BU7030 Managing Innovation Assignment Sample

BU7030 Managing Innovation Assignment

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Introduction of Managing Innovation

In the era of globalization, innovation of a business has a core entity that can evolve the image of the business. Innovation is the process of creating and implementing new innovations that change the way things are done or what is possible. In recent decades, It has been seen that a strong shift toward so-called "winner take all" markets, in which a few firms achieve the superior position in the market and reap the profound share of income in a sector, such as an internet search and machine operating systems (Ibarra, Ganzarain & Igartua, 2018). Therefore, in such conditions, innovation is working as a pivotal key that accelerates the motions of the business splendidly. Now, this report is evaluating the roles of the innovation model of Tidd and Bessant innovation model with association with other variables of business and focus on the business of Marks and Spencer.

Application of the Innovation Model of Tidd and Bessant

This innovation is a proposal that entails the proposition of something novel and distinct from the existing state of affairs. The transformation of this concept into substance or something concrete qualifies as an invention, as it elevates the concept from the abstract world into the material realm. In this particular model, four individual sections can help to determine the specific approach of the product in the business market. Now, in the company context of the Marks and Spencer the overall model is going to be analyzed. The four stages are given below;

• Search: In the process of a business, it is an important part that can help to finds out the absolute opportunities of the new and innovative product or services in the business market. In the competitive business market, it has been seen that there are several companies try to expand their product with special innovative qualities that captivate the demand of the customers (Björklund & Forslund, 2018). Likewise, in that case, Marks and Spencer would like to merge this step in their further innovation then it will definitely give benefit them.
• Select: In this stage, the concept of "why" is playing a pivotal role, because, in a business, the significant performance is essential that hold the strings of all kind of variables. Therefore, the management of the business has to think about rationality and the upcoming ramification of the product or services and select the accurate path that will bring a clear and specific future scenario.
• Implement: After the selection of the accuracy of the product, it is necessary to promote the product or service in the business market (Keresztes & Endresz, 2020). Now the fact is, in that case, if a business wants to implement something innovative then it has to aware enough about its innovation and promotional strategies. They have to follow the faster and stronger promotional activities that can help them to expand their business in an exquisite path. As well, Marks and Spencer also have built a unique and potential conceptual mind map for implementation.
• Capture: This is the final stage of this innovative model that considered the measurement of the benefits is also important. Therefore, in that case, it has been seen that Marks and Spencer have also applied some tactful notions of the business that has helped them to capture a large extent of the market in the UK.

Importance Team Working, Project Planning and Risk Assessment under the Stages of Innovation Model

Teamwork refers to a group's collective endeavour to accomplish a shared purpose or perform a mission in the most successful and productive manner possible. It has been seen that in the operational process of Marks and Spencer, the strong teamwork they have built-in their workplace can help them accelerate the business innovatively and smartly (Brunswicker & Chesbrough, 2018). Project management aims to break new ground—to do things that have never been achieved before. This puts creativity at the core of our work as project managers. Indeed, creativity has developed into a core competency, critical to success in a constantly changing competitive setting, as shown by the Marks & Spencer process. Risk assessment is a broad concept that refers to the mechanism that helps to identify hazards and risk factors that can cause damage. Now, the fact is, in the operational process of Marks and Spencer, the company always identify the risks and try to resolve them but sometimes it is not successful as well.

Difference of Efficiency and Effectiveness in the Innovation Process

Effectiveness and efficiency are not synonymous. Efficiency is known as the capacity to accomplish it with the shortest amount of effort, resources, and effort, or as performance competency (Choi & Jung, 2017). As a result, it has been seen that in the retailing business system of Marks and Spencer the management of the company has enough efficiency that can enlarge their project of innovation exquisitely. The proper level of efficiency of the management and staffs are reflecting potential effectiveness on the expansion of the business. As a consequence, it has been seen that the efficiency and effectiveness are not the same but they have an interrelation in the innovation process.

Application of Business Models That Are Useful For the Stages of the Innovation Process

The Katzenbach and Smith Team Effectiveness Model

Jon Katzenbach and Douglas Smith created this model in 1993. The writers conducted research on teams in a variety of businesses facing a variety of market problems and co-authored the book 'The Wisdom of Teams.' Katzenback and Smith's concept is in the shape of a triangle, with each point reflecting a team's goals or targets (Zincume & Jooste, 2019). These revolve around teamwork-related topics, such as collaborative work materials, success outcomes, and personal development. Commitment, Skills, and Accountability are the triangle's three vertices.

