This
includes four P's such as product, process, position and paradigm innovation. All of these 4 P's
are mention below in detail.
Paradigm innovation: This stands for the changes in product regarding where, how as
well as why product is used. Paradigm innovation consist of various theories, principles, values
and so on. It is usually refer as a Mental models. This step of innovation model consist of
analysing the specific area where innovative changes is required.
Process innovation: It consist of the method as well as procedure that should be adopted
by company in order to provide a successful innovate product to targeted customers. Process
innovation basically consist of the business process as its workflow through which company is
hiring its employees, training them to develop product as per requirements of targeted customers.
Position innovation: It refers to the perception in mind of customer regarding Marks
and Spencer company. In highly competitive market area it is essential that respective company
holds a strong position in market as well as able to gain larger market share.
Product innovation: Product innovation consist of actual product developed which helps
in attracting as well as influencing customers. This is very important of Marks and Spencer
organisation to develop its product through innovative method in order to provide them creative
and new product with high value to targeted customers.
Innovation funnel: This can be describe as a mechanism which is very helpful in
enabling the constant stream if ideas that can be screened for viability. Innovation funnel can be
describe as a funnel management process that is popular approach for innovation which can be
used by various companies in order create an innovative products. There are various parts of
innovation funnel that is very helpful in shaping as well as developing innovating ideas. Some of
the uses of innovative funnel in context of Marks and Spencer company is mention below.
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 Insights-based ideas: This is very helpful in analysing and evaluating various
opportunities from market area (Hau, 2016). Innovation funnel will help in creating and
developing an effective and efficient product that is able to meet with customers
requirements.
 Opportunity assessment: Innovation funnel is used by marketers to analyse different
market opportunities as well as assessment to achievement of desired goals and
objectives. Marks and Spencer company will be able to deal with high competition with
the use of innovation funnel.
 Conceptualization: Innovation funnel is very helpful in analysing as well as identifying
the different method as well as tools and techniques in order to gain competitive
advantages over other rival companies.
 Launch: This is very helpful in product development as well as lunching it successful in
market area. Marks and Spencer company will be able to successful launch its new
product “one size for all” clothing product to market area.
P4 Explain developments in frugal innovation and provide examples of how it is used in an
organisational context.
Frugal innovation: This refers to a process which is helpful in reducing the complexity as well
as cost of good and services manufactured by company. Frugal innovation is also known as
reverse innovation and inclusive innovation (Hossain and et.al., 2016). This is a type of
innovation that technological products are using high price as well as low volume. There are
various steps that are included in frugal innovation and of these steps are mention below.
New opportunities in market: This is considered as a first step and in this company
needs to analyse the potential market. In this company needs to identify as well as evaluate
different expectation of customers from the organisation. This is the basic step of in order to
develop as high quality product and innovative products.
Resources: In this step company needs to analyse different sources that are necessary for
development of a innovative product. Marks and Spencer company needs to identify various
resources such as raw material, machinery and other resources that will help in creating and
manufacturing high quality innovative product.
Frugal innovation: Frugal innovation is the last stage and under this stage innovative
product is developed as well as ready to introduce it with potential market area. In this Marks
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and Spencer company will be able to develop high quality of products as per need and wants to
targeted customers.
There are different segmentations of frugal innovation which will help Marks and
Spencer company to develop high quality products. All of these segments are mention below.
 Problem: In order to develop an effective and efficient product company needs to deal
with different types of problems. It is very important that company have full potential to
to resolve all of these issues.
 Affiliated with Product: All of the problems that is occur within organisation must be
related to product development (Lemley and Feldman, 2016). Marks and Spencer
company is creating innovative product so it is essential that employees coordinating with
each and every department this company in order to achieve desired goals.
 Formulation of innovative idea: Marks and Spencer company should attractive idea
regarding development of new and innovative product. This company should formulate
creative and attractive idea in order to accomplish set goals.
 Idea Screening: In this stage respective company needs to effectively as well as
efficiently screening. It is essential that company effectively screen the idea in order to
successful implement the idea of innovative product.
 Testing: It is important to test the of this process as this stage will help in analysing as
well as evaluating the impact on product. This test will be helpful for company in order to
analyse whether product is successful developed or not. Marks and Spencer company will
be able to analyse that company is meeting with needs and wants of customers or not.
 Review Marketplace: This is the last step in which company will be able to meet with
needs and wants of customers. It is essential for respective company.
TASK 3
P5 Explain the importance of the commercial funnel and the application of new product
development (NPD) processing for commercialisation.
Commercial funnel is also known as a sales funnel and it is a essential process of
company which helps in enhancing sales of the company. This will help in leading customer as
well as influencing them to purchase products of Mark and Spencer company. This process of
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commercial funnel includes steps in which company is finding, qualifies as well as sell
developed product to targeted customers.
