BM632 – Managing And Developing Innovation And Creativity
SECTION A
Analysis of ESG consideration
Environmental
Reducing waste and emissions: Programs to reduce the emissions and waste within the supply chain helps in promoting the product recycling. M&S needs to invest in strategies to lower overproduction and reduce waste (Thomas, 2020).
Sustainable production and materials: changing to sustainable materials like hemp, organic cotton help the firm to reduce environmental impact. Sustainable production also depends on reducing the waste use and reliance of toxic chemicals.
Social
Labour rights and working conditions: efforts are being made by the M&S to enhance these conditions. The lack of enforcement as well as traceability makes the procedure inconsistent.
Supply chain transparency: This is essential for the fashion industry for overture for fair labour practices as well as ethical sourcing within the business operations.
Governance
Roles of Leadership and Accountability: stakeholders and investors hold M&S leadership responsibility. They also do documentation and honest communication.
Financial Transparency and Regulator Engagement: These are vital aspect of governance that enhance the brand image (Abbate et al, 2024). M&S need to engage with regulators like SEC to meet the standards. This transparency satisfy the trust of investors, policy needs and lead for better profitability.
Creative and Innovative Tools
- Profit Model: when M&S finds new methods to implement sustainable practices and capture market value.
- Network innovation: this is an open innovation which result in the sharing of expertise and knowledge among the various firms.
- Structure Innovation: In this M&S look task as well as procedures which stands at the base of the firm.
- Process Innovation: procedures inside the M&S are enhanced for the efficiency to reduce the certain expenses.
- Profit Model: M&S implementing sustainable practices within their business operations to attract large number of customers.
- Product System: This includes tailoring the products according to the needs of the customers.
- Service: the firm maintains personal relationship with customer via customer support services.
- Channel: where the customers find the M&S and its offering which help them to maintain relations and communicate with customers.
- Brand: in adopting sustainability and ethical sourcing M&S can enhance brand image in the minds of the customers (Nguyen et al, 2021).
- Customer Engagement: This is done by identifying the needs and preferences of the sustainable conscious customers.
Choosing the most suitable solution
- Sustainable material selection: Recycle materials plays a major role in reducing the wastage as well as conserve resources.
- Innovative production processes: Marks & Spencer is significant in reducing the environmental impact (Thorisdottir and Johannsdottir, 2020). Strategies such as zero waste pattern makes sure that fabric is used which leave minimal waste.
- Energy efficiency: M&S needs to implement renewable energy sources with the manufacturing procedure which contribute in the greener production lifespan.
- Ethical labour practices: M&S needs to ensure that ethical practices must be offered with safe working conditions, fair wages as well as renewable hours is significant
- Clarify: M&S need sustainable and ethical source of clothing. The firm is focusing on becoming a leader in the sustainable fashion.
- Ideate: the firm is focusing on adopting eco-friendly materials, zero waste packaging as well as digital platforms for transparency.
- Develop: this aspect focus on implementing sustainable parties and digital platforms to ensure that project is successfully executes.
- Implement: the firm will focus on offering sample products using organic and sustainable clothing such as hemp and bamboo.
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SECTION B: RESEARCH FINDINGS
1. How much aware are you with the M&S’S present environmental policies as well as practices?
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- Very aware
- Aware
- Neutral
- Unaware
- Not aware at all
2. How significant are sustainable practices for you when selecting where to shop for clothing?
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- Very Significant
- Significant
- Neutral
- Non-Significant
- Not significant at all
3. What particular environmental practices would you expect more from Marks and spencer?
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- Sustainable sourcing
- Waste reduction
- Reduction of carbon footprints
- Water conservation
4. How much would you rate M&S accountability and transparency in corporate governance practices?
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- Excellent
- Good neutral
- Poor
- Very poor
5. What innovation solutions in ESG do you expect M&S should implement?
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- Sustainable materials
- Develop eco-friendly packaging
- Renewable energy sources
- Recycling program
6. How do M&S’s ESG practices impacts your buying decision?
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- Always
- More often
- Sometimes
- Rare
- Never
The secondary has been collected from various books, journals, industry reports as well as journals. This data has already been collected by someone else which make it easier for the researcher to analyze the information.
SECTION C: MIND MAP
SECTION D: PICTURES AND DIAGRAMS
SECTION F: LINKS TO EXTERNAL SOURCES
https://3dlook.ai/content-hub/top-11-fashion-technologies/
https://corporate.marksandspencer.com/our-pitch-make-innovation-new-normal
https://d3.harvard.edu/platform-rctom/submission/marks-spencer-innovating-an-old-fogey/
https://internetretailing.net/marks-spencer-reshapes-management-team-as-it-moves-to-the-next-phase-of-its-transformation-programme-and-beyond-lockdown-23178/
8 Years | PhD