Retail business model

The operational model enables the retailer to deliver on its value proposition by allowing the retailer to keep its commitment to its consumers. It encompasses the expense system (procurement and store processes), the supply chain system (the degree to which vendors and logistics are integrated, for example), and operational processes. The majority of managers devote their time and energy to modifying either one or two aspects of the company model (Öhlin, 2019). Few businesses consider doing away with it altogether.

Therefore, this section has required the two relevant models that would helpful for the Marks and Spencer Company to expand its business with innovation strategy. The model of teamwork is essential to choose a proper decision for the implementation and retailing model help to extend the retail chain as well with the association of innovation.

Identification of the Two Current Innovation and Evaluated Through the Product Life Cycle

Consumer life-cycle management is the business's succession of tactics as a product progresses through its life. Conditions in which a product is marketed change over time and must be handled as the product progresses through its phases.

• Introduction: In this phase, it has been seen that Marks and Spencer have invented new things one is an innovation hub and another is Front door services (Ali et al., 2019). Based on the current condition of the global market the management of the company has initiated to take such requirement in their business as innovation.
• Growth: These innovations have tended to be a growing part of the business. Due to the pandemic situation of the coronavirus, the front door services of the company are tending to popular. On the other hand, innovation hub works as pivotal roles behind the services to throw some innovative perspectives regarding the business ((Siguenza et al., 2020).).
• Maturity: It has been seen that the two major creative formulations of the business of M&S have got a potential level in the business market. There has not seen any kind of ignorance or obstacles from the customers.
• Decline: In that stage, it has been seen that only for the front door service the demand of the customers tends to low. Because, there are many retailing shops in the UK, who are doing the same at low cost that is more preferable. Therefore, the high rivalry level at the same industry has compelled the customers to decline the products of M&S (Ali et al., 2019).

Identification and Analysis of the Business’s Internal Resources Considered Necessary to Ensure Success in Their Innovation Strategy

SWOT Analysis

VRIO Analysis

Marks And Spencer Group Plc's VRIO Analysis would examine each of its internal capabilities, in turn, to determine whether they have a sustainable competitive advantage.

Recognition of the Influence and Impact of Culture on Innovation Strategy and the Role Management Play in Managing Culture to Ensure Success

One of the most significant obstacles to increasing a firm's creativity is transforming the business culture to consider and promote innovation in Marks and Spencer. Although numerous approaches advocate changing corporate culture to an innovation orientation, there is little evidence about how to transform corporate culture to consider and promote innovation. Company culture is an improbable but strong impediment to creativity. Years of cost-cutting and an emphasis on procedure excellence have bred a tradition of organizational excellence and risk management in many companies (Arif & Akram, 2018). To excel in marketing objectives, the culture must adapt to the challenge and complexity inherent in innovation. Fortunately, many critical levers will assist in changing the community, including senior management engagement, incentives, networking, preparation, and indicators. Corporate culture influences success indirectly through firm creativity. In fact, the culture of adhocracy has an indirect positive impact on success through firm innovation, whereas the culture of hierarchy has an indirect negative impact on performance via firm innovation.

The impact of corporate culture on creativity is bandwidth. Therefore, it is important to strengthen an organization's creative culture so that its members can seek out new technologies, services, or processes. Thus, innovation as a method in every organization needs a cultural environment conducive to imagination and creative conduct (Alharbi et al., 2019). Culture is an internal subsystem of the enterprise that enables individuals to respond to their environment, it is informative and sometimes suffices to make a list of some of the company's personality characteristics. The corporation is seen as a society, which is a body of information that each of its participants can perceive in their own unique way. This approach enables access to the social system's complexities with all their sophistication, which ultimately results in the idea of corporate identity. As a result, this cultural concept incorporates the mindset of creativity, which shapes the innovation strategy.

In the company, the Managers affect the culture of companies directly through leadership, coordination and delegation. By ensuring that acts and comments contribute to the ideals and mission of the company, they will improve their corporate culture that ensures the success of the company (Bai & Yu, 2017). The community should form the manager's management style. If the organization stresses a strong balance between work and life and works together, management should demonstrate it by their behaviour. To look up and imitate, the team wants a good role model. Managers should serve fair hours in this atmosphere and cooperate with other departments and incorporate these principles into their leadership qualities.

Conclusion

Globalization empowers every organization to innovate is to develop and introduce new approaches that affect what is achieved. From this particular report, it has been seen that in the organizational context of Marks and Spencer has used some innovative strategies based on the situation. Alongside, this report has suggested and analyzed some effective models that can help the company about its innovation and help to understand its strength for innovation.

References

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