Importance of commercial funnel
Commercial funnel is very important for Marks and Spencer company as well as helps in
attracting larger number of customers towards innovate product of the organisation. Importance
of commercial funnel in respect of Marks and Spencer company is given below.
 Pricing policy: Commercial funnel will be very helpful in developing effective as well as
accurate pricing policies for this company (Liu, 2015). Marks and Spencer company is
introducing high quality product which fit to all. This will help in setting right price of
product which is worth to the price of product.
 Growth of business: This is a very effective process of business and it will help
respective company to grow and enhance its business. Commercial funnel provide
opportunities to Marks and Spencer company to enhance their productivity as well as
performance in order to earn more and more profits.
 Advance technology: Commercial funnel will be very helpful for respective company in
order to increase it business process. It is very important for company deal in high
competitive environment to use advance techniques as well as technology in its business
process.
New product development
Marks and Spencer company is introducing new and innovative product in market area in
order to full fill needs and wants of customer in more effective and efficient manner. Introducing
or developing new product is a very critical part and it requires various skills and capabilities to
implement accurate product in market area. There is a process of developing new product which
consist of business analysis, product development, test marketing and commercialization. Business analysis: In order to develop a high quality innovative product, Marks and
Spencer company needs to analyse as well as evaluate environment. There are various
factors in business environment which can have positive as well as negative impact on
organisation. Respective company needs to identify customers needs and wants in order
to develop product which is able to meet with their needs.
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 Product development: This is the second stage of developing new product and in this
company is actually developing. When business environment is carefully analysed and
evaluated by company they should develop an innovative products. Test Marketing: When product is effectively developed it is essential to analyse the
impact on that product. Test marketing refers to testing the sample in market area in order
to analyse their performance as well as its reviews.
 Commercialization: This refers to the process of promoting as well as communicating
features of new developed product in market area. This is the last stage of new product
development.
P6 Build an innovative business case for an organisation, including ways to access funding.
Business case: This case study is based on Marks and Spencer company. This
organisation introducing new product which is one size for all. Motive of developing this product
is to introduce some innovative product in market area which fit to any body size. This company
wants to increase its market share as well as attract more and more customers towards business.
Mission: Mission of Marks and Spencer company is to increase it business performance
as well as enhance its productivity and profitability. This company want to develop new and
innovative product in order to satisfy needs and wants of targeted customers.
Resources: There are various resources that will be required by respective company in
order to conduct business activities in effective and efficient manner. Resources that are
necessary for introducing new product is raw materials, machinery and many other resources.
Market analysis: It is essential to analyse to different factors on market in order to
develop effective and effective product. Market analyse the is very important in order to analyse
the positive as well as negative impact on organisation.
TASK 4
P7 Evaluate the different tools that organisation can use to develop retail and protect knowledge
and intellectual properly.
Intellectual property right are specific legal rights which provide assistance to owner in
protecting there intellectual property. It is subdivided within major categories explanation of
these are as follows :-
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Patent – It is intellectual property right given to invention and it provide right to owner for
deciding how-or whether – the invention will be used by others. Patent don't allow making
and selling of invention by itself but it give rights to exclude others for making, using,
selling or importing patented inventions.
Trademarks – It is a sign through which company identifies its product and services as well as
distinguishes them from competitors. Trademark secure several things such as signs, words,
including personal names, logos, letters, numerals and many more. In addition to this,
trademarks are often closely linked to brands. For Mark & Spenser trademark will be most
suitable as it help them in protecting their innovative product within more effective manner.
Copyright – It is legal term which describes right which are given to creators for their original
literary, musical, artistic work and many more. For example computer software,
architectural works, sculptures, sound recording, TV and radio broadcasts. Most important
to recognise that copyright us not monopoly as two people independently could create
identical items (Mattila and Lehtimaki, 2016). By taking copyright protections arises
automatically given to the holders for exclusive control reproduction or adaptation.
Trade secrets – It is a practice, formula, design as well as compilation of information utilise by
business firm for obtaining an advantage over competitors. In addition to this, trade secrets
are by definition not disclosed to the world at large.
From the above mention all intellectual property right it has been analysed that trademark
will be most suitable for Mark & Spenser as it will help them in protecting their innovative
product within more effective manner.
CONCLUSION
From the above conclusion it can be concluded that innovation and commercialisation is
very important part of organisation. Each and every company should update their business
process as well as operations and products in order to attract more and more customers. There
are various benefits of offering innovative products to customers. This will help in satisfying
their need and wants. Company will be able to achieve its desired goals and objective through
innovation. There are 4 P's of innovative marketing which will be very beneficial for business to
conduct its operation in effective manner as well as develop high quality products. Company
should have right to protect its innovative product for through different intellectual property
rights.
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